IPO first step towards privatisation of LIC: Insurance employees' assn : The Tribune India

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IPO first step towards privatisation of LIC: Insurance employees' assn

Tribune News Service

Ludhiana, May 4

On the opening day of subscription of the initial public offer (IPO) of the Life Insurance Corporation (LIC), its employees on a call given by the All India Insurance Employees’ Association (AIIEA) today registered their protest by observing two-hour walkout strike preceding lunch recess in all offices of Ludhiana Division. As per the report more than 90 per cent employees were on strike.

While addressing a gathering in front of the divisional office, Dugri, PP Singh, divisional president, said, “The All India Insurance Employees’ Association is of the opinion that the IPO is the first step towards privatisation of the LIC. The IPO will undermine the foundational objectives of the LIC. This institution became an inseparable part of the economy and national development during the last 65 years of its glorious existence.”

“It is difficult to find any sector of the economy where footprints of the LIC are not found. The LIC has Rs 39 lakh crore assets under management. It has invested Rs 36 lakh crore in the economy. Most of these investments are in government securities, infrastructure projects and socially-oriented schemes,” he said.

“The LIC is the single largest investor in the equity market of India. Even after 22 years of competition, the LIC lords over the life insurance industry as the market leader with over 70 per cent market share. The IPO will be antithetical to the interests of millions of its policy holders, who are real owners of the LIC,” he added.

NS Kala, divisional secretary, pensioners association, also flayed the Centre for going ahead with the ‘anti-national’ move of opening the LIC IPO.

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