In the opening chapters of The Great Gatsby, F. Scott Fitzgerald describes a party thrown by Jay Gatsby where the who’s who of New York were invited. No one really knew who Gatsby was, yet everyone came to the party.
The Life Insurance Corporation of India (LIC)—the government-owned insurer that towers over the Indian insurance space—is a lot like Gatsby’s party. You probably don’t know much about it. At least not specifics, anyway. But despite your general lack of familiarity, by virtue of LIC controlling 70% of the Indian life insurance market, the chances are that, if you’re in India, either you or your parents own an LIC policy.