LIC campaign to sensitise people on the perils of foreign direct investment
Campaign will cover four districts in five days
Safe to invest in public insurance companies, says Vice-Chancellor
GUNTUR: Acharya Nagarjuna University Vice-Chancellor Y.R. Haragopal Reddy on Tuesday flagged off Life Insurance Corporation’s campaign on wheels, called `Pragathi Praja Jatha’ at its Lakshmipuram branch here.
The campaign was launched by the Insurance Corporation Employees Union, Machilipatnam division.
The campaign covering four districts in five days would sensitise the people about the perils of allowing foreign direct investment in the insurance sector.
It would also create awareness about the value of investing in public insurance companies.
The Vice-Chancellor in his address reminded of the glorious legacy of the Life Insurance Corporation in providing services to people.
He said that the LIC, which was nationalized in 1951, has been growing tremendously placing the trust, confidence and the value of money as its benchmarks.
Referring to the sub prime mortgage crisis that has hit the markets world wide, he said that resilience shown by the public sector in India was noteworthy and said that it was always safer to invest in public insurance companies.
Call to employees
Krishna-Guntur Teacher constituency M.L.C K.S. Lakshmana Rao called upon the employees and the public to strive for strengthening of the public sector, which remains the only hope for millions in a developing country like India.
He said that the LIC in its 52 years of service had a near 100 per cent record in settlement of claims and has recently undertaken many social programmes.
He said that LIC has remained a model for all other companies in ensuring the proper settlement of claims.
J. Subdara Rajan of the employees union said that recent financial crisis had exposed the vulnerability of the private insurance companies and said that some of them had suffered losses running into hundreds of crores.