Life Insurance Corporation of India (LIC) agents will stage a protest here on Thursday demanding that amendments to the Agents Regulation, 1972 be revoked.
They are also seeking pension for LIC agents, withdrawal of the LIC (Amendment) Bill 2009, introduction of welfare schemes for the agents and health insurance for all agents.
The call for protest has been issued by the LIC Agents Organisation of India, affiliated to the Centre of Indian Trade Unions.
The organisation has also decried the Government move to enhance foreign direct investment in insurance from 26 per cent to 49 per cent. Not withstanding the entry of private players in the insurance sector, LIC's market share remained strong, it said, and credited this to the efforts of agents. Yet, the Government was trying to introduce “anti-agent” policies through amendments to the regulations, it alleged.
The agents association says the regulations impose strict norms on them and require them to give minimum business guarantee, have income of Rs. 1 lakh through premium, and ensure compulsory annual renewal of at least 50 per cent of the policies. Those failing to do so face the prospect of being sacked. It claimed more than three lakh agents had lost their agency owing to non-fulfilment of the new regulations.