The Hindu : Kerala News : LIC officers to hold Parliament march

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LIC officers to hold Parliament march

Staff Reporter

To seek strengthening of LIC

PALAKKAD: A delegation of the representatives of the National Federation of Insurance Field Workers’ of India (NFIFWI), representing 21,000 Development Officers of the Life Insurance Corporation of India (LIC), will start from here on Sunday to join a ‘Parliament March’ in New Delhi on March 5, 2008.

NFIFWI divisional secretary R. Sreekumar said the march was being organised to seek strengthening of the LIC to fight the competition from the private sector.

It also wanted to highlight ‘the anti-consumer attitude’ which was destroying the marketing force of the Corporation. He said in August 2004, the LIC management had drastically reduced the income and working expenses of the field force through a unilaterally imposed Growth Oriented Incentive Bonus Scheme-2004.

Apart from the denial of expenses, the fall in income due to this scheme was 50 to 90 per cent, Mr. Sreekumar said.

At the time of introduction of the scheme, the LIC management had claimed that this was being done to increase the market share from 88 per cent to 95 per cent but the result was a further decline of 24 per cent — that is from 88 per cent to 64 per cent, he said.

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