KARNATAKA

Campaign in support of LIC

Staff Reporter

BANGALORE: A large number of people — both staff and members of the public — took part in a signature campaign supporting the Life Insurance Corporation of India (LIC) on its completion of 53 years. The campaign was part of the ongoing efforts of All India Insurance Employees’ Association (AIIEA) to highlight moves by the Central Government to “weaken” the LIC.

Many came forward to sign on the huge board kept at the LIC office in Oriental Building, off M.G. Road. Among those who expressed their support was theatre artist B. Suresh.

Speaking on the occasion, Amanulla Khan, President of AIIEA, said the LIC had prospered in the last 53 years. As on March 2009, the LIC had invested Rs. 525 lakh crore in government security, social and infrastructure sectors. In the first three months of the year, the company had registered a growth of 20 per cent, while private insurance companies were showing negative growth. It had been settling 98.6 per cent of death claims.

With the new LIC Amendment Bill 2009, the Government wanted to earn more dividends on its investment at the cost of the LIC and its policy holders. The Government was also trying to give more space for private insurance companies, who had not fared well in the last 10 years.

The employees held a candlelight vigil at the Old Reserve Bank office in the evening.

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