Siddipet: State Finance Minister T Harish Rao on Wednesday stated that the Life Insurance Corporation of India (LIC) is known for its credibility in India.

The Finance Minister expressed his disappointment about the Centre's decision to privatise the LIC.

He inaugurated the new LIC branch office building in Siddipet on Wednesday.speaking on the occasion, Harish Rao said that the Telangana government is the biggest customer of LIC as it was paying Rs 1,450 crore premium per annum towards Rythu Bheema.

Adding that the LIC had paid Rs 5 lakh each to 81,000 farmers in the State so far, Rao stated that LIC had also a strong customer base across the State. Managing Director LIC Mini Ipe, Zonal Manager Jagannadh, Chief Engineer Sri Vineeth Vatsav, Regional Manager Muralidhar, Secunderabad Divisional Manager Ramaiah, and others were present.