Alleging that attempts were being made to weaken the LIC to promote private insurance firms, former CPM Lok Sabha member and president of LIC Agents Organisation of India (LICAOI), South Zone, A V Bellarmin on Tuesday opposed the move to raise FDI in insurance sector.
Speaking at a demonstration organised by LICAOI here, he claimed that targets have been fixed for attracting insurance policies under the minimum business guarantee norms for agents.
Accordingly, agents were expected to receive 15 insurance polices each worth `1 lakh for every three years. This has resulted in the termination of thousands of agents throughout the country, he added.