Protection from risks, natural or inherent in any human activity and the adversities in life, ?has always been the necessity of people at all times and in all phases of human ?combination. The mechanism evolved to have the needed protection from risks and ?mishaps developed in the form of presenting ‘Insurance.'' The mechanism of insurance is ?based on sharing of risk and proportionate distribution of risk among the same group of ?people. Moreover, India had achieved independence and the country had embarked upon ?the policy of planned development of insurance sector. This book aims to examine the ?progress made by insurance industry, government as well as private in pre and post ?liberalization scenario and the impact of privatization on the LIC which still functions as a ?government insurance institution in the public sector. The authors also try to evaluate in ?detail the influence of the nature of LIC''s liability characteristics and of the legal ?framework on the investment pattern of the LIC in terms of quantum and direction of ?investments.?