Hyderabad, January 20: Opposing the two pending bills in the Parliament – the Insurance laws (amendments) bill 2008 and the LIC act (amendment) bill – which propose the privatisation of Life Insurance Corporation of India, the Insurance Corporation Employees’ Union (ICEU), Hyderabad and Secunderabad division, carried out various protest programmes on Tuesday.
The two bills seek to increase the Foreign Direct Investment (FDI) cap in insurance from 26 per cent to 49 per cent and reduce the policyholders’ share of surplus which will allow foreigners to gain control of the country’ savings, said K Venu Gopal, national general secretary of ICEU.
“The two pending bills in Parliament would lead to an increase in the LIC capital equity in the market from the present five crore to 100 crore. But it would also lead to privatisation as it will make the assets of LIC open in the market. These steps will weaken the public sector institution.” Venu Gopal said.
Demanding a stop of the latest moves that would lead to a weakening of LIC, the insurance employees organized a human chain along the Basheerbagh road stretch. They also conducted mass contact programmes throughout their zone in order to enlist the support of more people to their cause.
–Agencies