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LIC union to campaign against privatisation

Correspondent

VIZIANAGARAM: Keeping in view the UPA Government's intention to increase foreign direct investment (FDI) in insurance sector though an amendment of insurance laws in Parliament, which the All-India Insurance Employees Association has been opposing, it has been decided to launch campaign appealing people to save the premier insurance corporation from March 15 to 25 in rural and urban areas in the district. At a press conference on Friday, district vice-president of LIC Employees' Union U. Sitarama Raju said despite serving millions of people during the last 55 years systematic attempts were being made to weaken the LIC.

He said that the LIC's investment in societal sectors was Rs.1,48,197crores and in five-year-plans Rs.8,65,365crores out of its asset base of Rs.11,52,000crores.

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