The members of the Insurance Corporation Employees' Union staged a demonstration in front of the LIC office here on Tuesday, protesting certain provisions of the LIC (Amendment) Bill 2009 passed in the Lok Sabha on Monday.
The union's Cuddalore branch secretary K.P. Sugumaran told the gathering that particularly two provisions in the Bill were not agreeable.
One was raising the capital base or capital equity of the LIC from the present Rs. 5 crore to Rs. 100 crore on the pretext of conforming to the guidelines of the Insurance Regulatory and Development Authority. The Bill also sought to dilute the benefits to be extended to the policy holders: for, it would reduce the size of the surplus to be reserved for policy holders (to be given as bonus) from 95 to 90 per cent.
Mr. Sugumaran alleged that the government seemed to have succumbed to the pressure exerted by the private players in the insurance sector to take such harsh steps against LIC and to curtail the benefits to its policy holders. Vellore division joint secretary D. Manavalan, State coordinator of the Bank Employees Association of India M. Maruthavanan and union treasurer V. Sukumaran spoke.
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