why is LIC being pushed on the path of privatization..?

The Life Insurance Corporation of India was nationalized in 1956 Before that, more than 200 private companies were employed in the country. It used to happen then that as soon as a heavy liability comes on a private company, it goes bankrupt. Means the money collected by the public would have drowned. In such a situation, after independence, the feeling in the country developed that we should strengthen our economy, in which public earnings can also be protected. So this is why LIC was nationalized.

At that time, the government provided the basic capital of 5 crores to the corporation. And also the Sawren Guarantee. Which meant that in case LIC is bankrupt, the government will guarantee the return of public money. At the same time, the government also decided to use the money deposited by LIC for investing in its direction.

After this, LIC never looked back. She distributes 95 percent of her total profits among her policyholders. And the remaining 5 percent amount she gives to the government as a dividend every year. That is, as a result of the basic capital of 5 crores that the government had provided him. If we look at last year's statistics, LIC has provided Rs 2600 crore to the government as a dividend. Yes. S. T. This amount increases many times when the statistics are mixed.

Keep in mind that the Life Insurance Corporation of India has never used the government's sovereign guarantee. No matter how adverse circumstances arise, the corporation handled it without the support of the government. Be it Bhuj, Uttarkashi, Latur earthquake, or tsunami, all natural disasters, the corporation went ahead and paid all the claims of the public by relaxing all its processes.

I remember when Uri's terrible incident happened. Immediately, the High Office instruction came that all the soldiers who were martyred in this incident should take their policies and complete it yourself. Unfortunately, one soldier of Ballia was also martyred in it. Our branch handed over the payment of their claim to their family the next day after their dead body arrived. Paperwork continues to happen later. And this didn't happen only here, otherwise other branches also showed the same readiness.

And then as the custodian of public money, the role of the corporation remained contributing to the development of the country. Today the corporation has a fund of about 32 lakh crore rupees. He has invested around 24 lakh crore rupees in various schemes of Central Government and State Government. These include sectors such as health, education, electricity, telecom, road, and social security. The contribution of the corporation in the realization of the five-year plans has always been commendable.

That means the corporation has also kept the public money safe. And has also supported him in the difficult days of the public. At the same time, I have mobilized the public money and used it in the interest of the country. And while doing all this, the corporation has always made progress.

We all know that the life insurance sector was opened by the government in 1999 for the private sector. He was also allowed to some extent of foreign capital. Since 2000, these private companies started their business in the insurance sector. In today's date, around 20 private companies are working in this life insurance sector.

But you will be happy to know that the performance of Life Insurance Corporation of India has not weakened even in the competitive environment of 20 years. LIC's stake in the entire life insurance sector business is around 72 percent, according to the latest statistics. That is, competing with 20 domestic foreign companies, we have almost three quarters of the life insurance sector. If you compare with other fields, this figure will look worth being proud of.

Then why is LIC being pushed on the path of privatization..? Earlier there was a news that the government wants to sell 10 percent stake in the corporation. And today this news is floating in the newspapers that the government now intends to sell 25 percent stake.

But why...? Hasn't the corporation played its historical role? Hasn't the corporation mobilized the money of the public? Hasn't the corporations used that money national and social? Has the corporation not maintained the trust of the public? Has the corporation not successfully faced a competitive environment?

The truth is that the corporation has played all its roles well. In such a way, this question is disturbing us like every citizen of the country that why the Life Insurance Corporation of India is being taken on the path of privatization.

We are also aware of the government's intentions. Despite this we feel that this decision of the government is in no way fair. This will have adverse effect on the corporation. Apparently on public money too. And accordingly on the huge investment in the country.

That's why I demand that the government should rethink its decision.