LIC of India has many of branches very close to each other in Delhi. Same may be the case outside Delhi. Many such nearing branches exist from the year 1956 when 245 private insurance-companies were nationalised in public-sector Life Insurance Corporation of India, this also being one of the reasons for nearing branches of LIC of India some of which are in very bad condition. While some areas have multiple branches, residents of many localities are deprived of nearing branch of LIC of India.
In present era of computerisation and on-line facility of accessibility of all policy-records from any branch, not much office-space and staff are required in branches of LIC of India. LIC of India should make a study of branch-network throughout the country to start with metro-cities, and merge nearing branches into a single branch to reduce undue overheads. It should be ensured that after-sale service of all policies may be availed from any branch of LIC of India
Land-allotting agencies of state-governments should provide small pieces of land at important places, where LIC of India may develop its own buildings also providing space for post-offices and one branch each of some public-sector bank and General Insurance Company even on rent. It will be better utilisation of LIC funds. Rent going to private parties from government-departments will then be income of public-sector LIC of India. People will find newly developed premises for these essential services with ultramodern facilities and techniques.
SUBHASH CHANDRA AGRAWAL