Life Insurance Corporation of India is completing its 70 years of purposeful existence today and will march ahead with greater conviction and commitment to strengthen the Indian insurance market. With 14.57 lakh agents and 82,000 employees, LIC stands as one of the tallest financial institutions in the world. In its incredible journey, there have been umpteen milestones. With ₹57.29 lakh crore AUM at its command, LIC settles 99.44% of death claims—a core activity in insurance industry—, which is a record performance for any company in the world. Being present at 3,714 locations, LIC covers 92% of Indian districts spanning across 36 states and Union Territories. LIC is an institution that has left no stone unturned in making itself available to policyholders through digital platforms. It has transcended insurance through its LIC Golden Jubilee Foundation, which has helped thousands of people. LET INDIA BE PROUD OF LIC AND WHAT THE FOUNDING PRIME MINISTER HAD VISUALISED ABOUT IT.
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Is it an advertisement proudly presented by LIC/GOI (DFS) combine to hide the fact of 50000 employees died with 50% being belonged to private insurers with stagnant wages for 37 years without pension when a private Insurer had "Pension" denied in a public sector with other 50% being recruited after nationalisation with stagnant salary till their death with meagre pension denying the principle approved by top national judiciary SC that "Pension is undisbursed low wages during the service paid after retirement". They continued this anti-worker ideology, seeking umpteen adjournments for decades at SC while loss making BSNL is paying its pensioners at GOI rates by selling vast Real estate every day all over India profiting the difference betwe en book-value and current market-value. They ignored the fact of LIC gave more than10 lakh crores as "Windfall profit" to GOI in the form of 96.5% shares.divided for 69 years paid so far, brand value and difference between book-value and market value after recovering the investment of 5 crores on 1.9.56 w ith 12% return PA cumulatively plus 6000 crores by just selling 3.5% shares of LIC. Why should they tag workers' wage and pension with that of bankrupt PSBs and not with RBI, Nabard etc., after snating TU rights under LIC ACT 1981. 20000 Assistants categorised except a few under private insurers were compelled to retire as Asst and A+30 ie., SH, and not even HGA under pretext that they had not passed Associate exam when Officers were not obliged to pass As sociate/Fellowship examinations. Most of the recruited ASSTs except a few had not been promoted as Officers, when all bank-clerks were promoted as officers. These facts reveal their anti- worker attitude of worst combine now here seen in GOI and in all PSUs.
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