Call to fight against further disinvestment of LIC

Visakhapatnam: Former general secretary of All India Insurance Employees Association (AIIEA) K Venu Gopal explained the importance of the struggle even after the LIC IPO saga in protecting the Life Insurance Corporation of India under the public sector.

Addressing a seminar organised as a part of the Com Ramanachalam memorial lecture by Insurance Corporation Employees' Union (ICEU), Visakhapatnam, on 'public sector insurance industry-our task,' he explained how LIC stood numero-uno even after going to IPO and that the real value of LIC in terms of assets remains at Rs 39 lakh crore and the policyholders remained at 40 crore.

In real terms, the company value is not related to the stock market activities, he stated that and he discussed the repercussions of selling the non-participating policies instead of participating policies which is also detrimental to the interests of the policyholders.

Now with the IPO in the backdrop, he said, LIC has to maintain two separate life fund accounts for non-participating policies and participating policies and 3.5 percent disinvestment has been coined as token disinvestment and the process as a strategic sale.

He called upon the policyholders to continue their support to LIC as the monies of the policyholders are safe in LIC. He appealed to the employees to work hard to protect the LIC in the public sector and he gave a clarion call to all the cadres to fight against further disinvestment of LIC involving public support.

G Tirupataiah, joint secretary, SCZIEF, G Varaprasad, general secretary, ICEU, Tirumala Rao, LIAFI, Sagar, BSNL union, also participated. Kameshwari, president, ICEU presided over the seminar.