Vijaywada, June 29: All-India Life Insurance Corporation (LIC) employees federation has decried the recent statement of Union Minister of State for Finance Anand Adsul, that LIC was not in a good shape. The LIC federation leaders Vasant Shintre, N Sundar Murthy and Y Krishna Murthy condemned, at a press conference here on Saturday, the minister's recent statement that there was need to create additional capital of up to Rs 20,000 crore to maintain the solvency criterion stipulated by the Irda and that the corporation had to be restructured.

The leaders said the “vested interests” were maligning the image of the corporation, even as it was free from any scams and was financially sound.
Last year the corporation had cleared 95.54 lakh policies amounting to Rs 17,647 crores and it had invested Rs 24,000 crores, then where was the need to restructure the corporation, the leaders questioned. Bureau Report