gEN. SECRY MEETS LIC CHAIRPERSON ....ON 6 10 21. WHAT HAPPENED ? WHAT IS EXPECTED TO HAPPEN ? YOU READ HERE.

 FEDERATION OF RETIRED LIC CLASS I OFFICERS' ASSOCIATIONS        

Acting President :     P.P.Dhamija

R-6/104, Raj Nagar,

GHAZIABAD – 201002.

Tel: 0120-4107104 / 9810186067

Email Id – premdhamija38@gmail.com

General Secretary :    D Krishnan

No.6/1, Sreshta Riverside Apartments,

Wood Creek Road, Nandambakkam, Chennai - 600089

Tel : 9176635967 / 044 42850049.

Email Id - dkrishnan1@gmail.com

 

E circular No.DK/74                                                      06-10-2021

Dear Friends,

Reg:   Meeting with LIC Chairman today ...

Glad to report that we had a good meeting with the LIC Chairman today, in the midst of the SZ SDM’s Conference that was on at the Taj Coramandel Hotel in Chennai. As soon as I heard that the Chairman was to go over here on a visit, I requested the ZM SZ to enable a brief pow-wow with him. As it turned out, the Chairman was not giving time to anyone, due to his own personal pre-occupations in the off-duty hours. I sent him a message on Whatsapp and told him I just needed to see him for not more than 10 minutes. I also mentioned that Sri C H Mahadevan of Hyderabad Association would also accompany me.  He said ‘yes, sure’ and invited us to join for Lunch at the Conference venue, which we did.

He met us first in the Lobby of the Hotel and talked to us on matters of interest for us:

1. Family Pension:  He said he had talked to the Department of Financial Services, and they had suggested that an official reminder be sent as soon as the IBA instructions for implementation for Bank Retirees is issued, and then they would , on similar lines, Notify for LIC too.

2. Super-Seniors ( 80 plus retirees) matter:  He said this too was already cleared by the LIC quite some time back and the DFS should be approving it  for LIC Retirees , and  the CO was also  following it up with the Govt. Department.

3. Pension Revision for LIC : He said he was not aware of what initiatives, if any, were afoot in the DFS on this matter. (Sri C H Mahadevan, who had spoken on phone recently with Sri Vinodh, the Under Secretary in charge of LIC area of working in the DFS, mentioned to me on the side-lines of this meeting with the Chairman, about a Consultant being commissioned to go into the LIC Pension- Revision matter, and that the Report  was expected to be submitted by this month end).

4. 1992-93 Retirees:  I mentioned to him that all we asked for was to extend the Benefit of Pension Fixation, given by LIC to Sri M C Jain, to all others similarly placed. This was a simple enough matter where the LIC itself could take a Decision, instead of fighting against the victims of a wrong approach, in the Court. After nearly 30 years now, not many in the group survived, and Sri K P Narasimhan former Chairman, who passed away recently, at his age of 90, was also one in this group of sufferers. Sri Kumar, who is fully aware of this issue, since he had handled it as ED (P) earlier on, did feel bad as I mentioned all this. He then said he would examine the matter once again on his return.

5. LIC IPO :  After we asked him generally about the preparations, we tried to know from him if the reserved allotment of shares for Employees would include Retirees, he answered in the negative, saying it was the position taken by the SEBI for such IPOs of other Institutions as well. He did mention however, that he was to take it up with the SEBI to see if a change to include Retirees could be got approved.

At the end of our talks, we also handed over to the Chairman, a Joint Memorandum signed by the two of us who met him today. That we were to see the LIC Chairman today, was also informed to Sri G Krishnaswamy, General Secretary of AIRIEF stationed at Bengaluru, in keeping with the spirit of the Joint Front we had formed in 2019.

I am Enclosing with this Circular a copy of letter sent to the new MD Sri  B. C. Patnaik on his taking overcharge at the CO, a few days back, and a copy of the one-page memorandum submitted to the Chairman today. Also sent is a copy of the AIBEA Circular on RBI bringing in Penalties to Banks, if ATMs were not kept filled with Cash as required. This of course would be a matter of general information only.

With Sincere Greetings to all

D.Krishnan.