LIC to draw long-term business plan

 As per the recommendations of Deloitte Tohmatsu, a consulting firm, Life Insurance Corporation of India (LIC) has now initiated talks with two management institutions to draw up a long-term business plan.

 The public sector insurance behemoth will choose the blue print of one of the two institutions after going through their suggestions.

 One of the key recommendations made by Deloitte prescribes that the LIC should prepare two-year (or short-term) plans, which would in turn be linked with five- to ten-year (or long-term) plans, in order to compete effectively in the liberalised environment.

 Deloitte has also recommended coporatisation of LIC immediately to improve the performance.