Excelsior Correspondent
JAMMU, Dec 18: Class-I Officers and Class-III & IV employees of the Life Insurance Corporation of India (LIC) held massive demonstrations across LIC offices in Jammu and Kashmir today, strongly opposing the Insurance Laws (Amendment) Bill, 2025, tabled in the Lok Sabha on Wednesday.
The protests were organized under the banner of the Federation of LIC Class-I Officers’ Association, led by secretary Vijay Khajuria and president Jatinder Bhat and the Northern Zone Insurance Employees’ Association, led by divisional secretary Pawan Gupta, president Syed Aadil Imam and joint secretary Rajesh Gupta.
Addressing protesters at the DO Cell, Jammu, the employee leaders condemned the Bill, officially titled “The Sabka Bima Sabki Raksha (Amendment of Insurance Laws) Bill, 2025”, alleging that it uses pro-people rhetoric to mask policies detrimental to public interest. They said the Bill proposes amendments to the Insurance Act, 1938, the LIC Act, 1956 and the IRDA Act, 1999, ostensibly to boost growth, improve policyholder protection and enhance regulatory oversight.
However, the unions argued that the real intent of the legislation is to permit 100 per cent foreign direct investment (FDI) in the insurance sector, thereby handing over India’s domestic savings to foreign capital. They maintained that domestic savings are crucial for economic development and that, as a welfare state, India must retain strong control over them to meet constitutional obligations.
The protesters pointed out that the current FDI cap of 74 per cent is more than sufficient and has not hindered sectoral growth. The unions warned that raising FDI to 100 per cent could destabilise domestic insurers if foreign partners exit joint ventures to operate independently. They also cautioned that profit-driven foreign capital would focus on high-net-worth clients, neglecting insurance needs of lower-income and marginalized sections.
Terming the move imprudent amid global economic uncertainty and capital outflows, the employees demanded withdrawal of the proposed FDI hike.
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