Visakhapatnam: Opposing the Central government’s proposal to hike the FDI limit in the insurance sector to 100 per cent, LIC pensioners of Visakhapatnam staged a protest here on Friday.

Organised under the banner of Insurance Corporation Retired Employees’ Association (ICREA), the demonstration saw a large number of pensioners raising slogans opposing the move at the LIC Divisional Office.

They opined that 100 per cent FDI limit in insurance will allow total freedom to the foreign corporate houses, thus making the business profit centric, ignoring the much-needed financial security. “This will endanger the policyholders’ money. Cent per cent FDI hike in insurance will also pave the way for greater access and control to the foreign corporate companies on the domestic savings which is the key source of investment for welfare and developmental activities in India,” the pensioners expressed concern.

Since the global market is highly volatile, foreign partners are likely to withdraw their shares and divert them to the profit-making areas. Such withdrawals will have a grievous impact on the company and the policyholders, the LIC pensioners lamented.

The LIC pensioners all over the country are opposing the FDI hike in the insurance sector and appeal to the government and Parliament to withdraw the proposal with immediate effect.

K Mohan Rao, vice president, All India Insurance Pensioners’ Association, M V S Sarma, former MLC, BB Ganesh, general secretary, ICREA addressed the gathering.