AGARTALA, Feb 3 (TIWN): Life Insurance Corporation (LIC) unions have staged protests against the government's decision to sell a part of its holding in the life insurer by initial public offering (IPO).

The protest was staged here in Agartala LIC main branch.

It has been informed that many such protests to be organized aimed to stop the sale of LIC which Modi Govt is doing for its “Corporate Lobbyism”.

Following finance minister Nirmala Sitharaman's announcement in her Budget 2020 speech, three major trade unions of LIC will demonstrate before all offices of the life insurance behemoth across the country. The unions will stake agitations on Monday during lunch break, followed by one-hour protest strike (walk-out) on Tuesday before lunchtime.

"We are totally against it (the offer for sale of equity shares by the Government via IPO). Why should LIC go for an IPO when it is a very profit-making organisation? On Government's investment of Rs 5 crore, LIC has given it a dividend of Rs 2,600 crore last year," S Rajkumar, General Secretary, Federation of LIC Class-I Officers' Associations said.