The finance budget 2020-21, tabled in the parliament proposed for sale of a portion of Government share through IPO. This will ultimately lead to sale of major share in future.
With such announcement, the very basic nature of state-owned LIC of India is apprehended to come to disastrous change, which will affect crores of policy holders and the country as a whole. The faith and trust bestowed on LIC by the common people of India to save blindly their hard earned money will be cracked. In critical financial situations LIC would not be able to come as a saviour to the nation and moreover the massive amount of dividend paid to the govt. (Last year it was Rs. 2611 cr.), which is used for the development of the country through various modes would tàke a set back.
The foundation of LIC has been so strong that even after 20 years of opening up of insurance sector LIC remained the market leader with more than 70% share competing with as many as 23 other life insurance companies. Infact this Financial Year LIC has regained 6% market share and LIC growth is more than the Industry Growth.
Listing of LIC will certainly harm the economy and growth of our country. National Federation of Insurance Field Workers of India vehemently opposes this move of the Government and to protest and resist such act of the Govt. decided to go for *lunch hour demonstration on 03.02.2020 ( Monday) and one hour strike on 04.02.2020 (Tuesday)* as an initial protest.
Hope the entire people of the country will be with us and Government will re-think wisely on their proposal.
