Mysuru/Mysore: Following the announcement by Union Finance Minister Nirmala Sitharaman while presenting the Union Budget recently that the LIC would be listed in the Stock Exchange and the Government would sell a part of its stake in LIC via public offering, members of various insurance unions, numbering more than 100, opposing the move of the Union Government, staged a one-hour walkout strike during the lunch break at the LIC Office near Millennium Circle this noon in city.

Stating that the move by the Union Government to sell a part of its share as against the national interests, the protestors said that the Government holds 100 % stake in LIC at present and added that the domestic savings of the policy holders helps capital formation which is utilised for developmental activities in the country. They further said that the immense contribution of LIC to the Five-Year Plans, investments in social sector to the tune of more than 80% of its total investment, etc., for the last 68 years will receive a great set back with this move. 

Continuing, the protestors said that LIC stands tall in the insurance industry with a huge market share of over 73% and added that the claim settlement record of LIC was also exemplary. They alleged that at a time when the Government is facing severe resource crunch because of dwindling tax collections, disinvestment of LIC would amount to squandering away precious resources for the benefit of the Corporate houses.

The protestors urged the Government to drop the move to list LIC in Stock Market and strengthen LIC in the public sector in the interest of the economy and its 40 crore policy holders.

Insurance Corporation Union, Mysore Division President S.K. Ramu, General Secretary S.S. Nagesh, South Central Zone Insurance Employees’ Federation Joint Secretary J. Suresh, Class One Officers’ Association of LIC, Mysore Division Secretary T.T. Niranjan, National Federation of Insurance Field Workers of India General Secretary Divyanand and others were present.