Kerala Assembly Passes Unanimous Resolution Against LIC Share Sale

It's important to note that while 24 per cent of LIC offices are in rural areas, private companies have only 3 per cent presence in rural areas, the Kerala assembly resolution said

The Kerala assembly has passed a unanimous resolution against the centre's move to sell LIC shares and its privatisation. Demanding for it to continue in the public sector, the resolution moved by Chief Minister Pinarayi Vijayan was passed unanimously.

LIC, performing well in the public sector, was started in 1956 with Rs 5 crore capital. As on March 31, 2021, its value is Rs 38,04,610 crore. This amount is equivalent to the central government's one-year total budget estimate and points to the strength and growth of LIC, the resolution said.

After all the expenses from the income is deducted, LIC every year makes savings of Rs 4 lakh crore on an average and this is used for developmental activities, it said.

The investment by LIC for the benefit of society till now has been Rs 36,76,170.31 crore, the resolution said, adding LIC is among the leading organisations in the world for settlement of claims as well the number of policies.