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Insurance Laws and Practices

Notes 6. Meet the various life insurance needs of the community that would arise in the changing
social and economic environment.
7. Involve all people working in the Corporation to the best of their capability in furthering
the interests of the insured public by providing efficient service with courtesy.
8. Promote amongst all agents and employees of the Corporation a sense of participation,
pride and job satisfaction through discharge of their duties with dedication towards
achievement of corporate objective.

Self Assessment

Fill in the blanks:
13. The Life Insurance Corporation of India was set up in 1956 to take over around
………………………. life assurance companies.
14. Insurance in India can be traced back to the ……………………..

Case Study Sahara India Life Insurance

A little about Sahara India Life Insurance
Sahara India Life is the first private sector company in the domestic Life Insurance sector
to go solo without any foreign partner. SILICL is promoted by Sahara India, a USD 7,000
million diversified conglomerate having varied business interests in Public Deposit
Mobilisation, Housing, Aviation, Media and Entertainment and new forthcoming projects
like Consumer Products, Information Technology, Hospitals and Agricultural products.
Sahara India is a unique business organisation that takes pride in being not just a business
enterprise but an emotionally integrated family, the world’s largest family of over 600,000
members. Sahara India started 25 years ago with a small savings venture having assets of
just USD 45 and only 3 members. Today, it is a major corporate entity having an asset base
of over USD 7,000 million and 1707 establishments across the nation.
The company’s growing pains

Sahara India was launching their Insurance division. As an Insurance company they had to
have a ready and reliable back up for their customer data.
All in all, Sahara required an integrated solution that would provide them the following
benefits:
1. Better manageability through server consolidation
2. Create redundancy to support criticality of their applications

3. Flexibility to scale up servers as and when required
4. Low total cost of ownership of IT infrastructure.
The IBM Solution
Sahara India Insurance chose IBM as its partner to help with its IT infrastructure. Computer
Science Corporation’s (CSC) applications span a wide spectrum of IBM platforms, including

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