Leadership styles in insurance sector: a critical appraisal of life

The objective of any insurance is to provide economic protection against the losses incurring out of uncertain such as: death, disability, medical expenses, home or automobile damage, etc. Life insurance is a contract between the policy owner and the insurer, where the insurer agrees to pay the designated beneficiary, a fixed sum of money on the occurrence of the insured mishappenings. LIC was enjoying monopoly in Insurance sector and for a long time there was no competition of LIC in life insurance. With the wave of liberalization and globalization Indian government decided to open the gates of Insurance sector for some renowned worldwide players. Till now, LIC is undoubtedly uncrowned king of Life Insurance industry in India, but if it wants to maintain the same prestigious status in comparison to its competitors, it has to reshuffle the cards of leadership. Presently, the insurance industry as a whole is facing a tough time because of low growth of unit linked plans due to fluctuating share market. This research paper is an attempt to focus on the study of Leadership styles in LIC and also to find out the effectiveness of Leadership on the overall performance of the organization as well as development of the employees. The study further moves to SWOT analysis pertaining to leadership styles in LIC. Lastly, the research work ends with certain useful recommendations to make the prevailing leadership styles more effective and contributory for micro and macro development of insurance sector