LIC Development Officers To Protest Against FDI Hike In Insurance Sector

New Delhi: The National Federation of Insurance Field Workers of India (NFIFWI) has announced a Parliament march on March 5, protesting the proposed move to hike foreign direct investment (FDI) in the insurance sector. NFIFWI, a body representing 21,000 development officers of LIC, has said that such a move was appeasing the private insurance companies. A release from the federation has said that the main reason for the proposed increase in FDI limit was the fact that these companies were running up heavy losses.According to the source, the management has also significantly reduced the income and working expenses of the field force through a unilaterally imposed Growth Oriented Incentive Bonus (GOIB) Scheme in August 2004.