Employees oppose move to privatise LIC

Staff Correspondent

Bellary: Employees working in the Life Insurance Corporation of India (LIC) and four General Insurance companies observed one-day strike on Tuesday to protest against the introduction of insurance laws (amendment) bill in Rajya Sabha and LIC Act (amendment) bill in Lok Sabha.

S. Abdul Khadeer, Secretary Insurance Employees’ Union Bellary, in a press release, has said that through the Insurance Laws, the United Progressive Alliance government was intending to push through amendments to three major national laws on insurance, which was a move towards privatisation of the LIC, a successful public sector organisation.

The Insurance Regulatory and Development Authority (IRDA) was being amended with an intention to increase the Foreign Direct Investment from the present 26 per cent to 49 per cent to give extra space for foreign capital in insurance sector.

The move of the Government was against the interests of the nation and the policy holders and was strongly opposed all over the country by the Insurnace employees, he said.

Several office-bearers of LIC associations addressed the strike rally.

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