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A setback to the economy, combined with job losses and adverse changes in ESI/EPF rules, have rubbed lakhs of LIC agents on the wrong side, turning them into an unintended third-party casualty, according to the LIC Agents’ Organisation of India.
Job losses mean the affected are not able to buy policies or service existing ones, said Basudeb Acharya, Ex-MP, and All-India Vice-President of both CITU and the LIC Agents’ Organisation.
Trickle-down effect
Poor sentiments prevailing among the working class have trickled down to the level of LIC agents, dealing a massive blow to agents.
“Since women represent more than half of the total strength of agents, their empowerment would also get deeply impacted in this manner,” PG Dileep, General Secretary, told BusinessLine .
Dileep had attended the fifth all-India conference of the organisation held at Lucknow recently. At least 2,000 agents from across the country took part in the general session, while 156 women representatives attended the women’s conference held alongside.
K Hemalatha, All-India President, CITU, inaugurated the general session. Acharya, declared open the delegates’ session.
The session discussed major issues affecting LIC agents, including what Dileep described as “adverse rulings and notifications issued from time to time by the Centre as well as the Insurance Regulatory and Development Authority”.
It passed resolutions demanding withdrawal of GST on policy premium and interest and direct marketing; commission as prescribed by the regulator; job security for agents; revision of gratuity rules; and control of essential commodity prices.
LIC, which began with a share capital of ₹5 crore and has since grown to a behemoth with total assets of ₹28 lakh crore, owes its existence to the toil and sweat of the agent community, Dileep observed.
“If the Centre cannot generate new jobs, the least it can do is to ensure the job security of lakhs of agents who have managed to find employment for themselves to ensure a livelihood,” he added.
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