Excelsior Correspondent
JAMMU, Feb 4: The joint front consisting of LIC Class-1 officers under the banner of the Federation of LIC Class-I Officers’ Associations, Development Officers under the banner of National Federation of Insurance Field Workers of India and LIC employees under the banner of Northern Zone Insurance Employees’ Association observed one hour walk out strike in LIC offices of Jammu and Kashmir today preceding lunch recess as a part of Nationwide call against the budget proposal to list LIC in Stock Exchange and sell part of its stake.
The strike was jointly led by Vijay Kumar Khajuria, Secretary LIC Class-1 Federation, Rakesh Magotra, Secretary NFIFWI and Pawan Gupta Divisional Secretary NZIEA Srinagar Division. The strike at Srinagar was led by president NZIEA, AMTantray, Ajaz, Fyaz Gul, Amarjeet Singh, and others.
The Joint Front of these three major unions representing over 90 % of LIC officers and employees while speaking at LIC office DO Cell Jammu said that the LIC, which is at present 100 per cent Government owned, mobilises small savings of the people and makes them available for national development. Since its inception in the year 1956, the LIC has earned the trust and goodwill of millions of Indians and has crossed many milestones. The LIC has set unprecedented performance records in various aspects of Life Insurance business.
Commencing its operations with a paltry sum of Rs 5 crore in the year 1956, the LIC today commands over an astronomically huge asset base of over Rs 31 lakh crore. The total Life Fund of the LIC as on 31.03.2019 was Rs 28.28 lakh crore. Even after over two decades of competition in the Life Insurance business, the LIC stands tall with a market share of more than 73 per cent. The LIC has the proud distinction of contributing more than 25 per cent to the total budgetary efforts of the Government of India. The LIC has recently paid a dividend of Rs 2611 crore to the Government of India against an initial equity of Rs 100 crore.
Selling part of LIC’s stake to private interests and its disinvestment would be surest blow to the resource mobilization efforts of India. At a time when the Govt is facing with a severe resource crunch because of dwindling tax revenue collections, selling part of Government equity in LIC would be akin to killing the golden goose that lays gold eggs. This seems to be ill-conceived move of BJP led Govt, they observed.
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