One of the ironies of insurance in general is that it’s essential but we hope never to need it. For most people, life insurance is not really an exception to this. Its primary purpose is not to provide us with investment income, but to provide our families with income if we aren’t there. The presented study serves as curtain raiser and a compass to steer the study in the direction intended. The book articulates the rudiments of insurance and makes clear a felt need to analytically analyze and study the paradigm of the world of insurance from the perspective of the Life Insurance Corporation (LIC), a 100 yr firm with a 84.33% market cap in 2014. The book follows established research framework presented with text and data for easy reference.Insurance is a subject that even confounds people who know a lot about finance. While you need it like you need food, sometimes you don’t. Policies can be expensive and this book serves as a font of common sense and practical financial knowledge to unravel intricacies of Life Insurance Business and weighs the impact of reforms prior to and post the era of liberalization from a predominant Indian perspective.