the goan I network
BICHOLIM
Stating that the government’s move to sell a part of its stake in Life Insurance Corporation (LIC) as part of its disinvestment plan had shocked the entire LIC community and crores of its policy holders, LIC Divisional Officer (Bicholim) Gurudas Kadkade said it has also broken the morale of all those involved with the organisation.
Reacting to the government’s proposal to disinvest LIC in the budget speech by Finance Minister Nirmala Sitharaman, Kadkade said the LIC had been formed in 1956 with government capital of only Rs 5 crore.
“LIC did not require to look back since then, neither required to depend further on government capital. Rather, year after year, this organisation paid dividend to government in monumental volume.”
Critical pivot
“The last valuation in September 2019 estimated LIC’s total asset of Rs 31 lakh crore and declared the amount of dividend to the government at Rs 2,610 crore.”
“Apart from this, LIC stood as the bold saviour at all critical financial moments of Indian economy and crashing of the share market.”
“Moreover after the opening up of insurance market in the country in 2000, LIC with its competent team of administrative as well as marketing force, including lakhs of dedicated band of sincere agents, never let LIC bow down before the private insurers backed by global giants,” said Kadkade.
Kadkade said the LIC had been protecting financially the common citizens of the country and gradually earned rock solid confidence of the people.
“People have openly expressed that they trust the LIC the most. But the government’s proposal to disinvest LIC in the budget speech has not only shocked the entire community of LIC and crores of its policy holders, but has also broken the morale of all those involved with this organisation,” he added.
