How The LIC of India became a part of your life

Editor | Business

What does LIC stand for? Is it a security provider or a common man’s saving 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 (Published by Macmillan, Pages 313, Price Rs 599) is an account of this extraordinary 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 you on a fascinating ride into this mighty organization from an insider’s perspective.

Sahay in this history of LIC falls back on Bhagwad Gita and Gandhi how he kept the huge workforce, ranging from field agents to senior managers, focused on building the institution. A key challenge for him as a leader was handling truculent union leaders. He never ignored people at the bottom of the rung, especially the field agents. He admits that managers are prisoners of precedence and making them think beyond the past was a daunting task. This is a profitable read for managers and especially for those who are in the insurance industry.

About the author:

Sahay is a renowned business leader in the life insurance industry. He has been the founder md and CEO of Star Union Dai-Ichi Life Insurance, a joint venture of Bank of India, Union Bank of India and Dai-Ichu Life of Japan. He is also an author, a prolific speaker and a leading columnist with the Financial Express. His first book, Contemporary Essays on Life Insurance was published in 2014.

He served the LIC of India for more than 30 years. Sahay’s views on life insurance industry in India are widely read and followed by a number of policymakers and professional in the area.


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