The LIC of India Agents Association has appealed to the LIC of India Chairman to consider accepting old currencies from their customers towards remittance of premium and repayment of loans. A memorandum was submitted to the LIC of India by the agents after the demonetisation came into effect from November 8.
According to the agents, when many government offices and local bodies, including the Corporation of Madurai and others, accepted old currencies (Rs.500 and Rs.1000), which have been discontinued from circulation, the Life Insurance Corporation too can follow. This would enable the LIC of India to get the premium on time but also get back loans. Robin Dante, an agent of Chairman's Club (life member) of LIC of India, said that the Corporation of Madurai had well utilised the opportunity and opened counters for its tax payers by accepting old currencies of Rs.500 and Rs.1000. He hoped that the LIC took a decision in public interest. The plight of general insurance agents was equally bad. According to Vetrivel, even for renewal of a two-wheeler, the insurance companies refused to accept old currencies.
