LIC staff oppose privatisation move

Jalandhar, July 24

On the call by the Central Trade Unions, members of the Northern Zone Insurance Employees Association organised a massive demonstration here yesterday.

While addressing the rally, Ved Kumar, divisional secretary of the association, said the Centre is pleasing its corporate friends by making policies in their favour at the cost of common people. “All this is being done in the name of self-reliant India. The Centre has increased the FDI limit in life insurance from 49 per cent to 74 per cent, IPO of Life Insurance Corporation is also on the advance stages. The Centre was forwarding the arguments that insurance business needs capital infusion. But as per the report of Insurance Regulatory and Development Authority (IRDA), total FDI in life insurance and general insurance is 35 per cent and 24 per cent respectively, which is way behind the present limit of 49 per cent,” he said.

Among others present were Pankaj Bhardwaj, Divisional President, Parveen Chhabra, Renu Kalra, Sanjeev Abrol, Rajnish Sehgal, Ashok Bhagat, B.S. Minhas and Harish Kumar. — TNS