Oppose Increases to Foreign Direct Investment (FDI) in Insurance in INDIA

Dear Indian Citizens,

When lakhs and lakhs of people are losing their savings worldwide due to financial meltdown, why is our government proposing an increase of Foreign Direct Investment in Insurance?

The Current government is contemplating further liberalization of financial sector. In the next session of parliament it proposes to bring in a bill that increases Foreign Direct Investment in Insurance from 26% to 49%.
( http://timesofindia.indiatimes.com/articleshow/1288730.cms)
We Indians have to appose this move of the government for the following reasons.
*LIC has completed 52 years of its purposeful existence. During this LIC’s track record has been stupendous.
*LIC has a WORD RECORD IN CLAIMS SETTLEMENT with a claim settlement ratio of 99.66%.
*LIC has registered a surplus of Rs.16,600 Crores for current year out of which around 830 Crore is Given to Indian government as dividend on its capital and balance amount is given to policy holders in the form of Bonus.
*LIC has contributed immensely to the development of the nation by mopping up the savings of the peopl
*Death due to Murder and Terrorism are Covered by only LIC and its fact.PVT insurance companies Dont Cover that.

This assumes a greater importance when you compare LIC’s performance with that of private insurers globally. Insurance Industry in USA, Europe and Japan are in serious crises and in stress to raise additional capital to meet their obligation to policy holders. Almost all foreign partners of Indian Private Companies are in great difficulty in their own countries.

When this is the disastrous performance of these private companies, government of India is attempting to increase FDI limits to help them to have greater access to the savings of Indian people!!!

The performance of LIC has shown to the world that only a strong public sector Insurance can give much needed security to the policy holders’ monies.

We therefore, request you to support our struggle against the increase in FDI in insurance.

Please remember there is safety in number. Support LIC to grow more, add yourself with 24 crores and growing family of LIC policy holders..

Please sign below petition to bring Indians opinion to the Indian government.

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This Petition and information is from,
Rajesh A
Insurance and investment consultant.
Bangalore.
Mob: +91 99456 89986
www.rajeshdwd@indiatimes.com
www.firstconsultant.in

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