LIAFI-SG/GOI-057/14 15 July 2014
Shri.
Arun Jaitely,
Minister
of Finance,
134,
North Block,
NEW
DELHI-110 001
Respected Sir,
Sub: Apprehension about Functioning
of LIC of India.
Our apprehension is that the Management of LIC is trying to dilute the strong
faith of policyholders in the Corporation. In order to introduce policyholder friendly,
and for their financial benefits, IRDA directed the insurance companies to
withdraw all the Plans by 30 September 2013. IRDA issued a notification to this
effect on 16-02-2013 and directed that NEW PLANS are available from 01-10-2013.
LIC continued the old
plans until 31-12-2013 instead of 30-09-2013. Forty-eight Individual Insurance Plans (Non-linked) were withdrawn by LIC. Though LIC was aware that NEW Plans were to be
made available from 01-10-2013, it submitted only one product for consideration of IRDA before 30-09-2013. One
more product was submitted before 31-12-2013. i.e., they have submitted two products only for consideration of
IRDA. We are enclosing a copy of reply given by LIC under RTI.
The above negligence clearly indicates the uncaring attitude towards the
policyholders. Any wise Management that has the knowledge of winding up of forty-eight products will be alert and
plan for new products. The Management of LIC failed miserably to get the
approval of new products well in advance. At present only nine products are available for marketing.
We the LIC Agents are finding it difficult to market the products out of
which only two or three products are popular. LIC may boast that they are
retaining the market share. We the Agents for our survival are convincing the
prospects and marketing. This in turn is keeping the LIC flag high.
Sir, LIC is a golden goose. Let them
not kill it. We hope you will take necessary steps to enquire why and how
it happened.
Thanking you,
Sincerely yours,
For
Life Insurance Agents Federation of India
Secretary General
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