Conference of LIC Agents in city from today

Up to 2,000 agents and 536 delegates from all over the country will be participating in the upcoming fourth ‘All India Conference of LIC Agents’ Organisation of India’ (LICAOI) on September 10 and 11.

The announcement came from General Secretary, PG Dileep, on Tuesday. “The President of LICAOI, Basudev Acharia would chair the conference and CITU national secretary Thapan Sen would inaugurate the conference,” he added.

Disclosing the details, Mr Dileep lamented that the governments are destabilising LIC because of the influence of corporate sector and 21 lakh LIC agents were terminated in the last six years.

He reminded that 96 per cent of the business of LIC was done by the LIC agents, which is clear proof of the trust created by the agents in the policy holders. He maintained that the very existence of LIC has been possible only because of the cooperation and hard work of the LIC agents even after the entry of private insurance companies.

He observed that the multinationals and Indian corporate have realised that they could defeat LIC and take away major portion of business only by destroying the agency force and alleged that the ‘Insurance Regulatory And Development Authority of India’ with the support of government is implementing rules leading to the destruction of LIC.

As far as the settlement of claims was concerned, he said that private companies settled 48 per cent to 94 per cent of the claims and LIC settled 99 per cent of claims every year.

He reminded that LIC has been investing its funds in the government securities, bonds and long term loans to public sector undertakings at low interest and an amount of 70 thousand crore is lying with the government without interest as sovereign guarantee.

Secretary, South Central Zone, L Manjuinath, AP secretary PL Narasimha Rao, AP working president K balachandram, AP president Mastan Reddy and T Satyannarayana of reception committee were present on the occasion.