On the Life Insurance Corporation of India.

What does LIC stand for? Is it a security provider or a common man’s savings mobilizer? A mere money lender or a nation builder? Is it like any other PSU — an employment generator — or has it grown into the way of life of almost every Indian? LIC is all of these rolled into one! From being called the ‘Jewel in the Crown’ of India to being synonymous with the insurance industry, the Life Insurance Corporation, has made a place in every household of India. In more than 60 years LIC has not only gained the trust of the public but in its many ways, LIC is ahead of several global leaders in the insurance industry. The book, The LIC Story: Making of India’s Best-known Brand, is an account of this extra ordinary organization through the eyes of Kamalji Sahay who joined LIC as a young professional in 1977 and saw it sail through choppy waters for three decades when he served as their Executive Director. This book covers the details of the most significant events, people and operational dynamics which the author experienced across the remotest offices or even at the headquarters of LIC. Full of interesting anecdotes, The LIC Story takes us on a fascinating ride into this mighty organization from an insider’s perspective.

The present book is beautiful presentation of facts and figures relating to the business and marketing activities of the Life Insurance Corporation of India. In fact, the author has tried to display his knowledge and understanding about the various business activities of LIC of India. The book runs into tow hundred and odd parts and is divided into eight chapters in addition to appendices and bibliography. The first chapter examines the organisational and functioning aspects of the LIC of India. The second chapter pin points the various objectives of the LIC of India. The third chapter deals with the marketing policy whereas the insurance business activities have been highlighted in the fourth chapter. The fifth chapter underlines the services being provided to policy holders. The sixth chapter delineates the managerial and controlling system of LIC. Thte seventh chapter displays the trend to regional distribution and the last chapter contains the summary and conclusion. The book will be more useful for stakeholders and all those who are interested in marketing and business activities of Life Insurance.

Insurance sector in India has been facing revolutionary changes in terms of its nature, scope, business, profitability, regulation and transparency. In 1994, the Malhotra Committee has submitted its report to make regulations for the entry of private sector; to permit the foreign companies in India to increase healthy competition, to encourage new products and services in the insurance sector and to establish a competent authority to control and regulate the insurance sector. Finally, in 1999, Insurance Regulatory and Development Authority (IRDA) Act was passed and IRDA was setup.

Contents Include : Introduction; Life Insurance : Review Of Studies Made; Methodology For Analysis; Performance Evaluation Of Life Insurance Corporation Of India; Productivity Of Life Insurance Corporation Of India; Investment Portfolio Of Life Insurance Corporation Of India; Impact Of Privatisation On The Performance Of Life Insurance Corporation Of India; Conclusions.