LIAFI protests insurance amendment bill

The Life Insurance Agents Federation of India (LIAFI) strongly objected to the proposed Insurance Laws (Amendment) Bill and said, it would protest the legislation tooth and nail. "The livelihood of over 11.50 lakh agents across the country will be jeopardized. The Bill is against the agents' interest and we will protest it tooth and nail", said LIAFI's secretary general, Shyamal Chakraborty.

He said, the agents across the country would agitate at New Delhi during the coming parliament session, if the government tries to table the Bill. "We have already vented our grievance to the parliamentary standing committee and select committee about the possible negative impact of the Bill on the agents", he added.

Chakraborty was here to attend the 'agency profession protection day', organised by the LIAFI's Berhampur divisional council. The LIC agents across the country are now observing the 'agency profession protection day' as a part of the agitation to protect their livelihood. Divisional president. LIAFI, Panchanan Mund presided over the meeting.

The agents' federation also derided levy of service tax on insurance premium and other taxes on life insurance policies.

"When we are asking the management to extend more benefits to the policyholders and introduce user-friendly policies, the introduction of service tax of 3.09 per cent is unnecessary. It will pinch their pockets as it is an extra burden. This will force most of them to discontinue the policies", the federation leaders said. There are over 11.50 lakh LIC agents in the country and equal number of agents working for private sector insurance firms. "LIC has 30 crore policyholders and they should not be exploited in the name of new taxes", Chakravarty said.