The Hindu Business Line : LIC agents seek more welfare measures

THE Life Insurance Corporation Agents' Organisation of India (LICAOI) has said that the recognition of LIC agents as an `insurance army' working for the corporation is seldom taken note of by the authorities who are unmindful to the plight of the agents and their welfare.

Addressing presspersons here , Mr A. Joseph Crasta, Vice-President of the central committee of the LICAOI, said that the corporation could build an asset base of Rs 3.75 lakh crore because of the hard work of more than 10-lakh agents in the country.

Stating that agents spend a large portion of the commission for procuring more business, he said, "No serious step has been taken by the LIC management to create a sense of belonging to the institution they serve."

He said LICAOI is opposing institutional, corporate and cooperative agency systems, as they would affect individual agents.

Demanding the withdrawal of proposal to increase foreign direct investment in the insurance sector, he said the corporation has already lost 20 per cent of its market to the new players in the sector.

However, agents are ready to bring 30 per cent more business, he said.

The Government should withdraw its decision to enhance the minimum sum assured from Rs 30,000 to Rs 50,000 as many policyholders hail from semi-urban and rural areas.

Instead, the minimum sum assured should be fixed at Rs 10,000, he said.

Mr Crasta demanded that facilities such as pension scheme, mediclaim, and welfare fund be introduced for them also.

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