NFIFWI organizes march to ParliamentNFIFWI has organized a 'Parliament March to protest the FDI hike in insurance.
Apnainsurance.com Research Bureau
01 Mar 2008
National Federation of insurance Field Workers of India (NFIFWI) has organized a 'Parliament March' to protest the FDI hike in insurance on March 5. This body represents 21,000 development officers of Life Insurance Corporation of India (LIC). NFIFWI alleges that FDI rise is to placate private insurance companies.
Reports say that the major reason for the protest is that private insurance companies are running up into huge losses. The officers will also demand for additional strengths to be given to development officers be compete with the private sector.
This march is also to protest the reduced income and working expense of the field force through Growth Oriented Incentive Bonus. This scheme has resulted in a dip in income by 50 to 90 per cent. The management is said to have made this move to increase the market share from 88 to 95 per cent. Contrary to expectation, this scheme has resulted in a further decline of 24 per cent.