To tackle the adverse market conditions with limited products, the LIC Development Officers have sought early introduction of more products targeted at children and review minimum business guarantee norms, among other issues.
In a letter to written to the LIC Chairman, the National Federation of Insurance Field Workers of India (NFIFWI) Secretary-General, Vivek Singh, said that since January 2014, LIC had only a few popular products and there were no products either for children below eight years or for persons above 55 years of age. It was unfortunate that the corporation was not able to insure even one child below eight years, in the entire country, for the past five months.
“With less number of popular plans and due to the absence of children products, the agents find it hard to fulfil the stiff minimum business guarantee norms. When this is the situation, launching of online products by LIC is like adding salt to injury and our entire class is agitated and frustrated,” he said.
Mr. Singh pointed out that Development Officers were bound by cost norms and it was tough for them to fulfil the cost norms due to adverse market conditions and availability of very few products for sales.
He flayed the Insurance Regulatory and Development Authority for allowing private insurers to issue children products, but delaying clearance of similar products to LIC.
