‘Centre trying to promote multinational companies’
The association of agents of Life Insurance Corporation (LIC) has condemned the move to levy 3 per cent service tax on policy-holders and described it as a step towards promoting multinational life insurance companies.
Addressing a press conference here on Monday, S.G. Pampanna, president of the association, and L. Manjunath, general secretary, said that the decision to levy 3 per cent service tax on policy-holders was ill-conceived.
It would discourage people from taking insurance policies.
The government should have taken the top brass of the LIC into confidence before levying the service tax, he said.
To cap it all, the government had commenced retrenchment of agents. In the last few years, 12, 23,049 LIC agents had been removed without any reason, Mr. Pampanna said.
In order to discuss steps being contemplated by the Union government, including its decision to seek withdrawal of Jeevan Suraksha, and retrenchment of over 12 lakh LIC agents, a two-day State-level conference had been organised here on Tuesday, he said.
The conference would be inaugurated by Basudev Acharia, MP and national president of the association. G.M. Siddeshwar, Davangere MP, would be the chief guest, he said.
Centre’s decision will discourage people from taking policies: agents’ association Union government criticised for removing over 12 lakh LIC agents in the last few years
Centre’s decision will discourage people from taking policies: agents’ association
Union government criticised for removing over
12 lakh LIC agents in the last few years