Life Insurance Corporation of India (LIC), which is 100 per cent owned by the Government, has been in the disinvestment list of the Indian government for some time now. However, All India LIC Employees Federation, president and leader of the Communist Party of India (CPI) in Parliament, Binoy Viswam, is crying foul after the government on July 14 intensified its move to disinvest in LIC.
Addressing the LIC employees, agents and well-wishers who are against the privatisation of LIC, Viswam said, “Let us fortify the fight to protect LIC — from the move to privatise the institution. The government on July 14 has intensified its move to disinvest in LIC. This move is not for the sake of the country or LIC but to attract domestic and foreign capital.”
He went on to add the government is promoting the idea of Atma Nirbhar Bharat but in reality, it is giving away an institution like LIC in the hands of private (foreign) players. “In the name of Atma Nirbhar Bharat, the government is trying to betray the concepts and dreams of the real Atma Nirbhar Bharat,” Viswam added. LIC was founded in 1956 when the Parliament of India passed the Life Insurance of India Act that nationalised the insurance industry in India. Over 245 insurance companies and provident societies were merged to create the state-owned LIC.
The motto of private players will be making profits and will have no inclination towards national vision or interest— this will hurt LIC’s motto, he added. “This (divesting in LIC) is an anti-national and anti-people approach.”
In a video, he appealed to all LIC employees and agents asking them to join forces and stop the government from killing an institution as large as LIC. Today, this institution has a central office in Mumbai, with eight zonal offices,109 divisional offices, 2, 048 fully-computerised branches and has opened 992 satellite offices in rural areas. This institution employs over 1.11 lakh employees, out of which 24,510 were women as on March 31, 2018.
As of 2019, LIC had a total life fund of Rs 28 lakh crore with over 290 million policyholders. This CPI leader said divesting in LIC is more like a suicidal move. This has to be stopped, stressed Viswam.
