New Delhi: Employees of state-owned insurance companies went on day-long nation-wide strike to protest the government’s proposed move to raise foreign direct investment (FDI) limit in the private insurance sector to 49% from the present 26%.

All India Insurance Employees Association, a body comprising the staff of public sector insurance firms, said the strike is to protest the government’s intention to raise FDI limit.

The government on Monday tabled Insurance Laws (Amendment) Bill in the Rajya Sabha amid loud protests by the Left and AIADMK. At the same time, the government also tabled amendment to LIC Act 1956 which seeks to raise paid up capital of the insurer from Rs5 crore to Rs100 crore in the Lok Sabha.

The move indicates the government is serving the interests of reformist agencies who wish to further strengthen their grip on the fast expanding insurance industry in the country, said All India LIC Employees Federation, which has 1.14 lakh members.

Class I, III and IV is part of the strike, while Class II comprising field officers have taken part in a protest march.