In 1956 when the former Finance Minister Shr. C D Deshmukh introduced the insurance bill, said " Nationalization of insurance industry has been a long felt need in order that the interests of the insuring public and industry could be safeguarded, the country's economy promoted and more funds are provided for economic development".

If we take each and every aspect of this nationalization bill and subsequent creation of LIC, there is no doubt that the purpose was amply met. I salute C D Deshmukh and others for positioning this August institution and also other executives for taking this Institution in a very safe guarded path.

KEYWORDS: economy, savings,  insurance, economic development, social sector