"Today's walk-out was completely successful. Of around 1.08 employees and officers at LIC, close to one lakh staged walk-out across the country,"All India LIC Employees Federation (AILEF) General Secretary Rajesh Kumar told PTI.
He said the federation will decide further course of action in its meeting on March 16-18.
In a statement issued earlier today, AILEF said listing of LIC is against national interest as over the years it has been playing a pivotal role in nation building activities.
On a capital base of Rs 5 crore, the union said LIC's valuation surplus wasRs 53,211.91 crore, life fund stood at Rs 28.28 trillion and asset under management at over Rs 31.11 trillion at the end of 2018-19.
"Being one of the biggest financial institutions of the country, any move to privatise LIC will shake the confidence of the common man and will be an affront to our financial sovereignty. The very purpose of LIC to provide insurance coverage to socially and economically backward class at a reasonable cost will be defeated and motto will change from service to profit," the statement said.
Minister of State for Finance Anurag Thakur had said listing of LIC will help bring in greater transparency, public participation and also deepen the equity market.
"Government came out with the idea (LIC listing). The details will follow and it will be in the interest of LIC and its policyholders. Interest of LIC and policyholders will be safeguarded," Thakur recently told PTI.
Finance secretary Rajiv Kumar on Sunday said the listing may be done in the second half of the next financial year.
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.