New Delhi, Nov 30 :     Gearing up for competition from the private sector, Life Insurance Corporation (LIC) has appointed international consultants Booz Allen Hamilton to advise them on restructuring the company. ?LIC has recently appointed Booz Allen Hamilton to work out a restructuring package,? said G.P Kohli, managing director, LIC, on the sidelines of a Confederation of Indian Industry (CII) seminar on insurance. On the time required for the consultants to submit their report, he said though the consultants were appointed recently and are yet to start work, they will submit their recommendations shortly. The consultant will not only help in improving manpower productivity, but also recommend changes in the structure of management and other organisational changes essential to make the company competitive. ?When we mean restructuring, we are not talking of a voluntary retirement scheme (VRS). We are instead looking at ways and means to improve productivity of the employees,? Kohli said. He added that the insurance company would go in for a productivity-linked wage hike for its employees, similar to the move made by the General Insurance Corporation (GIC). ?We have to be competitive to survive in a privatised environment,? Kohli said. Meanwhile, sources in GIC said Andersen Consulting had been appointed to work out a restructuring package for the company. ?We have to see whether it would be beneficial for the company to merge all the four subsidiaries into GIC or allow them to function independently as separate companies,? said sources. Currently the four subsidiaries operate independently and compete with each other for market share.