LIC staff observe Life Insurance Nationalisation Day

Vijayawada: In response to the call given by the All India Insurance Employees’ Association (AIIEA), employees of the Life Insurance Corporation of India (LIC) across the country observed Life Insurance Nationalisation Day on Monday.

Addressing employees after administering the pledge during the lunch-hour gate meeting at the LIC Benz Circle office, Dr Ch Kaladhar, Divisional Joint Secretary of the Insurance Corporation Employees’ Union, said LIC has consistently fulfilled the objectives of nationalisation.

He noted that LIC has become a trusted household name and continues to be the market leader even after 25 years of insurance sector liberalisation.

Dr Kaladhar highlighted that LIC now manages assets exceeding Rs 57 lakh crore, surpassing the economies of several nations. However, he expressed concern that public sector life insurance is under pressure from international finance capital, the government, and the regulator. He warned that recent amendments to insurance laws could dilute the spirit of nationalisation and eventually lead to privatisation. He urged employees to remain committed to strengthening LIC.

Several ICEU office-bearers, branch leaders, and employees participated in the observance.