The Hindu : Andhra Pradesh / Vijayawada News : LIC staff protest against proposed bill

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Sunday, Nov 05, 2006
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Andhra Pradesh

Andhra Pradesh - Vijayawada

LIC staff protest against proposed bill

Staff Reporter

`It is aimed at weakening the sector as a whole'

VIJAYAWADA: Employees and agents of city branch - 3 of Life Insurance Corporation (LIC) of India on Saturday held a lunch-hour demonstration protesting against the comprehensive insurance bill that the Centre proposes to introduce in the ensuring session of Parliament.

Addressing the demonstration, joint secretary of the Insurance Corporation Employees' Union (Machilipatnam division) E.V. Tulasi Rao said that all the employees and agents of LIC were opposing the bill in one voice, as it was aimed at weakening the insurance sector as a whole. He criticised Finance Minister P. Chidambaram's statement that the insurance sector accounted for only 3 per cent of the Gross Domestic Product. In reality, 19 crore people, or 20 per cent of the total population, were policyholders and their future was at stake because of the bill. Employees' union secretary (city branch-3) Ch. Kaladhar alleged that the Government was trying to do away with existing laws such as the Insurance Act, 1938, and LIC Act, 1956, and introduce the new law to vest all the authority in the hands of IRDA.

Gesture to rain-hit

Meanwhile, the LIC Employees' Union (Machilipatnam division) extended its helping hand to the rehabilitated families of Padmavathi Ghat. .

Mr. Tulasi Rao and CPI (M) corporator Ch. Babu Rao went round the huts and distributed 1,000 food packets and water sachets to 400 families.

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