All India Insurance Employees’ Association (AIIEA) general secretary V. Ramesh on Saturday said privatisation of insurance sector was counter-productive and asked the employees to oppose it. Addressing the 43rd general conference of Insurance Corporation Employees’ Union (ICEU) here, he said despite competition, LIC had remained on top in the country with 71.07% of premium income and 76.09% in policies. He said LIC was in first place in the world in insurance business industry with a claim settlement of 99.92%.
LIC was one of the biggest supports to the Indian economy by providing ₹1.4 lakh crore in the 12th Five Year Plan. It also provided funds to infrastructure like roads, electricity and irrigation.
Hitting out at the Centre for disinvestment of public sector general insurance companies, he said the government was disinvesting in GIC RE even though it was in profits. GIC paid an amount of ₹1102 crore to the government as the dividend he said and wondered why it should be handed over to private hands.
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He called upon employees to protect LIC on one side and continue their fight against neo-liberal economic policies pursued by the NDA Government.
LIC Senior Divisional Manager P. Ramesh Babu, ICEU divisional general secretary N. Ramachandran, president M. Kameswari, Central Zone Federation vice-president B.B. Ganesh, SC, ST Welfare Association president V. Venkata Rao and others were present.