November 29, 1978, forty years ago: FM cautions LIChttps://indianexpress.com/article/opinion/editorials/november-29-1978-forty-years-ago-fm-cautions-lic-5469732/

November 29, 1978, forty years ago: FM cautions LIC

It is definitely “not fair to policy holders”, then Finance Minister Patel said, that premium rates had remained unchanged since 1960.

indian express, indian express archives, forty years ago, finance minister HM Patel, Moraji Desai
The front page of The Indian Express.

Union Finance Minister H M Patel asked the Life Insurance Corporation to consider reducing premium rates on life insurance policies in view of the profitability of its operations and increasing longevity of policy holders. Patel said this in the Rajya Sabha while replying to suggestion that the LIC’s profitability should be reflected in reduced premium rates. It is definitely “not fair to policy holders”, Patel said, that premium rates had remained unchanged since 1960.

India-US Ties

US Secretary of Commerce Juanita M Kreps said her country continued to support an international trading system with minimum barriers and international trading codes that ensured equitable treatment every country’s production. In a brief statement, she said India, with its impressive record of economic growth, also had begun moving in the direction of trade liberalisation. Kreps said her mission was designed to promote closer ties between the two countries. President Carter had sent warm wishes to the people of India, she said.

Kisans Invite PM

The All-India Kisan Sammelan has decided to invite the prime minister, Morarji Desai, and chief ministers and prominent political leaders to address its “kisan rally” to be held in New Delhi on the birthday of its patron, Charan Singh, on December 23.

Three-term MLA Shot

Pyare Lal Sharma, a former Congress (I) MLA from Ghaziabad, was shot dead by unknown assailants outside his house. According to police sources, the incident occurred when Sharma was returning from a marriage party. As soon as Sharma reached his house and started knocking at the door some persons shot him from behind. Sharma served the Ghaziabad constituency in the UP Assembly for three successive terms since 1967. He lost to in the last election.