Thiruvananthapuram. The Kerala Assembly on Wednesday unanimously passed a resolution against the Center for disinvestment of Life Insurance Corporation (LIC). The 140-member assembly wanted the Center to ensure that LIC remains in the public sector.
Moving the resolution under Rule 118, Chief Minister Pinarayi Vijayan said leaving LIC for the interests of private investors was against the national interest and hence the Center should not proceed with it.
“The Center amended the LIC Act by including it in the Financial Bill and without due deliberation in Parliament,” Vijayan said.
Presenting the financial position of LIC, Vijayan said that the assets of LIC have been estimated at Rs 38,04,610 crore, which is equivalent to the one year budget estimate of the central government.
He said that the profit of LIC which is more than four lakh crores on an average every year is being used for the development of the country and till now LIC has invested Rs 36,76,170.31 crores.
Elaborating further, Vijayan said that LIC gave 95 per cent of its profits as bonus, which is much higher than what the private sector pays and that almost a quarter of LIC’s offices are in rural areas.
—AnyTV News
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