MP urges for rethink on recent changes in LIC policies

Anantapur: Anantapur MP Ambica G Lakshminarayana has submitted a memorandum issued by National Federation of Insurance Field Workers of India (NFIFWI) to LIC MD Satpal Bhanu, to make him aware of the LIC agents’ issues.

As per the amendments made to Section 42(2) of the Insurance Act, 1938, it is proposed to allow LIC agents to sell policies of private insurance companies as well.

Although these changes have led to development, they may have a negative impact on the stability of LIC and the economy of the country. LIC has been strengthening its agent recruitment and training policies for the past 68 years, building trust and respect among its members. These amendments will increase the chances of agents switching to other companies, thereby reducing LIC’s market share.

MP Lakshminarayana has urged the LIC MD to reconsider the proposed amendments and take steps to protect the interests of LIC agents and employees.