The Hindu Business Line : LIC development officers plan march to Parliament

New Delhi, March 3 The National Federation of Insurance Field Workers of India (NFIFWI) would be conducting a Parliament march on March 5, protesting the proposed move to hike foreign direct investment (FDI) in the insurance sector.

NFIFWI, a body representing 21,000 development officers of LIC, has said that such a move was appeasing the private insurance companies. A release from the federation has said that the main reason for the proposed increase in FDI limit was the fact that these companies were running up heavy losses.

“We are proposing this march with the demand that the development officers of LIC be strengthened to fight competition from the private sector. The purpose of the march is to highlight before the Parliamentarians the anti-customer attitude and management decisions which is destroying he marketing force of LIC, and thereby, derailing the company,” said Mr R. Jayprakash, Secretary General, NFIFWI.

The management has also drastically reduced the income and working expenses of the field force through a unilaterally imposed Growth Oriented Incentive Bonus (GOIB) Scheme in August 2004, he said.

“Besides denial of expenses, the fall in income due to this scheme was 50-90 per cent and at the time of its introduction, the management had claimed that this was being done to increase the market share from 88 to 95 per cent.

“However, the result was a further decline of 24 per cent. Now, the management was trying to unilaterally change the service conditions adversely ,” he added.

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