The Life Insurance Corporation(LIC) has once again ended the year- 2017-18  with NIL complaints pending. 

The performance  in total death claims has been the best ever performance, with the least death  claim outstanding ratio- of 0.07%.Information technology , now, is  the backbone of our functioning. 

IT/BPR  has completed the job of purifying the data in data warehouse by deduplication process . for  the first time internet link with DDoS (Distributed denial of service) protection service has been procured for portal which will help us in ensuring availability of service in case of DDos attack. 

In view of information and cyber security guidelines issued by IRDAI, many activities have been started like assets management tool for better asset management. Our IT SD has, embarked on a mission to upgrade our online portal services, , by keeping nation’s ambitious “Digital India” into focus. 

LIC has rolled out an upgraded customer portal followed by new mobile apps, in its first phase. The corporation has started its journey towards a paperless office, and in that connection, the online loan module facilitating loan interest payment, loan repayment and online loan request has been operationalized in September 2017. 

We need to get this fact straight, we aren’t completing only with 23 other companies, we are completing with 24th to i.e LIC of India. Considering achieving the target as the grand finale, is now passé,  today the matter has moved much beyond that.

Targets are meant to be achieved (and yes undoubtedly on all the four counts SP, NSP, Policies and TFPI) … and that is Non Negotisble. But we need to relook at the ways we define success. Hence, measuring rod for success shouldn’t be who achieved the target anymore, but ..  It should be who has surpassed the target? …when ? … and by low much?? 

Ease of doing business:
LIC has a unique position. We have so many stakeholders. We are answerable to the government and the regulator, we are answer to parliamentary committees and under RTI- to each and every citizen of this country too. 


Further, we have officers and development officers and employees, we have tied agents and corporate agents and customers, we have doctors, lawyer, auditors… on our panel …the list goes on and on and on. 

In this age of survival of the fittest and fastest, we simply cannot ignore the expectation of our stake holder. Apart from the government and the regulatory bodies most of our stake holders are spoilt for choices; in this competitive market… they can go whichever way they want… so what is it that we can offer them; that makes them want to continue their association with us?

…The deciding factor would be – ease to doing business with us. 

Albert Einstein has said-“Learn from yesterday, live for today, hope for tomorrow, but the important thing is not to stop questioning”

The need for questioning is there because, it’s the  answers to these questions, which will give us an idea of where we stand and if there is any scope for ameliorate.So let us take a moment and ask ourselves some similar question- are our stakeholders happy with us?

Have a turnaround time for their request or complaints reduced? From selling to settlement are we able to serve fastest and with accuracy? The question are infinite…..the most important question is do we have an affirmative answer to such questions? 

Let us remember these are superfast times… what people don’t have now is- time and patience- but what people have now is –options. People want to be heard and we need to listen…..people want instant solution to their issues and we need to deliver…… people want respect and we need to give it. 

As a leading organization we are under constant scrutiny and are judged by our speed in deliverables, our efficiency and our sensitivity ….in all the transactions. 

No person ever associated with LIC in any capacity should ever feel alienated and that can be done only if we makes their association with us easy and satisfying. 

Tardiness and insensitivity, however unintentional, can be the most eroding component for our image ….something we cannot afford. So, let No voice; however small; go unheard, let No complaint ; relevant or irrelevant; be put aside, let No suggestion; however impractical; go unnoticed and let No situation or interaction ;however difficult; under any circumstances, be treated with insensitivity. 

I would like everybody in LIC to visualise now when the corporation becomes 75 years old. I would like to present a few pictures of what is happening around the world-
Integration of global market and ease of capital flow is going to be a major disruptive force because capital is not going to be an issue.
The disruptive power of e-commerce – which has made capital investment in traditional segment redundant.
 Customer retention and customer loyalty-is going to be the key factor to achieve success.


Trajectory, of LIC of India, has been historic, to say the least

We were the pioneers….we started our journey as a monopoly six decades ago. We built it brick by brick and created an unparalleled organization. We became the TORCH BEARERS and carried the message of life insurance in every nook and corner, of the country, till the insurance market opened up. 

Then came the stage, where the life insurance sector opened up and our monopoly status got dissolved. LIC of india, took this challenge too, head on, and went on fortifying its position as a Market leader ….and kudos  to us that after more than one and a half decade, we still continue to be a Market leader.

We have come so far ….and well, so far it has been so good…
But what now? How far we will be able to sustain our numero uno position?
Short term goals do not have that answer. The answer lies in the long term vision.
To my mind, our future rests on these four pillars of vision.


Being Tech Savvy
One comes across some spots in ones journey when one douesn’t have any alternatives, only one ahead. Being Tech Savvy is one of them, it is a must..there is no either Or or to it. Today technology is the Master and everything else it its subjects.All aspects of life , personal , professional , recreation, you name it are technology driven. Today the shelf  life gadgets systems , products  is very very short.

By the time you master one operation, a newer version has already been introduced. It is not about moving with the times anymore, it is about being ahead of the time, as I always say to be ahead of te technology curve.

Everyone today wants things to be done in real time and if we are unable to live up to that standard our survival will be threatened. Thus, the only way forward is we becoming tech savvy.

“Being tech savvy’’ a non-negotiable rider, written in bold letter and underlined.    

Millennials choice:
Millennials are ruling the roost now and looks like they are going to continue to do so in the coming decades too.whether it is service industry or manufacturing industry, whether it is lifestyle industry or political arena, everyoneis closely studying and analyzing the lifestyles,preferences,desires, aspiration and buying pattern of this class of generations. If a family wants to buy a car, or phone or a house, today, the parents are more and more depending on choice of their children.


It is their choices which is driving the market. In this scenario, LIC simply cannot be left behind. We need to be an organization which is well in tune with the changing demographics, aggressive in marketing- on all available platform-,absolutely tech savvy and have products and services which specially cater to this intelligent and dynamic millennials— a generation, which is calling the shots today and will continue to do so tomorrow


Diversification is the new mantra for expansion. It is no more about vertical or horizontal expansion of the organization. It is about an all-encompassing expansion if we want to continue to leave our mark in future, we need to start diversifying into multiple sectors, NOW…One because we shouldn’t wait till we reach our saturation point …Two, because people have needs other than life insurance and who better than us, with our six decades of rich experience in the service industry, to provide it…Three, because we have the experience and capacity to do so. 

Yes, we already have our presence in mutual fund, housing finance, credit card and pension fund sectors but that is just tip of the iceberg… the scope is tremendous and the opportunities are unlimited….. if the future has to be ours, LIC, of course- without losing its core activity and leave its footprints in all the sectors which we have not treaded yet.

Global Financial Conglomerate 
All these pillars that I have just said are meant to take us to our ultimate goal….to make LIC of india, a global financial conglomerate!! LIC has achieved a cult status as far as life insurance is concerned. Now I dream of a day when LIC of india will acquire a similar status as a conglomerate. 


This is my ultimate vision for LIC @ 75… A place where all kinds of people, with all kind of needs and in all kinds of places: are served under just one roof…that of LIC of india…and they need not go anywhere else, ever!!! 

So let’s put on our thinking caps, get our priorities straightened and tighten our seat belts, because we are starting on a journey to make LIC, a global financial conglomerate,@ 75!