LIC agents in state join nationwide strike
Source: Chronicle News Service
Imphal, October 14 2022:
LIC agents in the state joined the nationwide strike by observing Agents' Rest Day, which culminated on Friday with a sit-in protest staged at the Khoyathong office of Life Insurance Corporation (LIC).
Life Insurance Agents' Association Imphal organised the protest under the aegis of Joint Action Committee, Life Insurance Agents' Federation of India as part of the 'Agents' Rest Week' which began from September 1 raising several demands concerning LIC policy holders, agents and Chief Life Insurance Agents (CLIAs).
Interacting with the media, Silchar Division Council LIC Agent Federation of India president Sagolsem Shanti-kumar said that LIC agents across the nation are participating in the three-month long protest by donning black badges and agents in the state carried out the protest for four days from October 11.He said that policy holders are the souls of LIC and they are feeding around 12 lakh LIC employees and agents.
Unfortunately, the corporation is reducing the bonus rate for policy holders over the years contrary to the federation demanding the authority to increase the bonus rate.
The federation's demands for policy holders include reducing rate of interest on loans and other financial transactions; efficient services to internal and external customers; provision of acknowledgements to documents submitted; revival facility to policies lapsed beyond five years; refraining from transfer of unclaimed amount of policy holders to social security schemes; prominent display of citizens charter; obtaining feedback from policy holders by introducing a rating system; stopping demanding KYC norms for every transaction of the same customers; stopping print to post and restore old procedure; prompt and efficient services; and removal of GST on insurance policies.
For agents, the federation is also demanding the corporation to increase gratuity up to Rs 20 lakh; restructure commission as per IRDAI Gazette notifications of 2013 & 2016 to the optimum level; introduce group medi-claim for all agents; introduce contributory provident fund; introduce contributory pension scheme; increase term insurance; consideration of proposals submitted for revising club rules and scheme of advances; enhance group insurance; introduce benefits to direct agents; introduce education advance for children; housing loan for eligible club members at the rate of 5 per cent interest; create agents welfare fund to cater to the needs of agents' families; recognition of insurance agents as professionals by the Government of India, Shantikumar said.
The demands for CLIAs are exemption of the eligibility criteria of respective club members for club members, who have completed five years as CLIA, and taking into account the income earned through CLIAs while granting all advances and loans, he said.