The 13th General Conference of “South Central Zone Insurance Employee’s Federation (SCZIEF),” is taking place from the 16th to 19th of November 2024, at Bengaluru, SCZIEF is the biggest Zonal unit of “All India Insurance Employees’ Association (AIEA)”, the largest and oldest trade union in public sector insurance industry. SCZIEF commands a membership of more than 90% of Class 384 Employees of LIC of India, working in the three states of Karnataka, Telangana & Andhra Pradesh. This conference will be inaugurated by Dr Ashok Dhawale, President, All India Kisan Sabha (AIKS). Com. V Ramesh, President, AIIEA; Com. Shreekanta Mishra, General Secretary, AIIEA; Com. Amanulla Khan, Former President, AHEA; Com. K Venu Gopal, General Secretary, AIIEA; Com. Meenakshi Sundaram, General Secretary, CITU, Karnataka State and a host of leadership from other working class movement will grace the occasion. Com. P Satish, President, SCZIEF will preside over the conference. Around 900 employees from the entire Zone will participate in the inaugural session
The 13th General Conference of SCZIEF will be discussing the prevailing Socio-Economic- Political situation of the country, the ever increasing attacks on the Public Sector including the Public Sector Insurance Industry. Successive governments have been making serious efforts, for the past 30 years and over, to privatise the LIC of India. But, all such attempts are thwarted by the relentless struggle being carrid-out by the employees, under the banner of AIHEA, with the able support of the policyholders and common people.
The Public Sector Insurance Industry is facing severe challenges today both from the government as well as the Regulator, IRDIA. The government has already went on record that it propose to table Insurance Laws Amendment Bill, soon, facilitating the increase of FDI in insurance to 100%, reducing the minimum capital requirement to facilitate the entry of more number of private insurance companies to enter the market, further dilution of government stake in LIC, changes in the agency commission structures and issuing composite licences. Recently, the IRDAI through its master circular has brought in several changes in the life insurance sector, which is a brazen attempt to weaken the LIC. The IRDA! is planning to crowd the market by issuing licenses to more number of companies both in life and non-life business, in the garb of penetration. All of these are blatant attempts towards privatization of LIC and taking the insurance sector to the pre-1956 era which would make this sector vulnerable to fraudulent practices endangering the savings of the people. The AllEA, therefore, has called upon the government and the regulator to reconsider these ill conceived decisions in the interest of public sector insurance industry and the people of India at large.
AIIEA has been demanding the government, for a longtime, for introducing a separate tax incentive under section 80 (C) to make insurance products attractive. But, the central government is aggressively promoting new tax regime with an intention to migrate tax payers to an exemption-free tax regime. The new tax regime proposed by the Finance Minister offers no incentives for savings. Rather than giving any concession to promote the industry, the government has imposed fresh taxes on high premium policies. Surely, this will have a long term impact on the Insurance industry.
AIIEA is also demanding for withdrawal of GST on life and health insurance premium, for a long time. The imposition of GST on life and health premium is not only unjust but also unethical seen in the context that Indian constitution makes the right to dignified life and health a fundamental right. The units of AIEA met more than 400 political leaders including 340 MPs from across the political spectrum throughout the country and explained to the Honourable MPs that imposition of 18% tax on life and health insurance premium amounted to imposing a tax on the uncertainties of life. The campaign was powerful enough to bring this issue to the centre stage of national discourse. The letter written by Union Minister for Road Transport and Highways Sri Nitin Gadkari to the finance minister created a veritable political furore. This campaign will certainly be recorded as one of the biggest mobilisational efforts of the AlIEA on an issue directly connected to the people and the society at large. The heroic Campaign led by AIIEA against GST on Life and Health Insurance premium could impact the government and the GST Council sets up GoM to examine the issue of GST on Life and medical Insurance and submit their recommendations.
AlIEA has been demanding for Recruitment to Class III & IV cadres for a long time. Despite the assurances from the Management on several Occasions, the same remains unfulfilled, so far. This demand of recruitment, which is of grave necessity, brooks no further delay. LIC is the only financial institution in public sector without having a recognized union despite the fact that it has the largest unionized work force and AIIEA commands the support of over 80 percent of them. We demand the LIC Management to expeditiously take up the process of recognition of Unions in LIC, by whatever means the management adopts.
The Conference will also discuss the impact of technological initiatives taken up by Management, Day to day issues of employees, Concrete measures to enhance servicing to Policyholders etc. Therefore, the 13th Conference of SCZIEF shall be discussing on all these issues to arrive at proper conclusions and Chalk-out future course of actions including broadening the struggles in protection of PSU Insurance Industry. The conference will be privileged to have a special lecture by Prof Rajendra chenne on Inclusive culture in India. There will also be Cultural activities, during the Conference, highlighting Kannada Rajyotsava,
Synthetic Culture, Working Class Unity etc. Above statements were released at the press meet held at preds club of Bangalore by TVNS Ravindranath-General Secretary.
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