YSRCP will oppose LIC disinvestment policy, MP assures delegation

Rajamahendravaram: A delegation of LIC union leaders under the aegis of general secretary P Satish and joint secretary Dr Gubbala Rambabu submitted a memorandum of All India Insurance Employees Association to MP Margani Bharat Ram at his office here on Wednesday, opposing the Central government's decision to make an initial public offer in LIC.

They stated in the memorandum that the government's decision will result in losing the confidence of 400 million policy holders. LIC came into existence in the year 1856 through an act in the Parliament, merging 45 private insurance companies to protect the interests of policy holders. Central government contributed an amount of Rs 5 crore as its equity

share in the year 1956, which was now escalated to Rs 100 crore. LIC is the largest insurer in the world and the assets of LIC crossed Rs 32 lakh crore, they averred.

MP Margani Bharat Ram said YSRCP will oppose the disinvestment policy of central government in Parliament.

The delegation included SRJ Mathews, P Ram Kumar and G Srinivas.