The Life Insurance Employees Union has asked the government to lower insurance policy rates in the country. If their request is approved, you will receive a policy such as health and term insurance at a lower cost. Furthermore, the employee’s union is requesting an increase in FDI within the insurance sector, which will provide you with the chance to purchase cost-effective life insurance plans and evaluate them. Let’s find out what requests the Life Insurance Employees Federation has put forward.
This demand was made by the federation of employees
The Life Insurance Employees Federation in New Delhi has demanded that the GST on insurance premium be reversed and that there should be no more increase in foreign direct investment (FDI) in the sector.
Speaking at a conference organized by AINLIEF, General Secretary V Narasimhan stated that efforts will be made to engage with Members of Parliament from various political parties to gain their support for these requests. Representatives from various regions in the country are taking part in the All India Triennial Conference.
Call for the removal of the recently implemented labor law
The federation is also calling for the reversal of the new labor laws and the reinstatement of the previous pension plan for LIC employees hired after 2010. Narasimhan stated that the current FDI limit in the insurance sector is 74 percent, and the government is considering increasing it to 100 percent.
Allowing 100% Foreign Direct Investment will happen shortly.
In an effort to transform the insurance industry, the Finance Ministry in New Delhi has suggested raising the Foreign Direct Investment (FDI) cap to 100 percent. Additionally, there are amendments suggested to decrease the paid-up capital and guarantee the issuance of required licenses for this purpose.
