65 years old LIC. The company was not built overnight.

65 years old LIC. The company was not built overnight. Today there are 25 insurance companies in the country. LIC was also a private company. But in the country's interest, the country's minister Jawaharlal Nehru nationalized the insurance sector in 1956. Any company, government, or shareholder does not own LIC's investment. It is wholly and exclusively owned by the policyholder and retains its own sweat earnings. There was a plan to blow 1 lakh crore At one time Modi was ready to blow up LIC for one lakh crores. Privatization started by bringing IPO. But the question is that now a situation has arisen in LIC

65 years old LIC. The company was not built overnight.
LIC FILE PHOTO , SALE LIFE INSURANCES CO

BYLINE: DILIP PATE, AHMEDABAD, GUJARAT

 65 years old LIC. The company was not built overnight. Today there are 25 insurance companies in the country. LIC was also a private company. But in the interest of the country, the country's minister Jawaharlal Nehru nationalized the insurance sector in 1956. LIC's investment is not owned by any company, government, or shareholder. It is wholly and exclusively owned by the policyholder and retains its sweat earnings.

 There was a plan to blow 1 lakh crore

 At one time Modi was ready to blow up LIC for one lakh crores. Privatization started by bringing IPO. But the question is now a situation has arisen in LIC where the watchman has been removed. Looks like the chowkidars have become thieves.

 3 crore Gujarati insurance holders

 30 crore people have taken LIC insurance in Life Insurance Corporation. There are 3 crore policyholders from Gujarat. With 403 branches in Gujarat, this company has 450 assets worth 5 thousand crores.

 value is understandable

 LIC is one of the largest financial institutions in the country with investment assets of Rs 37.71 lakh crore in 2022. The assets of the State Bank of India are Rs 48.21 lakh crore. In 2016, the value of LIC was Rs. 15 lakh crore, suddenly the government changed it to Rs 6 lakh crore. But in reality, LIC has total assets of Rs 38 lakh crore and has stakes in many big private companies. This value is estimated to be Rs 4 lakh crore with LSC in Gujarat.

 Raise capital

 L.I. In C, the capital of 100 crores was increased to 2500 crores. Its shares were issued. In which people have lost billions of rupees. The central government has stopped the benefit of life insurance for the policyholder. The central government is making many such decisions.

 Disinvestment of 3.5 percent shares of LIC at Rs. It was estimated to collect 21 thousand crores.

 Losses in ONGC

 Earlier, LIC was forced to withdraw Rs 1.4 lakh crore after public sector ONGC's IPO failed. When the condition of IDBI Bank deteriorated, LIC was also forced to put money in it.

The financial value of India's largest insurance company LIC was Rs 25.29 thousand crores in 2016.

 Social company

 The social objective of this organization, which has made the biggest investment of Rs 38 lakh crore in the country, has turned into commercialization. The way the country is being commercialized, social company L. I.C. But to be a victim. The purpose of providing a security umbrella to the people by selling life insurance, the aim is to change it to private people after Modi's arrival. This investment is a risk to the country's economy and economic development.

Benefits not passed on to customers

 LIC used to return 95 percent of its profits to shareholders as compensation, which has been discontinued. All this is at stake through a central public issue. Private investors will come, and foreign investors will come. There will be profiteering instead of social purpose, and the price of premiums will increase, so some sections of people will no longer be able to buy insurance. On the other hand, the shareholder will ask for a share in the assets questioning the investment thinking of LIC, hence there is a risk of generating profit, interest income, premium collecting, and a profit-making mindset like any other financial institution.

 Money drowned in ABG ship

 ABG Shipyard Company of Gujarat is immersed in 23 thousand crores. To save the company from sinking, on the instructions of the Modi government, LIC gave Rs 136 crore along with the banks. Apart from this, many financial institutions also gave loans.

  30 thousand crore NPA

 The gross NPAs as on September 30, 2019, stood at Rs 30,000 crore. According to the report, LIC's gross NPA in September 2019 stood at 6.10 percent, almost doubling in the last five years. Earlier LIC always maintained a gross NPA of 1.5 to 2 percent.

 Debtors

 There are big defaulters like banks. These include Deccan Chronicle, Essar Port, Gammon, IL&FS, Bhushan Power, Videocon Industries, Alok Industries, Amtrak Auto, ABG Shipyard, Unitech, GVK Power, GTL, etc. LIC used to invest in these companies through term loans and non-convertible debentures (NCDs). LIC has total assets of Rs 36 lakh crore and has stakes in many large private companies.

  Annual LIC, which has a profit of over Rs.2,600 crore, clarified in its report that it does not expect to see many such default cases. Most of the bad loans are related to traditional business. Companies have bad loans of Rs 25,000 crore.

 Companies engaged in pension business owe Rs 5,000 crore while Unit Linked Businesses (ULPs) owes Rs 500 crore. Despite this, LIC maintains its position over other companies in the life insurance business. According to the information, LIC has a two-thirds market share in the first year premium.

 Now the insurance premium will be passed on to the public. This will reduce interest and reduce insurance and insurance reimbursement.

 Lost customer

 There are 20 thousand customers who have about Rs. 10 crores will have to be paid. The outstanding amount has increased by 25 percent in the last 5 years.

 A public issue of Life Insurance Corporation is coming up. There are 24 private companies in the insurance sector in the country. 

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