The important day in the history of Indian life insurance is september 1956.The Indian Life Insurance Corporation begins its career of service. The main step which they have taken is the annals of life insurance for few countries if any is there a corporation managing life insurance on a monopolistic basis. It all the more behoves us to ensure that the consequences of this momentous step are of lasting benefit to the country. This calls for dedicated service on the part of all those connected with the corporation from the highest to the lowest.On January 19, when the Life Insurance Ordinance was promulgated.
The government assumed temporary management of about 180 insurance companies life and composite Indian and foreign.Coincidental with the assumption of management of these companies was the necessity to discharge our responsibility to Parliament by seeking endorsement to the government’s proposal to nationalise life insurance.A difficult problem was the arrangement for servicing the existing policies which number some five million. The Act itself has laid down that there shall be five zones with the headquarters at Bombay, Calcutta, Madras, Delhi and Kanpur.As a nation we have the virtue of thrift ingrained in us. They must all of us canalise it into constructive and nation-building channels.
