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Thursday, Sep 02, 2004

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`LIC nationalisation a far-sighted move'

Our Bureau

Chennai , Sept. 1

IF the Life Insurance Corporation of India had not been nationalised, the spread of the concept would not have been anything like it is today, said Mr N. Ram, Editor-in-Chief of The Hindu, on the 48th anniversary of its formation.

At a celebration on Wednesday in LIC's Chennai office to mark the occasion, employees pledged to dedicate themselves once again to its ideals.

Mr Ram, chief guest for the celebration, said its nationalisation is a "far-sighted move". An Act of Parliament formed LIC in September 1956 by amalgamating 245 private companies.

To give a sense of the magnitude of LIC's operations today, Mr R.R. Nair, Zonal Manager of LIC's South Zone operations, pointed out that only four countries (excluding India) have more people than the 16-crore insurance policies serviced by it.

Mr Ram said that LIC has tremendous brand value today. He added that some of its policies provide an "embryo of social security" in India.

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