Jun 23, 2006 11:22 PM
2679 Views
LIC - 3 simple letters but with a formidable reputation. LIC today is the undisputed protector of the Indian Economy. Everytime there is a stock market crash with over 400 registered FII's suddenly withdrawing their money from the Indian Stock Market, just one giant organisation walks in and stabilises the market by starting to purchase Blue Chips at a lightning pace. The end result - Indian Economy is once again saved from deep crisis. Today, even the Finance Ministers word is not respected in the Stock Market, but one positive move from LIC and the people are re-assured that theres nothing to worry. What really hurts me is that in times of need, institutions like IDBI, ICICI, HDFC are never ready to help ! Otherwise, every day they bombard us with unwanted GYAN through business news channels.
Friends, just look at this Giant Institution, it is always in the backstage during normal times but the moment crisis strikes, it shows its POWER. I am truly an admirer of LIC as I have observed that it is a very humble and honest kind of organisation. Imagine having an Asset base that is over Rs. 5 LAC CRORE ! which means 50000000000000 ( yes, it has 14 digits). Just digest this fact " India's most powerful Institution is not a bank or financial institution but an Insurance Company". In the rest of the countries, the strongest institutions are their Banks. Sometimes I wonder whether the Government owns LIC or whether LIC owns the Government ! And to top it all, I just read somewhere that LIC is India's biggest land lord ! Really a surprising fact.
But what I hate about LIC is the attitude of their lowest level of employees and their Top Management. They never reply to any suggestions or complaints. They are very slow to react when it comes to customer service. But then thats ok as we have to bear their snobbish attitude only when we visit their office to collect our money ! And as long as they honour their committment of paying our claims (they have always done till today), I really dont care if their employees smile at me or curse me !
Hey guys, and one piece of advice from me. There are over 100 financial institutions like SBI, UTI, ICICI, IDBI, HDFC and the list goes on, but there is no institution comparable to LIC. It is truly THE PRIDE OF INDIA. ( Hey you LIC guys now wake up and become a bit alert, you have too many enemies trying to stab you from the back and you guys know who I am talking about . . . . .)
