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| LIC Employees Observe 19th January as "Save Public Sector, Strengthen LIC Day" | | |  Early Times Report
JAMMU, Jan 19: LIC employees across Jammu & Kashmir, and Leh observed 19TH January as 'SAVE PUBLIC SECTOR, STRENGTHEN LIC DAY' as per call of Joint Forum of Trade Unions in LIC.
The program was led by Com. Vijay Khajuria, Secretary LIC Class-1 officers Federation, Com. Rakesh Magotra, Secretary National Federation of Insurance Field Workers OF India (NFIFWI) and Com. Pawan Gupta Divisional Secretary Northern Zone Insurance Employees' Association Srinagar Division (NZIEA) and observed by wearing Badges and resolving TO PROTECT PUBLIC SECTOR, STRENGTHENING LIC and to OPPOSE LIC IPO.
The leaders, in a Joint Statement, said that 19th January is a day of historic significance to LIC employees and officers. Six and a half decades ago, on January 19, 1956, the first step towards the nationalization of life insurance was taken. The then Government of India promulgated the Life Insurance (Emergency Provisions) Ordinance 1956 and took over the management of 154 Indian insurers, 16 foreign insurers, and 75 Provident Fund Societies. By 20th January 1956, all life insurance companies were taken over by 42 custodians appointed by the Government of India. The period between 19th January 1956 and 31 August 1956 was utilized as a period of preparation to facilitate the subsequent integration of the various insurers into a single State-owned Corporation. 19th January is therefore not only very dear to LIC employees and officers throughout the length and breadth of India, but this is a day of reassurance, a day for firming up our convictions and commitment, and a day to forge ahead with renewed vigor for protecting LIC in the public sector.
LIC came into being on 1 September 1956 with a lot of hopes and expectations. In his broadcast to the nation the then Finance Minister Dr. C.D. Deshmukh exuded confidence and said: "We will weld together a dynamic and vigorous organization, capable of taking insurance to every sector of people throughout the country and mobilizing their savings while affording to them complete security together with efficient service."
True to that promise, the LIC has over the years, not only registered tremendous growth but has also played a stellar role in channelizing the community's savings for nation-building activities. Since its inception in the year 1956, the LIC has earned the trust and goodwill of millions of Indians and has crossed many milestones. The LIC has set unprecedented performance records in various aspects of the life insurance business. Commencing its operations with a paltry sum of Rs. 5 crores in the year 1956, the LIC today commands over an astronomically huge asset base of over Rs.38 lakh crore. It is the largest life insurance company in the world in terms of a number of policies with a customer base of over 40 crores. It has 30 crore individual policies in force and another 12 crores are covered under its group policies. Even after over two decades of competition in the life insurance business, the LIC stands tall with the highest market share in the industry. The LIC today is the insurer of choice for millions of Indians. Unfortunately, this finest public sector institution is being sought to be weakened today in the name of IPO and its listing in the stock market. Despite an overwhelming section of the public opinion opposing the IPO move, the government is going full steam ahead.
January as 'Save public sector, strengthen LIC Day', LIC EMPLOYEES STRONGLY OPPOSE IPO IN LIC. |
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