Nearly 14 lakh agents of Life Insurance Corporation of India are set to go on a one-day strike on Thursday to protest against the proposed Insurance Laws (Amendment) Bill 2008.
Life Insurance Agents’ Federation of India — the umbrella organisation of life insurance agents — are specifically opposing the proposed amendment to certain Sections (40, 40(2), 44, and so on) of the Insurance Act, 1938.
These sections deal with ceiling on commissions, compulsion on insurance companies to pay the renewal commission after termination, and so on.
“These amendments will result in the demise of the agency force and put the interest of crores of policyholders at stake,” said Shyamal Chakraborty, Secretary-General, LIAFI.
The agents are also planning to hold a procession at Delhi’s Jantar Mantar area on March 22 if the Government does not respond favourably, Chakraborty said.
Keywords: Life Insurance Corporation of India, agents, strike, protest, Insurance Laws (Amendment) Bill 2008
Comments:
Life Insurance Agents’ Federation of India --Why is that your agents do not market Term Insurance Products?
The LIC agents are even now enjoy getting hefty commissions as high as
35% of the first year premium of endowment policies which are not
transparent on charges incurred by the insurers.. Is this hefty
commission is not looting the policyholder and feeding the agents> LIC
was the monopoly all these years and now the private insurers also do
the same thing to stay in the business..The agents made money continue
to make the money by pushing the endowment policies rather the ULIPs
where the commission amount is in single digit thanks to IRDA
guidelines after Sep2010.. In our country only the mis-sellers thrive
on others' money. If the Govt sets the cap on commissions will it be
sweet song to the ears of agents? This country will not become upside
down because these people go on strike?
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