The Life Insurance Agents Federation of India 1964 has opposed the Budget proposal on government selling part of its stake in the Life Insurance Corporation of India (LIC).
Threatening to launch protests, including Delhi Chalo, the National president of the federation Singarapu Srinivas said that instead of selling the stake, the government could consider borrowing from LIC.
Noting that there were 11.79 lakh LIC agents across the country, he said if the government went ahead with the proposal, the agents, LIC employees, including Development Officers, and policyholders would hold protests in Delhi’s Rama Lila Maidan or Jantar Mantar. The dates were yet to be decided, he added.
On reasons for opposing the Budget proposal, he said post the stake sale there would not be any guarantee for the money invested by policyholders of LIC. “We procured this business as people’s money for people’s welfare. For over six decades, LIC has been supporting various government programmes and investing, directly and indirectly, in different sectors, including agriculture and infrastructure,” he said.