Vijayawada: LIC employees slam disinvestment

South Central Zone Insurance Employees Federation president K Venugopal Rao and members addressing a press conference in Vijayawada on Friday
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South Central Zone Insurance Employees Federation president K Venugopal Rao and members addressing a press conference in Vijayawada on Friday

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Vijayawada: Strongly protesting the move of the Central government to disinvest in the Life Insurance Corporation of India, president of South Central ...

Vijayawada: Strongly protesting the move of the Central government to disinvest in the Life Insurance Corporation of India, president of South Central Zone Insurance Employees Federation K Venugopala Rao said that it was unjust on the part of the Centre to disinvest and to allow foreign direct investment up to 74 percent in insurance sector.

Addressing newsmen here on Friday, Venugopala Rao said that the LIC has been in forefront of the industrial development of the country. It has the highest number of policyholders in the world and set a world record in settling the largest number of claims.

The disinvestment is detrimental to the interest of the 40 crore policyholders, he said.

"As the representatives of the All India Insurance Employees Federation, we demand the government to withdraw the proposal of disinvestment in the LIC," he said.

The Federation has chalked out an action plan to launch massive agitation including indefinite strike to protect the interest of the organisation, he said.

The South Central Zone (Andhra Pradesh, Telangana and Karnataka) Insurance Employees Federation is organising 12th conference in Vijayawada on April 24 and 25 to discuss the future course of action, he informed.

K Jayateertha, Md Mahboob, P Satish, G Kishore Kumar, ChilakalapudiKaladhar, NMK Prasad, J Madhusudana Rao, L Anand, VVK Suresh, K Venkateswarlu, T Chandrapal, and L Rajasekhar also participated.

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