The Hindu : Tamil Nadu News : LIC agents stage demonstration

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Tuesday, Jul 07, 2009
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Tamil Nadu

Tamil Nadu

LIC agents stage demonstration

Staff Reporter

Oppose move to raise investment cap of FDI

— Photo: N. Bashkaran.

In one voice: Agents of LIC staging a demonstration in front of the LIC office in Krishnagiri on Monday.

KRISHNAGIRI: More than 150 agents of the Life Insurance Corporation of India staged demonstration in front of their offices in Krishnagiri and Dharmapuri on Monday in protest against the corporation’s move to appoint sales representatives, direct marketing initiatives and MLM marketing efforts.

In Krishnagiri, about 100 agents and members of the employees and development officers’ association led by T. Martin Babu, Branch Secretary of the LIC Organisation of India (LICOI), participated in the agitation.

They raised slogans against the government’s move to raise the investment cap of FDI in the insurance sector from 26 per cent to 49 per cent and increasing the government’s investment from Rs. 5 crore to Rs. 50 crore.

They also opposed the LIC’s move to corporatise the business with private and public sector banks, appoint sales representatives and introduce Multi-Level-Marketing in its 2,048 branches in the country.

Marketing

Mr. Martin Babu said that the banks were marketing the LIC products to the Self-Help Groups whenever they were granting revolving funds.

When contacted, Lead Bank Manager B. Vadivelu told The Hindu that the banks had been asked to issue Janashri Beema Yojana (JBY) policy to the members of the SHGs for which the Centre was paying Rs. 100 as premium and the members paid Rs. 100 per year.

In Dharmapuri, more than 50 agents participated in the demonstration in front of the LIC office. V. Appadurai, Branch Secretary of the NICOI, led the agitation.

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