case study in lic

LIC Case Study | Success Story of Life Insurance Corporation of India

Ria Puneyani

Sales of life insurance policies are a vital source of revenue for any life insurance company and their primary motivation for doing business. Because today's business operations are so intertwined, claim settlement services significantly influence life insurance policy sales. People can use life insurance plans to cover a variety of hazards throughout life.

The insurance industry grew rapidly in the first two decades of the twentieth century. In 1938, it increased from 44 firms with a total business-in-force of Rs.22 crore to 176 companies with a total business-in-force of Rs.298 crore. The call for the life insurance sector to be nationalised had been voiced before, but it gained traction in 1944 when a measure to modify the Life Insurance Act 1938 was filed in the Legislative Assembly. However, it was not until 1956 that life insurance was nationalised in India when the Life Insurance Corporation was passed by the Indian Parliament on June 19.

Origin of LIC LIC's Objectives Growth of LIC LIC's at Present LIC's Products and Services LIC Services for its Employees LIC's Marketing Strategy Conclusion FAQs

Origin of LIC

The Life Insurance Corporation of India was established on September 1, 1956, by the Ministry of Finance of the Government of India, with the goal of making life insurance more widely available, particularly in rural areas, with the goal of reaching all insurable persons in the country and providing adequate financial cover at a reasonable cost.

LIC's Objectives

The primary goal of LIC is to promote life insurance across the country, particularly in rural regions and among the socially and economically disadvantaged, to reach all insurable individuals and provide them with appropriate financial protection against death at a fair cost.

Maximise people's savings mobilisation by making insurance-linked savings sufficiently appealing. Another goal is to function as trustees for the insured public in their individual and collective capacities, meeting the community's diverse life insurance demands as the social and economic environment changes.

LIC intends to involve all employees to the best of their abilities to advance the insured public's interests by delivering prompt and courteous service.

Growth of LIC

In 1956, LIC had 5 zone offices, 33 divisional offices, and 212 branch offices in addition to its corporate office. Because life insurance contracts are long-term contracts that require a range of services during the policy's life, LIC felt the necessity to extend operations and open a branch office at each district headquarters in subsequent years.

The LIC was reorganised, and it created a considerable number of new branch offices. It shifted servicing tasks to branches due to the reorganisation, and departments were declared accounting units. It had a significant impact on the company's success. You can observe that from about INR 200 crores in new business in 1957, the company only exceeded INR 1000 crores in 1969-70, and it took another ten years for LIC to reach the INR 2000 crore barrier. However, after reorganisation in the early 1980s, LIC had already surpassed INR 7000 crores in Sum Assured on new policies by 1985-86.

LIC's at Present

LIC has practically monopolised the solicitation and sale of life insurance plans in India, having existed as a massive insurance business for almost 60 years. LIC has expanded its operations outside of India to 14 countries to meet the insurance needs of Non-Resident Indians.

With an asset value of INR 2,529,390 crores, LIC is now India's largest life insurance business, controlled by the government. LIC's headquarters are in Mumbai .

It currently operates eight zonal offices and 113 divisional offices around the nation. It has 2,048 branches across India in various towns and cities.

In addition, LIC maintains a network of over 15 million agents that sell life insurance to the general population. The LIC had a total life fund of $28.3 trillion as of 2019. In the 2018–19 fiscal year, the total value of sold insurance was $21.4 million. In 2018–19, LIC resolved 26 million claims. With 290 million policyholders, it is the largest insurance company in the world.

The Life Insurance Corporation of India (LIC of India) is one of India's largest financial organisations, providing comprehensive financial solutions for all aspects of life. It has a customer base of around 23 crores, making it the largest insurance company globally. After Indian Railways, it is the second-largest real estate owner in the country. The LIC advertises through newspapers , radio, television, billboards, and other media.

LIC's Products and Services

The Life Insurance Corporation of India (LIC) offers a variety of life insurance plans. As a government-owned Life Insurance Firm, LIC's policies are in high demand and appeal to a broad spectrum of consumers.

LIC For endowment, LIC offers the Jeevan Pragati, LIC Jeevan Labh, LIC Single Premium Endowment Plan, LIC's New Endowment Plan, New Jeevan Anand, LIC's Jeevan Rakshak, LIC's Limited Premium Endowment Plan, LIC's Jeevan Lakshya, LIC's Aadhaar Shila, and LIC's Aadhar Stambh.

LIC Jeevan Umang specialises in life insurance.

LIC's Bima Shree, LIC's Jeevan Shiromani, LIC's New Money Back Plan- 20 years, LIC's New Money Back Plan-25 years, LIC New Bima Bachat, LIC's Jeevan Tarun are some of the money-back plans available. Money-back plans include LIC's Anmol Jeevan II and LIC's e-term Plan.

Their pension schemes include the Pradhan Mantri Vaya Vandana Yojana, LIC New Jeevan Nidhi, and LIC's Jeevan Akshay.

LIC Services for its Employees

Agents are being offered home loans.

The LIC of India's Agents Housing Scheme provides house loans to the company's agents. It has a separate subsidiary, LIC-HFL, from which many housing plans are moved for fairer distribution.

Employees are given meal coupons.

In September 2010, the Life Insurance Corporation of India (LIC of India) introduced a one-of-a-kind benefit for all workers. The number of meal vouchers is determined by each team member's position in the hierarchy.

Team member participation in sports is encouraged.

Employees of the LIC of India are encouraged to participate in various sporting activities to improve their physical fitness and overall personality. Employees have also spoken on behalf of the company at different national and international levels. It has recruited numerous workers from its Sports Recruitment Quota to maintain competitive excellence in sports and to compete on an equal footing with other businesses.

Training its employees

LIC has begun to provide training to its staff at all levels of the organisation. It has established a distinct Human Resources Development / Organizational Development (HRD/OD) Department to develop and enhance capabilities, commitment and foster a learning and performance-focused culture.

LIC's Marketing Strategy

LIC Life Insurance's marketing approach is pretty basic. Its primary goal is to educate consumers about the company's different policies and brands. Personal selling, exhibits, demonstrations at events, advertising, and innovative schemes have all been used by LIC to achieve this goal.

As presents and incentives, policyholders are given bags, diaries, and calendars. As promotional activities, advertisements are displayed on TVs, newspapers, and billboards .

A mobile advertising van circulates across rural regions, raising awareness of the firm. LIC-Life Insurance has a website and a webpage where it provides thorough information on each potential inquiry to satisfy customers.

LIC is continually working to strengthen "Brand LIC" and strengthen the brand's link with growing market segments. It has done so by maintaining a regular media presence in national and regional outlets.

It has also sponsored several national and international programmes and a variety of activities such as newspaper campaigns and continuous coverage of goods in several publications.

Who is the founder of LIC?

LIC has been founded by Government of India in 1956.

What are the Subsidiary companies of LIC?

LIC subsidiary companies are:

• LIC Pension Fund Limited
• LIC Cards Service Limited
• IDBI Bank Limited

What is the number of employees in LIC?

There are 1,14,000 employees (2020) working for LIC, and over 10 Lakh LIC agents.

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Everyone is familiar with LIC so much that for us, life insurance means LIC. But have you wondered what the business model of LIC is? How big is it, and how does it impact the insurance world?

In this case study, we will be answering such questions.

The Life Insurance Corporation of India (LIC), established in 1956, is a public life insurance company headquartered in Mumbai, India. The primary objective of LIC is to enhance the quality of people’s life by spreading life insurance products to the underprivileged and economically backward population.

LIC has six associate companies and seven subsidiaries. It ranks #1 among the insurance companies in India by size.

LIC went public in May 2022; however, only 3.5% of the equity is owned by the public and the rest 96.5% is owned by the promoter and promoter group, i.e., the government of India.

Table of Contents

Key Facts of LIC (FY 22–23)

1. LIC is operating 2,048 branches and 1,580 satellite branches. In comparison, HDFC Life (major competitor) has only 467 branches.

2. LIC has overseas operations in 14 countries.

3. LIC has issued 27.74 crs. individual policies, assuring a sum of INR 5,868,481 crs.

4. In FY 22-23, LIC reported a net profit of INR 788,043 crs.

5. LIC has a market share of 71.76% in insurance policies.

Business Model of LIC

It’s simple: LIC sells insurance-related products to a wide range of customers. Consider the situation: you completed your graduation and were placed in a global MNC. Now, to secure your future, you’re looking for life insurance and get in touch with an insurance agent. The agent briefs you about all the current offerings. After analysing and trusting the brand value of LIC as Government of India backs it, you decided to go with LIC and bought life insurance from them.

Here, you’ll be giving money to LIC in the form of premiums on your policy for a period of time, say 10 years. LIC, in return, offers you financial benefits in case of unforeseen situations.

Now, LIC will invest this premium in various financial instruments: Stocks, Bonds, Mutual Funds, etc. In this situation, you are the only customer. As of September 2023, LIC has issued 27.74 crs. individual policies, assuring a sum of INR 5,868,481 crs. It’s a whopping number.

As of November 2023, they are managing assets worth INR 4,397,205 crs. which is close to the assets under management (AUM) of the entire mutual funds industry in India. Imagine how big LIC is!

Check out our blog to learn more about AUM: What is Asset Under Management (AUM) in Mutual Funds

Breakup of State-wise Business

LIC Product Offering

LIC offers numerous insurance plans to a broad range of customers, ranging from individuals to various groups (employers, institutions, etc.). It follows a customer centric approach and an efficient claim settlement process.

As of November 2023, LIC is offering more than 50 products ranging from insurance plans to health plans. It has an extensive distribution network of more than 1.2 million agents. Have a look at the chart below demonstrating the broad offering of LIC:

As you can observe from the above graph, LIC has a broad universe of offerings with insurance plans further divided into five categories:

• Endowment Plans : It is a participating plan which offers a combination of protection and savings.
• Whole Life Plans : Life insurance that provides financial protection throughout life.
• Term Insurance Plans : It is a life insurance that offers financial protection for a fixed period.
• Money Back Plans : It is a type of life insurance in which money is returned after a set period, in case of no contingency.
• Riders : These are add-on benefits purchased along with the insurance.

LIC Distribution Network

LIC has a vast distribution network, which sets it apart from its peers. As of March 2023, it has:

• 13.47 lakh individual agents and 160 corporate agents.
• 19,437 micro insurance agents.
• 3,628 branches and satellite offices.
• 295 brokers.

SWOT Analysis of LIC

• Brand Value: LIC is the oldest and largest insurance player in the industry, having a massive customer base. The brand value that LIC has created is a significant strength of it.
• Product Base: Its broad range of product offerings with a mix of participating and non-participating products is a huge advantage.
• Network: LIC has the largest force of insurance agents. The number has crossed 13 lakhs in FY 22-23. Further, LIC has 2,048 branches, 1,580 satellite branches, 19,437 micro-insurance agents and 295 brokers.
• Lack of Online presence: LIC sells its policies via agents. It has an extensive network of agents all over India. However, the online presence of LIC is not up to the mark, and it heavily depends on insurance agents to sell its policies, which is a weak point in today’s digital world.
• Ineffective Advertising : LIC advertising falls short as compared to its competitors. One of the reasons that the LIC market’s share has been reduced in recent times.
• Lack of Innovation : Due to the massive size of LIC and red tape, it often lacks innovation and fails to diversify its products as per the evolving needs of the young generation.

Opportunities

• Market Size: There has been rapid growth in India in recent times, poverty is decreasing, and financial stability is increasing. With India’s massive population, LIC has an excellent opportunity to increase its market share.
• Online Services: LIC is an offline dominant business driven by its agents. There’s a great opportunity to expand its online presence.
• Increased Awareness: In India, financial awareness is increasing, which gives the opportunity to launch new products based on the demand of the evolving customers.
• Govt. Stake: LIC is a govt. owned entity where 97.5% of the stake is held by Govt. of India, operations of the LIC can be heavily influenced by it.
• Private Players: Tough competition from private players in the industry is a significant threat. In 2000, the Govt. of India allowed private players in the insurance industry and since then, the market share of LIC in insurance policies has kept on decreasing.
• Technological Challenges : There have been a lot of new developments in the fintech industry – digital lending, insurance, etc. However, if we look at LIC, it has a lot to do which poses a potential threat in an already declining market share.

LIC is a behemoth and the largest insurance player in India. It offers a wide range of insurance products, having an extensive distribution network. LIC’s massive portfolio also accelerated its income stream.

As the insurance sector continues to develop in India, LIC’s ability to adapt to constantly evolving environment will be a key factor in maintaining its market share. In other words, digital presence is essential in today’s world. The sharp decline has been seen in the operations of PSUs whenever government allowed private players in the industry. BSNL and Air India are flagship examples of this, but can LIC be an exception? Only time will tell.

Frequently Asked Questions (FAQs)

1. Who administers LIC?

Ans. The Ministry of Finance.

2.  Who are LIC’s competitors?

Ans. LIC faces tough competition from HDFC Life, SBI Life, ICICI Lombard, etc.

3. What is a satellite office?

Ans. It is a kind of mini-office set-up by LIC in areas where no LIC branch available nearby.

4. What are participating and non-participating insurance policies?

Ans. In participating policies, one can enjoy the profits earned by the insurer, while in non-participating policies, there is no such provision.

5. When did LIC establish?

Ans. LIC was established in 1956.

Disclaimer :   The securities, funds, and strategies mentioned in this blog are purely for informational purposes and are not recommendations.

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Complete SWOT Analysis of LIC – An Indian Statutory Insurance & Investment Corporation

By Aditya Shastri

In our previous blog, we talked about the SWOT Analysis of Progressive . This time let’s dig into the SWOT Analysis of LIC.

LIC provides a diverse range of insurance products that cater to the needs of various segments of the population in India and abroad. It provides customized insurance solutions based on their unique financial needs and risk profile, as well as assistance in resolving them.

Another aspect that made LIC the giant it is now in its marketing efforts. As the world connects, marketing changes, and when you are interested in learning about the latest – check out our Free MasterClass on Digital Marketing 101 from IIDE CEO and Founder Karan Shah.

Do you want to learn how LIC became so successful in the financial technology industry? In this blog, we will learn about the SWOT Analysis of LIC and decode the answer. 

But, before we begin with the SWOT Analysis of LIC, let us learn more about LIC the company, founding, products, financial status, and competitors.

The Life Insurance Corporation (LIC), also known as the Bharatiya Jeevan Beema Nigam, is an Indian government corporation founded in 1956. It is an insurance firm headquartered in Mumbai with 8 zone offices and 101 divisional offices. LIC provides mutual funds, health insurance, and investment management services in addition to life insurance.

LIC is India’s largest insurance firm , with 2048 completely computerized branches, 8 zonal offices, 113 divisional offices, 1381 satellite offices, and corporate offices spread around the country. In various Indian cities and towns, the country is divided into 54 customer zones and 25 service centres. For selling life insurance to the general public, LIC has 1,337,064 individual agents, 242 corporate agents, 89 referral agents, 98 brokers, and 42 banks.

Products of LIC

LIC’s Insurance Plans are insurance that speaks to you individually and recommends the best solutions to meet your needs.

• Life Insurance
• Health Insurance
• Investment Management
• Mutual Fund

Competitors of LIC

• GRUH Finance
• AAVAS Finance 
• SBI Life Insurance
• Sahara Life Insurance

Now that we understand the company’s core business, let’s delve into the SWOT analysis of LIC.

SWOT Analysis of LIC

A SWOT analysis determines the strengths, weaknesses, opportunities, and threats of a company. It is a proven management paradigm that allows LIC to benchmark its business and performance against that of its competitors and the industry as a whole.

This is a great tool for identifying where the business is doing well, where it is failing, developing countermeasures, and determining how the business can grow.

To better understand the SWOT Analysis of LIC, refer to the infographics image below

Now first let’s begin with the strengths of the company from the SWOT analysis of LIC.

Strengths of LIC

The unique skills of a company that gives it an edge in gaining more market share, attracting more customers, and maximizing profits are known as its strengths. The following are LIC’s strengths:

• Brand Image: In India, the LIC brand has a good reputation. Yogakshemam Mahamyaham, which translates to “welfare for all,” is the company’s slogan. In 2015, the Economic Times Brand Equity Survey named LIC as India’s most trustworthy insurance provider.
• Asset Base: LIC has over USD 150 billion in assets and is India’s largest investor, giving it significant clout in the Indian financial system.
• Agent Network: LIC has a nationwide agent network of 1,337,064 individual agents, 242 corporate agents, 89 referral agents, 98 brokers, and 42 banks, reaching every corner of India.
• International Subsidiary: LIC has a robust subsidiary network that includes LIC Housing Finance Limited, LIC Cards Services Limited, LIC Nomura Mutual Fund, LIC (Nepal) Ltd, LIC (Lanka) Ltd, LIC (International), BSC, and LIC (Nepal) Ltd. (C).
• Various Services: A customer portal in LIC offers various services to customers who can save time and even buy policies online. Customers can now calculate premium, bonus amount, tax calculation, check the status of their policy, calculate loan amount, download form and pay premium online.
• Brand Reputation: The company has built a strong brand reputation that offers a wide variety, transparency, and convenience to its customers. So, if you also want to build & promote a positive brand image, enrol in our online reputation management course to become an expert in it.
• Financial Position: LIC’s high renewal rates provide a clear view of future business and offer excellent profitability. It uses a capital-efficient model with low operating costs.

Weakness of LIC  

• Organizational Culture: Because LIC is so closely associated with the government, it has a very loose and leisurely work culture. This is a flaw in comparison to current private insurance firms that are strategic thinkers.
• Poor Advertising Strategy: LIC spends less money on advertising than commercial suppliers, which is evident in the quality of the ads it distributes.
• Too Many Restrictions: Because LIC is a government-owned firm, it is subject to a slew of regulations and is constantly beset by bureaucratic hurdles. This slows down decision-making at LIC.
• Overworked: LIC employs a significant number of people, the majority of whom operate from their own offices. The organization frequently faces difficulties in paying workers’ salaries and resolving concerns.
• Often Slow to Respond to Changing Needs: A lot of customers nowadays doubt their policies & insurances and LIC has been unable to serve them on time.
• Privacy issues: A lot of customers nowadays have privacy issues regarding whether to invest in such policies or not so this can be one of the weaknesses that LIC could face.

Opportunities for LIC 

• Cyber Threats as Opportunities: There have been several instances of data breaches and security system breaches. Insurance coverage against cybersecurity threats might be a tremendous opportunity at a time when cybersecurity is a threat.
• Online Services: People have started looking more at possibilities like insurance as a result of the expansion of internet services, and knowledge of it is now higher than it was previously. This gives labour-intensive suppliers like LIC the option to save money by substituting people with technology.
• Shift From Protection To Prevention : There is a general trend toward risk prevention rather than risk mitigation, which indicates that insurance companies should concentrate on risk prevention rather than risk mitigation.
• Social Media: Huge organizations are leveraging such tools to stay relevant and are seeking specialists for the same, so if you are interested in the field, check out our social media marketing course to get started.
• Lower Cost: LIC shifted to digital distribution as the market changed and competition increased. These changes have resulted in a significant decrease in the average cost of distribution services.

Threats to LIC

• Competition: Since insurance was privatized, LIC has lost its lustre and now confronts intense competition from private insurance businesses that have given the industry a new lease on life.
• Changes in Government: Because fiscal and monetary policies vary with each new government, tactics must be altered correspondingly. This results in a slew of issues.
• Technology : Nowadays, most financial service providers use online banking and financial brokerage services to make technology an intrinsic element of their business. The LIC, on the other hand, still has a lot of catching up to do in terms of technology.
• New Comers : Several new players have entered the market and are gaining market share by taking market share from existing companies. LIC is at risk because these new entrants could steal its customers.

This ends our detailed SWOT analysis of LIC. Let us conclude our learning below.

To Conclude

In the Indian insurance business, LIC is the largest life insurance corporation. Its powerful brand, which is backed up by years of experience and a well-established network, has allowed it to stay at the top for a long time. They employ a variety of marketing strategies, including internet, offline, and direct marketing. Focusing more on digital marketing and having a strong social media presence might help the organization improve its marketing approach.

To enable this rapid growth, they must ensure that more and more people buy insurance online. The only way to achieve this is to better serve customers to support the company’s growth.

With increasing competition in a saturated market like fintech, companies must fight back by winning over their customers through better marketing efforts. In a changing landscape where digital marketing is paramount, knowledge of the field is a must for all marketing enthusiasts. If you are interested in learning more and upskilling, check out IIDE’s 3 Month Advanced Online Digital Marketing Course to know more.

We hope this blog on the SWOT analysis of LIC has given you a good insight into the company’s strengths, weaknesses, opportunities and threats.

If you enjoy in-depth company research just like the SWOT analysis of LIC, check out our IIDE Knowledge portal for more fascinating case studies.

Thank you for taking the time to read this, and do share your thoughts on this case study of the SWOT analysis of LIC in the comments section below.

Author's Note: My name is Aditya Shastri and I have written this case study with the help of my students from IIDE's online digital marketing courses in India . Practical assignments, case studies & simulations helped the students from this course present this analysis. Building on this practical approach, we are now introducing a new dimension for our online digital marketing course learners - the Campus Immersion Experience. If you found this case study helpful, please feel free to leave a comment below.

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Aditya Shastri

Lead Trainer & Head of Learning & Development at IIDE

Leads the Learning & Development segment at IIDE. He is a Content Marketing Expert and has trained 6000+ students and working professionals on various topics of Digital Marketing. He has been a guest speaker at prominent colleges in India including IIMs...... [Read full bio]

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Nice case study Aditya sir. Wishing you great success with blessings from almighty in your career

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Life Insurance in India: Origin, Growth & Future -(A case study of LIC

Related Papers

Ars Artium, Vol. 1

The Life insurance industry has been the most important industry in India. This paper is an attempt to study the emerging scenario of life insurance business in the light of liberalization and entry of private players in the insurance sector. Monopoly of Life Insurance Corporation is over and now we have on scene a total of fourteen players with the market share being 76:24 approximately of LIC vs. other players in the industry. No doubt new entrants have done a good job in terms of life insurance business but it will be a difficult task for private players to move the customers away from LIC.

An International Refereed Journal of Recent Research Aspect

Dr S I M M I VIRK

Insurance is an arrangement to deal with unpleasant contingencies. It is a contractual arrangement which provides partial or total protection against adverse, typically financial outcomes. While there are many outcomes or risks which are insurable, there are many more against which there can be no insurance. The author has explained the life insurance and its development in India and also its socio legal aspect is imbibed in this paper.

International Journal of Human Resource Management and Research (IJHRMR)

TJPRC Publication

With the passage of IRDA Act 1999, Insurance Industry was opened to private companies and as of now we have 24 Life Insurance Companies in India operating with a deployed capital of ~36625 crores, 20 lakh distributors and 32.5 crore in-force policies. Since 1956 we have completed ~60yrs of operations but Life Insurance penetration is still at 2.72% as on 2017. India remains one of the lowest penetrated economies across the globe. We see huge divergence in penetration across states in India. Insurance density is at $47 which is again the lowest when we compare with peer countries and global average. With ~11000 Insurance branches across the country we still struggle to reach out masses and penetrate deeper in rural pockets. This paper is trying to address the issue of low penetration and suggestive measures to all the stake holders to improve Life Insurance Penetration.

eSAT Journals

Life insurance is an important form of social security. Insurance sector in India have grown tremendously in the last decade and is taking a giant shape after privatization of insurance industry. The government of India has notified the foreign direct investment in insurance to the extent of 49% on 21 st February 2015. This may result in increased competition for LIC with other private and foreign players in the industry. The study have been undertaken to know the financial and operating performance of LIC with a rationale of knowing the source of income and other expenses of LIC. The period of study will be for 9 years from 2005-06 to 2013-14.

IAEME PUBLICATION

IAEME Publication

The paradigm shift has been witnessed in the Indian Insurance Industry over the last decade. In this study an attempt has been made to analyze the growth of life insurance industry in India in terms of some important components. Comprehensive data available through annual reports of IRDA has been used for this purpose. The estimated values of first year premium and total premium of public and private companies for the year 2020 have been obtained by using the method of least squares and linear trend analysis. The study indicates that liberalization has had a positive influence on the insurance market of India and the First Year and Total Premiums of life insurers are expected to steadily rise and the LIC will continue to be the market leader

Available at SSRN 1391904

Ram Pratap Sinha

International Journal of Management Studies

Rajesh Barman

siddharth garaniya

"The insurance industry in India has witnessed many radial transformations during the last about Two Hundred years of its inception. Both the life insurance as well as the general insurance companies was nationalized by the government in the years 1956 and 1972 respectively. Financial reforms started in 1991 after adopting LPG policy by Indian government. In 1999, IRDA has been set up to regulate insurance sector. In 2000, Indian insurance market has been opened up for insurance players from all over the world with localized partnership.26% FDI in insurance sector was allowed in 2000 and increased to 49% in 2015. 1 public life insurance (LIC) and 23 private companies are registered life insurers in India. The private players have 6156 offices in India and captured some 27% market share of total premium already by the year 2014-15. The entry of those foreign players in the Indian insurance industry has denatured the nature of competition and also enlarged customer consciousness. In this research paper, an attempt is made to measures the business performance of private life insurance players in India. Dr.Harish M. Chandarana""Business Performance of Private Life Insurance Players in India"" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-1 | Issue-1 , December 2016, URL: http://www.ijtsrd.com/papers/ijtsrd55.pdf Article URL: http://www.ijtsrd.com/management/consumer-behaviour/55/business-performance-of-private-life-insurance-players-in-india/drharish-m-chandarana"

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Life insurance is very important for protecting human lives against accidents, causalities and other types of risks. Life insurance has been dominated by public sector (LIC) in India; however, with the liberalization of Indian economy, private sector entry in life insurance has got momentum. The public sector Insurance Company, i.e. LIC of India has emphasized on exploiting the potential of rural India as rural life insurance provides immense scope.But still its penetration is very low as compared to that in developed nations. This paper highlights emerging trends, patterns, and opportunities in Indian rural life insurance business. It also focuses on the role of private companies in life insurance in India.

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Home » Management Case Studies » Case Study- “Entry of LIC into Banking: Is it a Wise Decision?”

Case Study- “Entry of LIC into Banking: Is it a Wise Decision?”

Life Insurance Corporation of India (LIC) is a long-term player with long-term resources garnered at a low cost. It has chosen Corporation Bank and Oriental Bank of Commerce, for investments in their equity shares. These two public sector banks have the distinction of turning out superlative performance. The business per employee and intermediation costs for these two banks are the lowest in the industry. So are there Non-Performing Assets . Corporation bank incidentally, is the only public sector bank, where the recent voluntary retirement schemes has not been implemented, as it does not have any excess staff to be sent out.

In the Mangalore based Corporation bank are perhaps the biggest gambles over undertaken by the two giants. That, despite the state banks status as one of the best-managed bank in the country. Competition is intense in both domence at last count there were 19 public sectors, 34 private sectors, and 45 foreign banks operating in the country, and at the time of going to press, 6 companies have secured license from the IRDA to start operations (four of these already had).

The Life Insurance Corporations belated attempt to leverage its consideration financial and distribution muscle could have stemmed from a desire to become more ten a insurance company. It is highly likely that the immediate motivation was the entry of aggressive private sector player into its home-turf, insurance. Bajpai believes the Corporation Bank deal is a win-win one. “ The proposed synergy between the two efficient public sector organizations will be mutually rewarding and help LIC in marketing, servicing, and cash flow management.”

Ads Ashwin Parekh, the managing partner at consulting major author Andersen,” The ongoing convergence in (Indian) financial markets will result in the emergence of three or four large universal banks. Both LIC and SBI WANT to be serious contenders for the post”.

Today 65 per cent of SBI’s revenues come from banking, and almost all of LIC’s revenues come form insurance. Both are seeking to reduce this proportion over the next five years. Only, SBI is seeking to become a universal bank through organic means, while LIC has started its campaign with the acquisition of a significant stake in corporation bank.

The Same Ends:

Thanks to the acquisition of this stake, India’s largest insurance company now benefit from Corporation Bank’s expertise in money management. LIC boasts an annual cash flow of around Rs.85000 crore. The bank can help it manage this money. Managing a sum of this magnitude will not only enable Corporation Bank earn a large management fee, it will also help it acquire a significant clout in the money market.

By acquiring a 33% stake in corpbank securities, LIC acquires an almost in house fund manager for all the Rs.25, 000 crore it needs to invest in government securities. And by gradually increasing its stake in the profit making Oriental Bank of Commerce (2001 deposits, Rs. 24,680 crore; net profit, Rs.202.8 crore) to 11%, LIC has made its intent clear; to restructure itself into what Bajpa terms “a transnational competitive financial conglomerate of significance to societies”.

Discounting the overlap that must exist between the two, both companies on their existing customer base to help them make the transformation to universal bank. SBI, for instance, can sell a clutch of offering to its account-holders; LIC, to its policyholders. Then there are operational efficiencies to be gained.

Despite SBI’s strong brand, sizeable network, and huge customer base, it does look second best (to LIC) in the first lap of what must certainly be a long-distance race.

The strategy has imposed several limitations on SBI. Its progress in the insurance business has been slow simply because the parliament has yet to clear a bill allowing banks to sale insurance.

Worse, the bank faces the unsavory prospect of working with not one, but two regulators, RBI and IRDA . It isn’t just externalities that are queering the pitch for SBI, several people are raising questions about whether or not it posses the skill relevant for the insurance business. “LIC can easily leverage the expertise of corporation bank to become a major banking player. SBI, cant’ do the same thing in insurance” ‘says a mumbai-based investment banker. SBI’s vagueness about its plans for the insurance segment hasn’t helped its cause, but fact is, the bank had enjoyed some success in its prior diversification.

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Life Insurance Corporation Housing by B.V Doshi: Reversed Strategies

Honourable Pritzker Laureate, Balkrishna Doshi is an unprecedented Indian architect to have this prestigious title conferred upon him in 2018. He has been a rather humble protege to the architectural legend, Le Corbusier and defines his life as a series of coincidences and chances well taken. 

When we talk about the affordable housing culture in India, we ought to talk about the contributions of Doshi who has looked at it with a fresh socio-economic perspective. He has strived to create things that would make you feel at home, in a world where one doesn’t know what home is supposed to be. Culture breathes at home and breeds lifestyle patterns in the restraint of the four walls that teach you how to cooperate, share, grow and enrich lives. 

Let’s talk about one such contribution through his scheme for the Life Insurance Corporation at Ahmedabad.

Location: Ahmedabad, Gujarat, India 

Project status: Completed

Project duration: 1973-1976

Area: 4 hectares

No. of plots: 54

No. of units: 324

Participatory Work, Play, Build Process

The Life Insurance Corporation Housing colony, locally known as the ‘Bima Nagar,’ is a new typology that allows the inhabitants to partake in a participatory process of homebuilding. The resultant of this process is that the community living there can leverage the areas by considering the changing needs, available resources and income levels.

An idea so close to his heart, Doshi himself shares his feelings about this project saying:

“One of my most favorite housing projects is the one I designed for Life Insurance Corporation, at Ahmedabad…Here I knew that the houses would be occupied by several generations of the same family, that they would identify with it, that there will be a strong sense of belonging and that their needs will change, and they may modify parts of it.”

Housing For All

Doshi has constantly addressed various income groups and social structures through design. India is the largest democracy in the world with immense social diversity and the design of this scheme made an equitable distribution of spaces without compromising on providing community spaces for 3 different income groups.

Form And Planning 

All the 3 income groups are accommodated on 3 separate floors, thus making the housing block pyramidal shaped. It has reverse stacking which provides the topmost situated unit with a room and kitchen, a lavish terrace and the lowest unit with a verandah. In addition to these, there is a shared green space right at the center which is accessible to all residents and offers space for children to play. 

All the units are approached using an exterior central staircase. This creates dynamic visual compositions for the viewers and people passing by the streets. Even in elevation, the building has a graceful symmetry which reinforces the idea of equitable design and modernism of thought.

Area distribution:

• The ground floor units are about 1800 sq. ft which cost approximately 70-80 lakhs.
• The first-floor units are 1080 sq. ft. in area which cost approximately 50 lakhs.
• The second-floor units are 675 sq. ft. in area which again cost approximately 70-80 lakhs

Space Appropriation And Ephemerality

One of the most important things to learn from India’s diverse community is the transformation of spaces. A space that allows itself to reappropriate based on all the nuances of life. This ephemerality ensured social interaction and not just that, but gave room for incremental growth. This phenomenally addressed dimension of ‘time’ using design and space planning. 

Spatial modifications are allowed to occur internally, however, the effective form remains untouched. Over time inhabitants have accommodated their needs by adding overhangs, roofs, windows and certain rooms which have contributed to their sense of belongingness and dignity.

Doshi explains his three years of conflict with convincing the client of his design saying:

“They couldn’t understand why I would give a person with 1,000 sq ft the ground floor and the one with 400 sq ft the topmost floor with an open terrace. Today, when I see that each owner has modified it, I’m happy,”

( https://indianexpress.com/article/express-sunday-eye/in-other-rooms-other-wonders-5100404/ )

With his endeavors with low-cost housing, Doshi has transcended beyond aesthetics and put forth a valuable argument for the modern-day society that architecture and urban design have the potential to be socially transformative for the world of the poorest. This undeniable contribution towards affordable housing is what makes this 93-year-old architect ahead of his time and his projects become the testaments of his understanding of what we simply call ‘home.’

Having completed her B.Arch from Rachana Sansad’s Academy of Architecture, Mumbai, she is currently a teaching assistant on her way to leave an impact by training young minds. Being a strong believer of the exchange of ideas and constructive dialogues, you could talk to her about anything under the sun. While navigating through architecture, fitness and spirituality she strongly believes that you're unstoppable with purposeful passion and a plan of action.

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The House as a Work in Movement, The Living Heritage of LIC Housing by B. V. Doshi in India

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• Marie Moors 6  

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This paper investigates the modernist example of Indian LIC housing by architect B. V. Doshi, which developed in the early seventies as an experiment in incrementalism. The pragmatic project was conceived as amorphous dwellings that catered to the aspirations, challenges, and growth of the resident family, a topic that has recently re-emerged. The combination of three different types of dwellings (focusing on individuals as well as family life) illustrates the diversity of the current community, which was strengthened by this architectural approach—a continuous dialogue necessary for accommodating numerous alterations to the original design. Multiple interpretations of the identical spaces through users’ perspectives make it a work in movement . This paper addresses what we can learn from those interventions for future housing projects. What architectural tools kept this housing ensemble alive without losing its modernist aspiration? The first part of the paper gives a historical and geographical contextualisation of the site and the architect. Next, the alterations that took place over time are mapped (in detail) and supported via drawings. Later, more possible adaptations are explored graphically via (fictional) social scenarios. In conclusion, the idea of the house as a concentric metabolic system of addition, subtraction, multiplication, and division is introduced, in which the role of the architect versus the importance of vernacular adaptations is stressed. The methodology is based on a literature review, interviews, questionnaires, archival research, and research by design.

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The Sustainable Development Goals (SDGs) are adopted in 2015 by 193 countries that share the vision to “end extreme poverty, reduce inequality, and protect the planet by 2030.” It consists of 17 goals. This paper is framed within the goals for Sustainable Cities and Communities (11) ( https://sdgs.un.org/goals/goal11 )and Responsible Consumption and Production (12) ( https://sdgs.un.org/goals/goal12 ) (United Nations, 2023 ).

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Acknowledgements

We want to acknowledge the Flanders Research Foundation for the Ph.D. fellowship for fundamental research (1116421N) in the name of the second author. Furthermore, we thank architect Colm Mac Aoidh for his guidance throughout the writing process.

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Pandya, S., Moors, M. (2023). The House as a Work in Movement, The Living Heritage of LIC Housing by B. V. Doshi in India. In: Rubbo, A., Du, J., Thomsen, M.R., Tamke, M. (eds) Design for Resilient Communities. UIA 2023. Sustainable Development Goals Series. Springer, Cham. https://doi.org/10.1007/978-3-031-36640-6_52

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Assessing uncertainty in wind turbine electrical power production using Monte-Carlo simulation: A case study on Sidrap wind turbine, Sulawesi - Indonesia

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Leonard Lisapaly; Assessing uncertainty in wind turbine electrical power production using Monte-Carlo simulation: A case study on Sidrap wind turbine, Sulawesi - Indonesia. AIP Conf. Proc. 19 August 2024; 3039 (1): 020001. https://doi.org/10.1063/5.0209595

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As the number of populations worldwide, including Indonesia, increases annually, the need for electrical energy also increases. With fossil-based energy starting to decrease in some places, and the global need to achieve net zero-emission, renewable energy is gaining popularity as the source of electrical power generation, for example, wind energy. Electrical power generated from wind turbines is one of the popular choices in many countries; among them is the Sidrap wind turbine plant in Sulawesi, Indonesia. Electrical power generated by a wind turbine relies on the wind speed, which varies from time to time and season to season. Therefore, building wind turbines plant should not be based on a deterministic wind speed but should bring the wind speed uncertainty into account. Taking the Sidrap wind turbine plant in Sulawesi, Indonesia, as the case study, this work aims to predict the plant’s average power and uncertainty. This calculation is done by implementing the Monte-Carlo simulation to calculate the production uncertainty. The data used for simulation is public data set between 2004 and 2015, obtained from the EMD International website. The simulation result is then compared to the actual production in 2018 and 2019 for analysis. The result indicates that the product is still in the range estimated using the Monte Carlo simulation. This method can also estimate other electrical power potential and uncertainty in an area before a wind turbine plant is built, given enough data sets containing wind speed variation for years. It is expected that by correctly understanding the uncertainty in electrical power production, the decision-making process to build the plant can be accurately determined.

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