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Sunday, October 8, 2017

LIC (Life Insurance Corporation) settled claims worth over Rs 1 trillion in FY2017


LIC, which completed 61 years of its incorporation today, said it had settled 215.58 lakh claims amounting to Rs 1,12,700.41 crore during the financial year 2016-17, it said in a statement.

Country's life insurance behemoth, Life Insurance Corporation of India (LIC) has settled claims worth more than Rs 1 trillion in the financial year 2016-17.

LIC, which completed 61 years of its incorporation today, said it had settled 215.58 lakh claims amounting to Rs 1,12,700.41 crore during the financial year 2016-17, it said in a statement.

"We achieved settlement of 98.34 percent maturity claims and 99.63 percent of death claims in the year," as per the statement.

LIC has assets of over Rs 25 trillion with Life Fund to the tune of Rs 23,23,802.59 crore.

As of date, the corporation has 1.15 lakh employees, 11.31 lakh agents, and 29 crore plus policies in force.

During the year gone by, LIC registered a growth of 27.22 percent in the new business in terms of the first year premium.

Total first-year premium amounted to Rs 1,24,396.27 crore on March-end, capturing 71.07 percent of market share.

LIC's market share in terms of the number of policies was 76.09 percent, garnering over 20 million new policies as on March-end.

At the end of the FY 2017, LIC had 23 plans for sale under individual business, it said.

In the current financial year, four new plans have been added by the corporation which includes Aadhaar Stambh, Aadhaar Shila, Jeevan Umang and Pradhan Mantri's Vaya Vandana Yojana.

The corporation is present in 14 countries through its branch offices, the wholly-owned subsidiary, and joint venture companies.

It has deployed the funds to the best advantage of the policy-holders as well as the community as a whole.

Total funds, so invested for the benefit of the community at large are Rs 24,72,389 crore as on March-end.

Source - Money Control

Insurance regulator asks LIC (Life Insurance Corporation) to lower rates on Jeevan Akshay plan


The insurance regulator wants the rate offered by the pension plan to be brought down in accordance with the return on company’s investment.

Jeevan Akshay, the immediate annuity plan from Life Insurance Corporation of India (LIC) that provides guaranteed the return of 6.75-7 percent has been asked by the Insurance Regulatory and Development Authority of India (IRDAI) to review the return as the yield on 10-year government bond has fallen to 6.5 percent, reports TOI.

The insurance regulator wants the rate offered by the pension plan to be brought down in accordance with the return on company’s investment.

The pension plan has seen a record inflow as it provides regular income for a lifetime of the annuitant on payment of one-time lump sum.

People chose LIC pension policy over higher return instruments like corporate bonds and other government schemes like Pradhan Mantri Vaya Vandana Yojana (PMVVY) with 5 to 10 year tenure, as it offered guaranteed pension for life with an option of 100 percent annuity payable to spouse during lifetime or death of the policyholder.

Young people having surplus funds find Jeevan Akshay as an attractive investment avenue as the minimum age to purchase pension plan is 30 years.

The plan has helped LIC to increase its revenue and market share.

Source - Money Control

LIC (Life Insurance Corporation) sells over 2% in Bank of Baroda in open market sale


The open market sale of over 2.04 percent stake (or 4,69,80,180 shares) took place between July 10 to September 1, Bank of Baroda said in a regulatory filing.

Life Insurance Corporation of India (LIC) has sold over 2 percent shares in public sector Bank of Baroda in an open market sale in past two months.

The open market sale of over 2.04 percent stake (or 4,69,80,180 shares) took place between July 10 to September 1, Bank of Baroda said in a regulatory filing.

Calculated on a previous close of Rs 138.30 a share on September 1, the valuation of the stake sale by LIC in Bank of Baroda comes out to be Rs 649.74 crore.

Post the stake sale, LIC now holds shares above 7.24 percent (16,70,18,926) in Bank of Baroda.

Earlier, it held about 9.29 percent (21,39,99,106 shares) in the public sector lender.

Bank of Baroda stock closed 1.12 percent down at Rs 136.75 on BSE today.

Source - Money Control

Fixed Rate To Be Launched Today Of New Pension Scheme With 8%


New Delhi: Finance Minister Arun Jaitley will launch a pension scheme for elderly with 8 percent fixed rate of interest on their savings today.

It can be purchased offline as well as online through Life Insurance Corporation (LIC) of India which has been given the sole privilege to operate this scheme, the finance ministry said in a statement on Thursday.

Pradhan Mantri Vaya Vandana Yojana (PMVVY) is a pension scheme announced by the government exclusively for the senior citizens aged 60 years and above which is available from May 4, 2017, to May 3, 2018.

"Scheme provides an assured return of 8 percent per annum payable monthly (equivalent to 8.30 per annum effective) for 10 years," it said.

The pension is payable at the end of each period, during the policy term of 10 years, as per the frequency of monthly, quarterly, half-yearly, yearly as chosen by the pensioner at the time of purchase, it said.

The scheme is exempted from Goods and Services Tax, it said, adding, loan up to 75 percent of the purchase price shall be allowed after 3 policy years to meet the liquidity needs.

Loan interest will be recovered from the pension installments and loan to be recovered from claim proceeds, it said, adding the scheme also allows for the premature exit for the treatment of any critical or terminal illness of self or spouse.

On such premature exit, 98 percent of the purchase price will be refunded.

On the death of the pensioner during the policy term of 10 years, the purchase price will be paid to the beneficiary.

The shortfall owing to the difference between the interest guaranteed and the actual interest earned and the expenses relating to administration shall be subsidized by the Government of India and reimbursed to the LIC, it said.

Source - NDTV

From (Life Insurance Corporation) LIC PMVVY, An 8% Pension Scheme Should You Opt For It?


The government's 8 percent pension scheme for senior citizens, called Pradhan Mantri Vaya Vandana Yojana (PMVVY), is open for subscription. LIC operates the scheme. Under the PMVVY scheme, senior citizens get a guaranteed 8 percent interest rate for 10 years, at a time when overall interest rate in the financial system is on the decline. The shortfall owing to the difference between the interest guaranteed and the actual interest earned and the expenses relating to administration will be subsidized by the government of India and reimbursed to LIC.
Pradhan Mantri Vaya Vandana Yojana (PMVVY) explained in 10 points:

1) LIC started offering the PMVVY scheme from May 4, 2017. The PMVVY scheme will remain open until May 3, 2018.

2) PMVVY offers more avenues to senior citizens to earn steady regular income at a time of falling interest rates, say financial planners. The scheme is exempted from GST or goods and services tax.

3) PMVVY can be purchased offline as well as online through Life Insurance Corporation (LIC) of India.

4) The scheme will provide an assured return of 8 percent per annum payable monthly (equivalent to 8.30 percent per annum) for 10 years. The pension is payable at the end of each period, during the policy term of 10 years, as per the frequency of monthly/quarterly/half-yearly/yearly mode as chosen by the pensioner at the time of purchase.

5) There is a minimum and maximum limit for investment in the Pradhan Mantri Vaya Vandana Yojana scheme. The amount varies according to the pension payment mode chosen. For example, under the yearly pension mode, the minimum amount to be invested in the scheme is Rs. 1,44,578 and the maximum at Rs. 7,22,892. In the monthly mode, the minimum amount to be invested is Rs. 1,50,000 and the maximum at Rs. 7,50,000.

Accordingly, Rs. 1,000 will be the minimum pension amount payable monthly for which Rs. 1,50,000 has to be invested. Similarly, the maximum monthly pension will be Rs. 5,000, for which Rs. 7,50,000 has to be invested. For other modes, see the table above. (It should be noted that the ceiling of maximum pension - pensioner, his/her spouse, and dependents - is for a family as a whole.)

6) At the end of the policy term of 10 years, the pensioner gets back the purchase price (amount invested to earn pension) along with final pension installment. On the death of the pensioner during the policy term of 10 years, the purchase price will be paid to the beneficiary.

7) A loan up to 75 percent of the purchase price (amount invested to earn pension) is allowed after three policy years to meet the liquidity needs.

8) The PMVVY scheme also allows for the premature exit for treatment of any critical/terminal illness of self or spouse. On such premature exit, 98 percent of the purchase price will be refunded.

9) Manoj Nagpal, CEO of Outlook Asia, says senior citizens should take advantage of the PMVVY pension scheme as well as another popular senior citizens scheme called Senior Citizen Savings Scheme (SCSS).

10) "If one has to choose one over the other, then the PMVVY is better as one has a longer time frame need of 10 years while the SCSS is better for higher liquidity it provides," he further says. Though the interest earned from both the schemes is taxable, effective tax planning and higher tax slabs can greatly reduce the impact of tax for senior citizens, he adds.

Source - NDTV

Friday, October 6, 2017

Vijaya Bank plans to raise Rs 226 crore from Life Insurance Corporation


State-owned Vijaya Bank today said it is planning to raise Rs 226 crore from allotment of equity shares to insurance major Life Insurance Corporation of India (LIC) on preferential basis

New Delhi: State-owned Vijaya Bank today said it is planning to raise Rs 226 crore from the allotment of equity shares to insurance major Life Insurance Corporation of India (LIC) on preferential basis.

"A meeting of the Board of Directors of the bank will be held on March 3, 2016, inter alia, to consider the proposal for issue of equity shares to Life Insurance Corporation of India (LIC) through preferential issue up to Rs 226 crore," Vijaya Bank said in a BSE filing.

In January, Vijaya Bank had raised Rs 450 crore from bonds to fund business growth.

The bank had received the approval to raise Rs 500 crore from Basel-III compliant tier-II bonds by way of private placement. The bank has raised Rs 450 crore from tier-II bonds at a coupon rate of 8.64 percent, it had said in a statement.

Vijaya Bank stock was trading 1.08 per cent up at Rs 32.85 during the afternoon session on BSE.

Source: Zee News

LIC (Life Insurance Corporation) invests Rs 1.5 trillion in G-Secs, crosses regulatory limits


The nation's largest insurance company has so far invested over Rs 53,000 crore into equities this fiscal, Roy told reporters after launching LIC's digital initiative wherein a customer can buy, check and claim her policy online.

Mumbai: State-run Life Insurance Corporation, the country's biggest institutional investor, has bought over Rs 1.5 trillion in government bonds so far this fiscal and has reached the cap, apart from being a net buyer in the equities, Chairman S K Roy said Monday.

Roy was answering a question from PTI on why the Corporation has of late been going slow in the government bond market.

"The problem is that there is a cap on our investments, which in the case of the government debt is 50 percent of our total incremental investment. And we have already reached that level," Roy said.

The chairman also said the Corporation has been the net buyer of equities in the current fiscal and has already booked profit worth Rs 10,000 crore so far this fiscal.

The nation's largest insurance company has so far invested over Rs 53,000 crore into equities this fiscal, Roy told reporters after launching LIC's digital initiative wherein a customer can buy, check and claim her policy online.

Roy also said that LIC has pumped in more funds into government bonds this year than it invested in equities.

When asked how much more incremental investment will the Corporation be undertaking, Roy said, "We have set no particular investment target for the year. We have been taking contrarian view on the stock market."

Defending his huge exposure to banks, especially in state-run banks some of whose stocks are trading even below book value, he said the Corporation is not in a bad position due to these investments as "we are in them for the long term.

There are reports that it's the right to accumulate banking stocks".

However, of late we have been increasing our play on IT, pharma and FMCG stocks. But he did not offer more details.

Roy said a slump in the stock markets is an opportunity for LIC to buy.

When asked about investment into railways, Roy said LIC has already subscribed bonds worth Rs 2,000 crore from the national transporter and hopes to subscribe another tranche this fiscal. But he did not say how much that would be.

LIC had entered into an agreement with Railways earlier this fiscal to fund Rs 1.5 trillion over the next five years as part of part funding the Rs 8.5 trillion investment in Asia's oldest rail network seeks to upgrade its decades-old transport facility.

In FY15, the Corporation netted a 15 percent gain from its equity play at Rs 24,373 crore, as the benchmark Sensex made 25 percent gains during 2014-15, its best show since 2010.

The Corporation, which is the nation's largest institutional investor, had made a profit of Rs 21,257 crore

from the equity markets in the financial year 2014 and Rs 24,373 crore in 2014-15, which is a gain of 14.65 percent.

The returns come even as the Corporation had invested Rs 7,328 crore less in 2014-15 than what it had invested in the previous year. While LIC had invested Rs 54,330 crore into the markets in 2013-14, its investments in 2014-15 were only Rs 47,002 crore, LIC chairman S K Roy had told PTI recently.

With over Rs 2 trillion holdings, LIC is the single largest investor on Dalal Street, having considerable stake in all the blue-chips.

Having over 300 million policyholders and total assets of over Rs 18 trillion, LIC is the largest insurer and any solvency issue with it can really create systemic issues not only for the market but for the entire economy, therefore the worry of the regulators.

As of end March 2015, LIC's holdings in Central and state government securities stood at Rs 10,35,424.86 crore,

Roy had said, adding the Corporation plans to do gross investment of Rs 3.75 trillion in the current fiscal year.

Source - Zee News

NBCC share sale: LIC buy more than half offers on offer, contributes Rs 1,200 crore


LIC's stake in the state-run construction firm has gone up to 8.11 percent following its participation in NBCC offer for sale which happened last week.

New Delhi: State-owned LIC picked up more than half of the NBCC shares sold by the government in the Rs 2,218-crore disinvestment.

LIC's stake in the state-run construction firm has gone up to 8.11 percent following its participation in NBCC offer for sale which happened last week.

The insurer bought as many as 4.86 crore shares or 54.08 percent of the nine crore shares on offer on the day of OFS, according to a filing by NBCC.

At the OFS floor price of Rs 246.50, LIC would have invested around Rs 1,200 crore for picking up over 4.86 crores NBCC shares.

NBCC listed "Market purchase through OFS" as the mode of LIC's acquisition done on October 20-21.

The government had offered 9 crore shares for sale through the OFS whose floor or minimum bid price was set at Rs 246.50 apiece. It had raised Rs 2,218 crore by selling 15 percent stake to both institutional and retail investors.

During the two-day share sale, while institutional investors outbid their quota, retail investors picked up 82 percent of the shares reserved for them.

NBCC shares dipped to Rs 240.40 today, as against the auction floor price of Rs 246.50.

Together with three disinvestments through offer for sale (OFS) since April, the government has mopped up over Rs 8,632 crore so far this fiscal. It has budgeted for Rs 56,500 crore through PSU stake sale in current fiscal, including Rs 20,500 crore through strategic stake sale.

Source - Zee News

Q4 net benefit up 18% at Rs 529 crore LIC Housing Finance


LIC Housing Finance standalone net profit rose by 18.1 percent to Rs 529.19 crore in the fourth quarter of last fiscal ended March 31.

New Delhi: LIC Housing Finance standalone net profit rose by 18.1 percent to Rs 529.19 crore in the fourth quarter of last fiscal ended March 31.

The company's net profit in the January-March period of the previous fiscal, 2015-16, was Rs 448.02 crore.

Its total income witnessed an increase of 11.8 percent to Rs 3,661.86 crore as against Rs 3,273.94 crore a year ago, LIC Housing said in a regulatory filing.

There was over two-fold jump in its provision and write off at Rs 89.29 crore during the March quarter of 2016-17, from Rs 37.63 crore in the year-ago period.

There was a decline in its assets to Rs 1,50,900.56 crore as at the end of March 2017, from Rs 1,50,997.20 crore a year ago.

LIC Housing Finance said its board has recommended a dividend of Rs 6.20 per equity share for 2016-17.

The main business of the company is to provide loans for purchase or construction of residential units.

The company's stock closed 2.33 per cent up at Rs 673.10 on BSE.

Iradai requests that LIC trim property in organizations to 15% or underneath


Regulator Irdai has asked the life insurance behemoth LIC to prepare a roadmap to pare its stake to 15 percent in firms where it breaches this ceiling but has stopped short of setting a time-frame for the same.

Mumbai: Regulator Irdai has asked the life insurance behemoth LIC to prepare a roadmap to pare its stake to 15 percent in firms where it breaches this ceiling, but has stopped short of setting a time-frame for the same.

As of end-March, LIC owned more than 15 percent in index majors like ITC (16.32 percent) and L&T (16 percent), both part of the Suuti (specified undertaking of the Unit Trust of India) stakes that government owns through LIC, and state-owned Corporation Bank in which it owns 18.91 percent.

"We have advised LIC to reduce its stake in those companies where it owns more than 15 percent and submit a roadmap for the same as the regulatory norms restrict insurers to own over 15 percent in any firm," a senior Irdai official told PTI requesting not to be named.

The official was quick to add that the regulator has not given any time-frame as yet for the same. Also, the official said this "advisory will not be applicable in case of Corporation Bank as LIC has taken a special permission from the government for the same".

However, this advisory does not apply to LIC's holding in Corporation Bank as it had already taken a special permission from the government to increase its stake last year.

LIC also owns around 15 percent in Axis Bank (14.49 percent, again part of the Suuti holdings), UCO Bank (14.5 percent), and IDBI Bank (13.87 percent) as of end-March.

Earlier this year, when the government divested 2 per cent in ITC which was held through Suuti, LIC picked up this 2 per cent through a block deal for Rs 6,690 crore, thus increasing its holdings to 16.32 percent.

The advisory comes amidst the ongoing PIL in the Bombay High Court against LIC's stake in the tobacco major by a clutch of individuals including the managing trustee of the Tata Trusts in his individual capacity.

The High Court had on Thursday last sent notices to ministries of finance, agriculture and industry, as also the markets regulator Sebi and LIC making them party to the public interest litigation (PIL), that seeks some direction against the government and LIC and other insurance holding shares in the cigarette maker.

The court directed insurance companies, regulator Irdai, and other parties to file their responses within six weeks.

The government, through five state-run insurance firms and through Suuti, owns a 32 percent stake in ITC. It's holding in the firm is worth Rs 1.07 lakh crore, of which Rs 76,505 crore is held by the state-run insurers.

The petition was filed by Tata Trusts' R Venkataramanan, Sumitra Pednekar whose husband Satish Pednekar who a former minister in Maharashtra, died of throat cancer; Pankaj Chaturvedi, head and neck cancer specialist at Tata Memorial Hospital; Abhay Bang; Ashish Deshmukh, an MLA in Maharashtra; Prakash Gupta and Lakshman Sethuraman, who heads cancer infrastructure projects at Tata Trusts.

The petition argues that it doesn't make sense for the government to directly or indirectly hold the stake in ITC or for that matter other tobacco firms.

Source - Zee News

LIC sells more than 2% in Bank of Baroda in open market sale


Calculated on a previous close of Rs 138.30 a share on September 1, the valuation of the stake sale by LIC in Bank of Baroda comes out to be Rs 649.74 crore.

New Delhi: Life Insurance Corporation of India (LIC) has sold over 2 percent shares in public sector Bank of Baroda in an open market sale in past two months.

The open market sale of over 2.04 percent stake (or 4,69,80,180 shares) took place between July 10 to September 1, Bank of Baroda said in a regulatory filing.

Calculated on a previous close of Rs 138.30 a share on September 1, the valuation of the stake sale by LIC in Bank of Baroda comes out to be Rs 649.74 crore.

Post the stake sale, LIC now holds shares above 7.24 percent (16,70,18,926) in Bank of Baroda.

Earlier, it held about 9.29 percent (21,39,99,106 shares) in the public sector lender.

Bank of Baroda stock closed 1.12 per cent down at Rs 136.75 on BSE on Monday.

Source - Zee News

Subsidizing for delayed hospital stay or quality care at home in maturity?


A fortnight after Ganesha idols are immersed in the sea, pitru paksha is observed in many Hindu homes in India. It is a period of thanksgiving to the ancestors and rituals are performed in the memory of the dead.

This somber period ends on the new moon day when Dusshera celebrations take off.

Today, many of us believe that taking care of the elderly when they are alive is better than ritualizing their death long after they are gone. How has the modern world of money and comfort altered our attitudes about dying?

Atul Gawande’s brilliant book, Being Mortal, should be made mandatory reading for those of us who struggle with the choices we have to make when we are terminally ill. An accomplished surgeon himself, Gawande argues that death is a battle we can never win, but we end up fighting to the end, hoping that modern medicine will snatch a few more years of life for us. In the process, we trade off the quality of our last phase of life, for an uncertain future. We simply fail to see what matters the most of us.

Economic development shapes medical care in a country. When a country is poor, lack of medical facilities leads to avoidable deaths, even among the young. The elderly, who are unable to afford medical attention even if they are seriously ill, just pass away without help.

As income levels grow, demand for medical facilities increases and people choose hospital admissions as the preferred option for taking care of the aged.

As incomes rise further, the cycle turns and people care about the quality of their lives the most and choose hospice and palliative care at home over dying at the hospital. 

The rise in medical facilities in India, especially in the private sector, appears to have coincided with the rise in the economic prosperity of its citizens in the last 25 years. The growth in the market for health insurance has also gone along with the rising incomes of the population. We, therefore, are at that stage of economic development where either because we can afford it, or because we have insurance to cover the costs, we choose hospitals over home care for the terminally ill. 

This preference, however, has created a situation where the biggest fear for the retired is the fear of illness. It is common to imagine that any diagnosis of dreaded diseases like cancer, or any situation of a failing vital organ such as the liver or the kidney, should be treated with as much medical attention as one can afford. 

The size of the ICU units in private hospitals has grown to keep more and more people on life support. They are on ventilators, fed mush through tubes and their excretions managed through awful contraptions. This need not be the default choice. Gawande’s book shows how tough it is for both the diseased and for those who care for them, to make decisions about end-of-life choices. 

It is not easy for a 90-year old to decide whether dialysis should be the choice for their failing kidneys. They cannot always articulate what they want. It seems cruel for an otherwise well-off son or daughter to decline a choice offered by the hospital to prolong their parent’s life. Most simply sign up for one procedure after another out of guilt, righteousness, confusion, moral or social coercion. They hope to buy a few more years of life.

But they end up with the added time that severely compromises the quality of life for the elderly, whose deepest desires in the last few months of life might just be to eat ice cream, watch the sunset and hear the grandchildren sing, rather than lie confined to bed in a sterile hospital room. 

Instead of focusing on financial planning for retirement as the only way to fund the mounting hospital expenses for the aged, it might be humane to relook at diseases that come with age as those that must be managed with the best possible choices for preserving the quality of life. 

Finances can be allocated to 24-hour care and comfort at home, instead of being spent on hospitals and procedures. My teetotaler father developed a cirrhotic liver, whose only cure was a transplant. He decided that a young person who has a family to support should make use of the scarce organ available for the implant, rather than him at the age of 70. He was cared for by a specialist through the last four years of life, with the objective of keeping him comfortable and in minimal pain. Finances can be allocated to 24-hour care and comfort at home, instead of being spent on hospitals and procedures. My teetotaler father developed a cirrhotic liver, whose only cure was a transplant. He decided that a young person who has a family to support should make use of the scarce organ available for the implant, rather than him at the age of 70. He was cared for by a specialist through the last four years of life, with the objective of keeping him comfortable and in minimal pain. He passed away at home, cared for by his loving wife.

However, when my mother was unexpectedly diagnosed with tuberculosis, she was only 67. We expected that the standardized drug regimen would cure her. But she developed severe complications from the medication. We were all focused on her treatment, but all that she wanted was to return to Chennai where all her relatives lived. She wanted to see them all. Even as we admitted her to a corporate hospital with top quality care, her focus was on her visitors and the conversations. She did not care for anything else. The doctors continued to provide us with information about her condition, and we signed up each time an alternate course of action was advocated. After three weeks in the ICU of which the last three were on a ventilator, she passed away. 

When I read Gawande’s book I realized how righteously focused we were on fighting the war for her life, while what mattered to her the most was being amongst the large extended family that she was a part of. I protested a lot about moving her from Mumbai to Chennai, but she won that final argument with me. She was not scared to death, but she did not want to be alone as she prepared to go. 

Old age care for our generation is a much-discussed topic in our circle of friends and relatives. Most ask me about how to finance prolonged hospital care. Perhaps we should take a step back and begin to discuss what matters the most to us in the last years of our life, and how we should protect and preserve that without sacrificing our self-respect and control at the altar of costly, but excessive Medicare. 

Source - Economic Times

Life Insurance Corporation to pay 40% more dividend, bonus in 2016-17


MUMBAI: With higher profits from its huge investment portfolio, Life Insurance Corporation (LIC) has decided to pay 40 percent higher bonuses and dividends to the government and its customers, respectively, in 2016-17. 

The Corporation has allocated Rs 47,387.44 crore as reversionary bonuses with profit to policyholders and paid Rs 2,494.08 crore to the government towards its share of surplus on within the country business, against Rs 34,207.58 crore and Rs 1,800.40 crore, respectively

"2016-2017 was a great year business-wise though we had to face an extremely competitive scenario. We not only need to understand the competition but be two steps ahead," VK Sharma, LIC chairman, said, addressing the corporation's 57th annual senior divisional managers' conference here recently. 

PTI has a copy of the chairman's speech. 

"If we do not think out of the box now, it will become extremely difficult for us to maintain our position as a market leader in future,

Source - Economic Times
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