Life Insurance Corporation of India: Future Prospects
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This case study was compiled from published sources, and is intended to be used as a basis for class discussion. It is not intended to illustrate either effective or ineffective handling of a management situation. Nor is it a primary information source.
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In the late 1980s, LIC established a few subsidiaries with a view to expanding its services. These were LIC Housing Finance Limited, LIC Mutual Fund, Life Insurance Corporation (International) E.C. and LIC (Nepal).
The Post-Liberalisation Years
Products and Pricing
Insurance may be described as a social device to reduce or eliminate risk of loss to life and property. A large number of people form an association that shares the risks attached to individuals. The risks, which can be insured against, include fire, the perils of sea, death, accidents and burglary. Any risk contingent upon these may be insured against at a premium commensurate with the risk involved. Thus, insurance is the collective bearing of risk. The insurance business is broadly divided into two broad categories across the world - life insurance and general insurance...
Until the Indian insurance industry was liberalized, LIC did not have any clear marketing strategies. Since it enjoyed monopoly status, it could afford to have a very limited focus on marketing. For the average Indian, LIC became synonymous with life insurance, and over the years it built up an enviable brand image in both rural and urban areas. The company grew by leaps and bounds, with people buying its policies due to the tax concessions attached to it. On account of its position as a monopoly, LIC did not standardize its practices nor did it focused on providing better customer service to the policyholders...
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