CHAPTER 1 INTRODUCTION

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Life Insurance Corporation of India was established in 1956, after the reception by
the Indian Parliament of the Life Insurance Act which nationalizes the private
protection part in India. In excess of 245 insurance agencies and provident social
orders were converged to make the condition of the extra security organization.

Oriental Life Insurance Company is the principal organization in India to offer

disaster protection

spread, it was made in Calcutta in 1818 by Anita Bhavsar and others. Its principle target
showcase was Europeans situated in India. Surendra Nath Tagore (child of Satyendra
Nath Tagore) established the Hindustan Insurance Society, which later progressed toward
becoming Life Corporation.

The Mumbai Mutual Life Insurance Society, built up in 1870, was the main
supplier of original protection. Other insurance agencies set up before
autonomy and including

• Postal Life Insurance (PLI), presented February 1, 1884

• Bharat Insurance Company (1896)

• United India (1906)

• Indian national (1906)

• National Insurance (1906)

• Cooperative Insurance (1906)

• Cooperatives of Hindustan (1907)

• Indian Mercantile

• General Insurance

• Swedish Life (later Bombay Life)

• Sahyadri Insurance (converged with LIC, 1986)

The initial 150 years are primarily set apart by monetary choppiness. It saw India's first
war of autonomy, the unfavourable impacts of the First and Second World Wars on
India's economy, and between them the worldwide monetary emergency realized by the
financial emergency. The principal half of the twentieth century likewise observed the
expanded battle for India's freedom. The aggregate impact of these occasions has
brought about a high rate and liquidation of disaster protection organizations in India.
This had cheapened the open's trust in the utility of acquiring life inclusion.

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1.2 INDUSTRY PROFILE
In its cutting edge structure, extra security originated from England to India in 1818.
The principal Indian life coverage organization on Indian soil was an Eastern life
coverage organization, which was set up by Europeans in Calcutta. Nearly the insurance
agencies were set up that periods that were brought up in request to address the issues of
the European people group and Indian locals were not protected by these organizations.
Indian life started to be guaranteed by the unacceptable outside disaster protection
organization lives and the additional overwhelming rewards were changed on them.

The principal Indian extra security organization was conceived in 1870, is the Mutual
Life Insurance Company of Bombay, which covers the lives of Indians at an ordinary
rates. An Indian organization was made for profoundly devoted reasons. The insurance
agency was destined to convey the message of protection and government managed
savings in different parts of society.

In 1896, the insurance agency Bharat was additionally one of the organizations propelled
by patriotism.

In 1905-1907, swadeshi development of Gavle ascends to more insurance agencies.

India, joined with Madras, the national and Indian national insurance agency, was one
of the corridors of Jadranko, Calcutta, home of the incredible artist Rabindranath Tagore.
Amid a similar period, a portion of the organizations were made: the exchanging
organization, general protection and swadeshi life (later Bombay) in India. Indian had no
enactment to control business protection.

In 1912, the law on life coverage organizations and the law on provident assets were
embraced. The law on extra security organizations made it important to guarantee the
excellent rate tables and the intermittent valuation of organizations by a statistician. In any
case, the law oppressed the Indian and remote organizations from multiple points of view
by disadvantaging Indian organizations. The initial two many years of twentieth century
saw a ton of development in business protection. The 44 organizations with an all out deals
power of approx. 22 billion rupees have achieved 176 organizations with the all out deals
power of Rs. 298 million crore in 1938. Amid the flood of insurance agencies, numerous
budgetary concerns have additionally been propelled, which flopped wretchedly. The
Insurance Act of 1938 was the primary enactment administering disaster protection, yet in
addition non-extra security to give a severe power over protection exercises. The interest
for nationalization of disaster protection industry has been made a few times before,
however it developed in 1944 when the Bill to alter the Life Insurance Act was passed
exhibited to the council.

In any case, a lot later, on January 19, 1956, in India disaster protection was
nationalized. Around 154 Indian insurance agencies, 16 non-Indian organizations and 75
provident social orders worked in India at the season of nationalization, which was done
in two phases; the administration of the organizations was first endowed to a request and
after that to the property additionally by methods for a point by point bill. In India, the
Parliament passed the Life Insurance Companies Act on June 19, 1956. The Indian Life
Insurance Company was built up on September 1, 1956 with the point of expanding the life
coverage industry considerably more broadly. disaster protection in rustic zones to achieve
every guaranteed nation by giving them satisfactory money related inclusion at a sensible
expense. LIC had 5 zone workplaces, 33 division workplaces and 212 branches. Its home

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office was in 1956. Since extra security contracts are long haul contracts and require a wide
assortment of administrations, numerous administrations are required. As of late to extend
tasks and set up a branch in the central command of each region, the LIC revamping
occurred and countless branches were opened. Because of the rearrangement, the
administration capacities were exchanged to the branches and the bookkeeping units were
changed. It worked flawlessly with the organization's execution.

It very well may be seen that the 200,000 crores of new business made in 1957 were just
brought by 1,000.00 crores up in 1969 and that it took LIC 10 years to break the 2,000
characteristic of new business. However, with the redesign that occurred in the mid
eighties, the low-pay nations of 1985-1986 had just passed the 7,000.00 crores of credits
ensured by the new strategy. Today, the LIC works with 2,048 completely automated
branches, 100 divisional workplaces, 7 zone workplaces and focal workplaces. LIC has the
broad system that covers 100 division workplaces and interfaces with all branches by
means of a metropolitan system. LIC has built up connections with certain banks and
specialist organizations to offer premium accumulation usefulness in chose urban areas.
The simplicity of instalment of ECS and ATM premiums by the LIC is an additional
favourable position for the client. Notwithstanding the online stands and the IVRS,
data focuses have been dispatched in Mumbai, Ahmadabad, Bangalore, Chennai,
Hyderabad, Kolkata, New Delhi, Pune and numerous different urban areas. With the vision
of giving a simple surplus to its policyholders, LIC has opened its SATELLITE
SAMPARK workplaces. These satellite workplaces are littler, more student and closer to
the client.

The digitized satellite office accounts will encourage support at any area and numerous
different conveniences later on. LIC keeps on being the prevailing quick on another
direction development surpassing its very own records. LIC issued strategies of a higher
crore amid the present year. Since October 15, 2005, 1,01,32,955 new arrangements have
been crossed, with a continued development rate of 16.67% contrasted with the comparing
times of the earlier year. From that point forward, the LIC has achieved numerous
achievements and accomplished uncommon execution records in different parts of the life
coverage industry. Similar thought processes have enlivened our precursors to guarantee
that protection exists in this nation by instigating us, in the LIC, to transmit this message
of insurance to light the security lights in numerous homes and to help individuals by
guaranteeing the wellbeing families.

Among the most imperative strides in the disaster protection industry in India are:

1818: The Oriental extra security organization is the principal insurance agency on Indian
soil to have begun working.

1870: The Mumbai Mutual Life Insurance Society is the main Indian extra security
organization to dispatch.

1912: The Indian Life Insurance Companies Act is declared as the main law managing
the extra security area.

1928: The Indian Insurance Companies Act is proclaimed to enable the legislature to
collect statistical info on life and non-life activities.

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1.3 COMPANY PROFILE
Type: Crown-possessed company and state-claimed ventures

Established: September 1, 1956

Base camp: India (different destinations in India and abroad), headquartered in

Mumbai Key individuals: Hemant Bhargava (President and CEO)
Industry: Life Insurance Financial Services

Items: Life Insurance, Health Insurance, Investment Management and

Mutual Funds Number of workers: 114773
Complete resources: Rs 2,529,390

Proprietor: Government of India

Auxiliaries: LIC lodging money, LIC Ltd annuity support, LIC International, LIC
card administrations, LIC speculation reserves

Sites: www.licindia.in

1.4 VISION, MISSION AND QUALITY POLICY

VISION

A globally focused budgetary combination for organizations and PRIDE OF INDIA.

MISSION

Guaranteeing and improving individuals' personal satisfaction through money related

security by furnishing tried qualities items and administrations with focused returns and
compensation of assets for monetary improvement.

QUALITY POLICY

Plan to pick up a noteworthy piece of the overall industry by offering quality items
and administrations. This was made conceivable by a reasonable comprehension among
customers and their clients, their prerequisites, powerful administration and a fitting help
structure.

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1.5 OBJECTIVES OF LIC
Comprehensively expand extra security in certain rustic regions and monetarily in reverse
classes to contact every guaranteed individual in the nation and give them satisfactory
money related inclusion in case of death at a sensible expense

• Maximize the activation of individuals' reserve funds by making appealing investment

funds connected to protection.

• Keep as a primary concern the venture of assets, the principle commitment towards
the guaranteed, the protection of cash in trust, without dismissing the enthusiasm of the
network in general; the assets to be utilized advantage financial specialists and the network
overall, considering national needs and appealing return commitments.

• Do business with the greatest economy and with the full acknowledgment that the cash
has a place with the supporters.

• Go about as operators of the open guaranteed separately and all in all.

• Respond to the different disaster protection needs that the network would require in
the changing social and monetary condition.

1.6 RIVALS IN THE MARKET

1. Extra security organization

2. ICICI Prudential Life Insurance

3. SBI extra security

4. HDFC life

5. Extra security Max

6. Extra security Bajaj Allianz

7. Extra security Birla sun

8. Reliance Nippon Life Insurance

9. Extra security 9 Tata AIA

10. GNP puts extra security in India

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1.7 SWOT ANALYSIS
Extra security Corporation of India is known as the administration possessed protection
and speculation organization. The head office in Mumbai, LIC, is credited with the biggest
protection supplier in India, with resources of around 240 billion USD. LIC's all out life
reserves are assessed at USD 143 billion and the organization keeps on selling approaches
each year.

A mind-blowing acknowledgment protection law in 1965 and the Indian government chose
to make their very own extra security organization, which brought about the production of
LIC of India. These developments additionally prompted the nationalization of the
protection area in India, while it was a gathering of privately owned businesses. In excess
of 240 private insurance agencies and provident social orders converged to frame a life
coverage organization.

STRENGTH

The qualities are characterized by what each organization accomplishes best, which can
give it the high ground over its rivals. The accompanying resources of LIC are:

• The biggest protection supplier in India: LIC as of now oversees skillet India tasks
with 2048 completely automated PCs in branches, 8 region workplaces in 113 division
workplaces, 2048 branches, 1381 satellite workplaces and focal workplaces. . The entire
nation is characterized in the 54 client zones and the 25 metropolitan territories with
administration focuses dependent on a few urban communities and having a place with
India. Right now, LIC has 1,337,064 individual operators, 242 organization specialists, 89
referral specialists, 98 merchants and 42 banks for the clearance of disaster protection to
the overall population.

• Branding: LIC has solid brand picture in India. The motto is Yogeshwar
Mahamyaham, which implies that the prosperity of everything is great perceived. The
Time of Brand Equity overview of the year 2015 has assigned LIC as the most dependable
protection supplier in India.

• Funding Base: LIC has an expansive base reserve of roughly $ 150 billion. It is likewise
the biggest financial specialist in India, making it an incredibly ground-breaking nation in
the field of fund in India.
• A system of specialists: LIC has around 1,337,064 individual operators, 242
corporate specialists, 89 reference operators, 98 representatives and 42 banks in India,
covering all pieces of the nation.

WEAKNESS

Shortcomings are utilized to distinguish zones in which the organization or brand should
be improved. The principle shortcomings of LIC are:

• Culture: Low-pay nations have been intently connected with the administration and have
an extremely moderate and moderate work culture. It fills in as a shortcoming when
contrasted with current private insurance agencies that are devotees of the system.
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• Poor publicizing procedure: Compared to its private partners, LIC does not spend a lot
on promoting, and the nature of the ads it publicizes mirrors this.

• Too numerous limitations: the organization has numerous confinements to force as

an administration substance and there are dependably issues of organization. To back off
basic leadership at LIC.

• Overhead expenses: LIC has an immense workforce of representatives and the vast
majority of them work from their very own offices. Their instalment and the executives
are frequently a major test for the organization.

OPPORTUNITIES

Openings allude to circumstances in the earth encompassing a business that can profit
by expanded returns. A portion of the open doors include:

• Cyber security: the numerous instances of PC dangers and security framework

infringement. In this way, the age when digital security is the danger Insurance strategies
against this can turn out to be a colossal chance.

• Online Services: As online administrations developed, clients started to look for an

ever increasing number of choices, for example, protection and mindfulness levels. The
most noteworthy as the main days. This is an open door for providers like LIC, which
utilize a great deal of work, to decrease costs by supplanting clients with innovation.

• Shifting from security to anticipation: There is a general move in the pattern from
assurance to aversion, provoking insurance agencies to concentrate more on hazard
counteractive action than on hazard relief arrangements .

• More discretionary cashflow: Today, protection isn't seen as a security, yet in addition
as a type of speculation. By benefiting from the new methodology, insurance agencies can
structure new items.

THREATS

Dangers are the natural factors that can decide the development of the business. Dangers
include:

• Competition: With the privatization of protection, LIC has lost its previous greatness
and appearances wild challenge from private protection that has conveyed more glory to
the business.

• Change of government: With each new government, financial and money related
strategies change, with the outcome that approaches must be reformulated as needs be.
This makes a great deal of stresses.

• Technology: Today, most money related administrations make innovation an essential

piece of their business through web based banking and online monetary financier
administrations. Be that as it may, LIC still has a great deal to do to stay aware of the
innovation.

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 CHAPTER 2 - REVIEW OF LITERATURE

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 2.2 LITERATURE REVIEW
AUTHOR/ TITLE OF OBJECTIVES, GAP
THE ARTICLE/
RESEARCHER OUTCOME IDENTIFIED
STUDY
OR FIDINGS

Gera, R. (2011) Study on Achieve customer In these research paper

consumer satisfaction loyalty to keep them the researcher is
towards the life satisfied with mainly focusing on
insurance corporation business the customer Satisfacti
of India progress expansion on but the customer is
not know about
the product
information

Ranjit Singh, Perception To understand Sampling gap

Mousumichoudhury of customers towards the impact of
(2015) responsiveness of bank various demographic
assurance channel variables on
customer
responsiveness, the
study is based on
primary data
collected from
customer purchase
in life insurance
policies.

Masood, H Analysing Identify the most Area of operation gap

Siddiqui, (2010) customer satisfaction critical issue of
with service quality in whether customer
life insurance services focus is reflected in
their strategies

Min Han, C. (1990). A study on attitude Find this study on Poor information given
of Indian insurance companies by the insurance
consumer towards in the Indian market companies or
insurance services to frame consumers
marketing strategies faces authentication
based on socio- about quality of
demographic the insurance services.
and economic
variables

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 D Randall brandt, Focusing on Establish the types To resolve
Kevin l reffett customer problems to and ubiquity of the subjectivity
(1989) improve service customer problems and ambiguity
quality to assess each one's of customer
effectiveness satisfaction.
on customer
satisfaction.

Mandeep Customer Analyse factors Mainly analysis of the

kaur, Dalwinderkau satisfaction towards that affect seven factors
r(2014) life insurance customer satisfactio of customer
n as it satisfaction
helps companies
beat competitions

A B Sogunro, Measuring Measure Policyholders are not

B Abiola(2014) customer satisfaction buyers' compromise satisfied with the LIC
on life insurance s in multi award-
products winning
products and
services
with purchases

Woodside et customer judgment Foundational Time gap,

al(1989) of service quality Research Study on research methodology
and satisfaction with the Positive Link to gap
the service encounter Overall Satisfaction
with
Service Delivery

Ching-chow The measure of customer Improvement of Suggestion gap

yang (2003) satisfaction highlights the product quality or
strength of quality products search for the best
quality of products

Pothas et al Unconventional way Identified Investigator from the

(2001) of monitoring proposed unconventi frame of reference
customer satisfaction onal way
of monitoring

Day, R. L. Customer satisfaction is an To analyse Expectation

(1977). evaluative response of the the comparison of influence
products purchase what was expected customer satisfaction
and consumption and what is received that effect the
experience positive, negative and
non existent

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 Taylor, C., & Studied various literatures To analyse about Sampling gap
Benger, J. and indicated that the response
R. (2004) customer satisfaction pertains to
response a particular
consumption experi
ence

Berezina, K., The perception of the word Identified Multiple

Cobanoglu, C. “satisfaction” customer satisfactio experiences with the
, Miller, B. L., n as a multi service provider
& Kwansa, F. dimensional in
A. (2012) nature

Anderson, R. Relationship To determine Area of operation

E. (1973) between customer customer satisfactio Gap
expectation and products n towards
perceived performance the relationship
between customer
expectation

Hernández- Satisfaction as pleasurable Analyse about Judgment itself about

Lobato, fulfilment the consumption feature of products
L., Solis- that provide and services
Radilla, M. outcomes against
M., Moliner- the standard
Tena, M. A., of pleasure
& Sánchez-
García, J.
(2006).

Kim, T. T., Service recovery effect on Identify the level High

Kim, W. G., purchaser satisfaction of organisation organisation recovery
& Kim, H. B. recovery that affect the
(2009) on satisfaction dissatisfaction level of
and purchase satisfaction
objectives

Zeithaml, V. The impacts of association To identify Deterrent of survey is

A., Berry, quality and intervening service quality noted by an postal
L. L., & some segment of client responsibility with survey
Parasuraman, impact
A. (1996) on repurchasing by
client

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 HS Sandhu, Neetu Customer Aims to Relationship
Bala (2011) perception towards measure between
service quality of LIC the perception each generated
of service quality
the customer dimension
on the
quality of
service of
life insurance

Rashad The impact of To analyse Using

Yazdanifard, LgbazuaErd green marketing on the sustainabl comprehensive
oo Mercy (2011) customer satisfactio e literature
n and environment development review the
safety of natural customer satisfactio
phenomenon n is on marketing
strategies

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 CHAPTER 3 – RESEARCH DESIGN

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 3.1 Statement Of The Problems

• LIC keeps on being the main life back up plan, even in the changed Indian
protection situation, and is quickly pushing ahead on new development past its very own
reputation. • In the region held for its rivals, the organization has joined IT-based
administrations in its universal improvement and manageability diary.
• Part of his organization has fused data innovation based administrations into its
different activities to improve client administration and comfort.

3.2 Objective Of The Study

• Determine consumer loyalty in life coverage arrangements.

• Provide data on the customer's protection arrangement if there are motivations to
legitimize the approach being referred to.
• Know the most favoured strategy.
• Understand the affectability of clients to the costs of items and administrations. • Study
the organizations, the help and the dimension of correspondence for the after-
deals administrations.

3.3 Scope Of The Study

• The protection business has as of late developed significantly.

• An extensive number of new players entered the market and immediately picked up
piece of the overall industry by improving the market.
• The examination proceeds by assessing and investigating the outcomes to give an
unmistakable picture of patterns in the protection business.

3.4 Hypothesis Framework

H0: There is no huge connection between fulfilment level and administration system H1:
There is a huge connection between the dimension of fulfilment and the
administration methodology.

3.5 Limitations of Study

Like the examination finished with essential and auxiliary research, there are a few
restrictions to the investigation to note.
1. The primary constraint of the investigation was the time accessible to finish it,
which influenced the preparing and examination of the information.
2. An adequate number of respondents from all LIC administrations who couldn't
be incorporated.
3. The investigation is restricted agreeable to policyholders with policyholders and other
related issues past the extent of this examination.

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 4. Because of time requirements, the specialist secured just the examination time frame
from 2005-2006 to 2009-2010.
5. The example estimate is constrained to 100 individuals as it were. The example size
may not speak to the whole market effectively.
6. It is hard to realize that all respondents gave exact data. a few respondents will in
general give deceiving data.

3.6 Type of Research and research Design

The universe of the investigation incorporates the LIC supporters of the Thanjavur division.
The example, the policyholders were looked over the testing outline, it is recorded by the
three branch directors and the five operators. The example was gathered into urban and
country bunches. In each gathering, an example of 150, 7 endorsers were drawn nearer at
the accommodation of the scientist and supporters.
The essential information were gathered from 100 endorsers. The scientist utilized
the accommodation of Descriptive Research Design to contemplate nature of
administration as far as mindfulness, fulfilment and key measurements in the disaster
protection industry. Poll criteria, for example, pay, age, occupation, dimension of training,
and so forth. Respondents were solicited to rate the dimension from mindfulness,
fulfilment, and nature of administration measurements significant to the PFR protection
item on a 5-point scale.
Specifically, these parts of nature of administration were distinguished through the point
by point exploratory recognizable proof procedure. This incorporates bunch discourses
with 100 disaster

25
protection policyholders (country and urban) and eight top to bottom meetings, three
branch supervisors and five with LIC operators). Content Analysis Group discourses and
top to bottom meetings were directed.

3.7 Need for study

1 The components affecting the decision of strategy don't contrast between the country
and urban policeman.
2. The level of fulfilment with LIC's customer portrayal exercises by the yearly salary of
the policyholder. It doesn't contrast altogether.
3. The dimension of consumer loyalty among country and urban clients does not
contrast essentially.
4. It is fundamental to fulfil the client by giving quality client administration.

3.8 Research Methodology

Research configuration is the strategy and procedure of directing a specific report.

Generally, it very well may be assembled into three primary classes: exploratory,
spellbinding and causal.

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 Kind of plan

"The examination plan is the strategy and procedure of directing a specific report, in a
general way; It can be assembled into three fundamental classifications: exploratory,
distinct and causal.

Descriptive

• The descriptive study is utilized when the scientist is keen on knowing the attributes of
specific gatherings, for example, age, sex, dimension of training, working, and so on. •
This exploration is directed as a spellbinding pursuit. This is distinct in nature in light of
the fact that the examination centres around accurate request in an all around organized
structure and depends on essential information.

Two Sources for information gathering are:

➢Primary information: Primary information were utilized as a survey to gather

information. The respondents were picked in a down to earth way, the poll was planned by
the goals of my examination.

➢Secondary Data: This is information effectively gathered or existing in the association

as past records, sites and related logs. The information was gathered from the books, the
organization's site, Google and other related records.

3.9 chapter scheme

This research titled “customer satisfaction towards LIC products and services” is total
divided into 5 chapters which consists the introduction, background of study and literature
review, research methods, data analysis and their interpretation.

The 5 chapter includes the following information:

Chapter 1 –This chapter consist the basic information about the research in LIC,
introduction about the internship, industry profile, the company profile. We also talks
about the vision, mission, and quality policy of the company, objectives of the LIC,
competitors in the market and SWOT analysis of the company.

Chapter 2 – In this chapter gives information about the theoretical background of study
along with literature reviews.

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 Chapter 3 – This chapter gives information about the statement of problems, objectives
of study, limitation of study, types of research and the research design, need of the study,
research methodology and also chapter schemes.

Chapter 4 – The data analysis and interpretation of various data was collected.

Chapter 5 – In this chapter it includes the conclusion about research, findings of the factors
and the suggestions for the company for improve.

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 CHAPTER 4 – DATA ANALYSIS AND INTERPRETATION

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 Table 4.1 Gender

Particulars Respondents Percentage

Male 52 52
Female 48 48
Total 100 100

Analysis
Above the table and chart showing that 52% respondents belongs to the male
category and remaining 48% respondents belongs to female category.

CHART 4.1

Interpretation
The most respondents are from male candidates.

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Table 4.2 Age Frequency of respondents

Particulars Respondents Percentage

25-35 years 36 36
35-45 years 33 33
45-55 years 24 24
55 above 7 7
Total 100 100

Analysis
Above the table and chart depicts the 36% respondents are belongs to the age of between
25-35 years, 33% respondents belongs to the age between 35-45 years, 24% respondents
belongs to the age between 45-55 and 7% respondents belongs to age of above 55 years.

Chart4.2

Interpretation
The most of respondents are from age between 25-35 years.

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 Table 4.3 Occupation of respondents
Particulars Respondents Percentage

Employees 30 30
House wife 12 12
Student 13 13
Business 16 16
Retired 29 29
Total 100 100

Analysis

Above the table and chart depicts that 30% respondents belongs to the employee
category, 12% respondents belongs to housewife category, 13% respondents belongs to
student category, 16% respondents are belongs to business category, remaining 29%
respondents are belongs to retired category.

Chart4.3

Interpretation
As per the survey the most respondents are from the employees.

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 Table 4.4 Income level of respondents
Particulars Respondents Percentage

0-25000 rupees 39 39
25000-40000 rupees 36 36
40000-60000 rupees 14 14
Above 60000 11 11
Total 100 100

Analysis
Above table and graph showing that 39% of customers income level is between 0-25000
rupees, 36% income level between 250000-40000 rupees, 14% customers income level
is 40000-60000 rupees and 11% customers income is above 60000 rupees.

Chart4.4

Interpretation

As per the survey the most respondents income level are based on0-25000 rupees.

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 Table 4.5 Reasons for investing in life policies
Particulars Respondents Percentage

Multiple benefits offer Income tax returns 29 29

Scheme are good 14 14
Recommended by family and friends 18 18
Others
26 26
Total

13 13
100 100

Analysis

The above table and graph showing that customers reasons for investing their money in
LIC 29% people investing for multiple benefit offer, 26% people investing by
recommended by family and friends, 18% people investing by schemes are good, 14%
people investing by income tax returns and 13% people investing by others reasons.

Chart4.5

Interpretation
As per the survey the most respondents are taken policies due to multiple benefits offer.

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 Table 4.6 Satisfied with investing money
Particulars Respondents Percentage

Highly satisfied 7 7
Satisfied 32 32
Average 47 47
Dissatisfied 12 12
Highly dissatisfied 2 2
Total 100 100

Analysis
Above the table and graph showing that the7% respondents are highly satisfied
with their investing money, 32% respondents were satisfied, 47% respondents
were average, 12% respondents are dissatisfied and 2% respondents are highly
dissatisfied.

Chart4.6

Interpretation
As per the survey the 47% respondents are average satisfied with their investing
money in insurance policies.

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 Table 4.7 Following policies have
Particulars Respondents Percentage

Endowment policies 22 22
Children policies 37 37
Pension plan policies 11 11
Single premium policies Money back policies 12 12
Others 10 10
Total 8 8
100 100

Analysis
The above table and graph showing that 37% people respondents are have children policy,
22% people have endowment policy,12% people have single premium policy, 11%
respondents have pension plan policy,10% people respondents have money back policy
and 8% respondents have others policy.

Chart4.7

Interpretation
As per the survey the most respondents have the children policies

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 Table 4.8 Term policies
Particulars Respondents Percentage

Up to 5 years 11 11
6 to 10 years 21 21
11 to 15 years 22 22
16 to 20 years 24 24
Above 20 years 22 22
Total 100 100

Analysis
The above table and graphs showing that the 11% respondents term policy are up to
5 years ,21% respondents are 6 to 10 years,22% respondents are 11 to 15 years term
policy, 24% respondents are 16 to 20 years and 22% respondents are have above 20
years term policy.

Chart4.8

Interpretation

As per the survey the most respondents have term policies with 16 to 20 years.

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 Table 4.9 Premium insurance
Particulars Respondents Percentage

Monthly 9 9
Quarterly 14 14
Half yearly 26 26
Yearly 51 51
Total 100 100

Analysis
The above table and graphs showing that the 9% respondents are pay monthly
premium, 14% respondents are pay quarterly premium, 26% respondents are pay half
yearly premium and 51% respondents are pay yearly premium.

Chart4.9

Interpretation
As per the survey the most respondents are pay their premium in yearly basis.

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 Table 4.10 Satisfied with the rates of insurance policies
Particulars Respondents Percentage

Highly satisfied 14 14
Satisfied 32 32
Neutral 36 36
Unsatisfied 10 10
Utterly unsatisfied Total 8 8
100 100

Analysis
The above table and graph showing that 14% respondents are highly satisfied by their
satisfied rates, 32% respondents are satisfied, 36% respondents are neutral, 10%
respondents are unsatisfied and 8% respondents are utterly unsatisfied.

Chart 4.10

Interpretation
As per the survey the most respondents are neutral with the satisfied rates.

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 CHAPTER 5 – FINDINGS, SUGGESTIONS AND CONCLUSIONS

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 5.1 Findings

As indicated by one investigation, most respondents are men, which demonstrates that
they are progressively inspired by LIC insurance.

 The most respondents occupation are from worker.

 Their age between the 25-35 years and their month to month salary level was
around 25000 every month.

 They all were putting their cash in protection arrangements by various advantages
offer. ∙ As per the investigation the most respondents are normal happy with the
contributing their cash.

 The most respondents have youngsters arrangements for their future premise. ∙ They
have term strategies between the 16-20 years and they wear paying yearly with
their fulfilled rates.

 Mostly the operator has suggested about the disaster protection and the items
and administrations to the respondents.

 Respondents are concur towards the operators were not unveil the negative focuses
past the clients. But the specialists clarified every one of the terms and conditions
about the protection approaches.

 According to respondents they are content with the strategies administrations and
they effectively contact with them.

 Respondents have numerous motivating forces through protection by specialist. ∙ But

in protection the passing cases are quickly arranged.

 According to respondents, the private insurance agency had doled out LIC due to
their representatives who were constantly occupied Customer policy holders.

 Most of clients feel protected and glad when they manage LIC. It has been discovered
that the irrelevant bit of LIC representatives does not give individual regard for client
issues.

 It was discovered that respondents did not see all arrangements and did not know
the strategies of low-salary nations.

 Most respondents state that the organization and specialist respondents promptly by
with respect to their taking care of issues.

 Returns from the venture are emphatically normal that thought about strategies.

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  The most respondents have not surrendered their arrangements they are happy with
the terms and states of LIC and they are content with protection.

 Their fulfilment level was great when contrasted with other protection arrangements.

5.2 Recommendations/Suggestion

In the modernized very much propelled property, every single imaginable office and
every conceivable exertion to build the certainty of the safeguarded in expanding opposite
the insurance agencies, never again supplement one another. Be that as it may, a few
suggestions are incredibly felt and emphatically required for protection to stay available.

These are as per the following:

a) More and more straightforwardness ought to be found among safety net providers
and insured's.
b) specifically, in the rising blast of insurance agencies, each insurance agency must be
customer driven and very much aware of the treatment of policyholder issues and
claims. c) Each item has been propelled by the insurance agency for the developing needs
of the guaranteed.

IRDA ought to be increasingly more dependable to the protection segment by

distinguishing certain guidelines. It ought to be obligatory for all safety net providers to
make increasingly capable and responsiveness to endorsers with the goal that all supporters
can build up a worldwide comprehension. This can be gainful for the two sides.

5.3 Conclusions

This investigation broke down the information gathered from the protected and permitted
the desires for guaranteed people and their inclinations. He additionally recommended
proposals that could be actualized in light of a legitimate concern for the overall population
and the administration.

In the wake of checking on the general circumstance that helped various Private
Organizations related with the global protection part should contend well with the current
LICs in the open area. We reason that:

1) There is wild challenge between private insurance agencies for new publicizing patterns
to deny an extensive part of customers.

2) LIC isn't forgotten in the present race for promoting.

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 BIBLIOGRAPHY

BOOKS:

 Agarwala, A.N. Insurance in India – A Study of insurance aspect of social security

in india, Allahabad law journal press, Allahabad, 1962.

 Bhir B.S. and Limaye M,D.” Insurance principles and practice. Lakshmi book
depot, Bombay, first edition 1957.

 Philip kotler (2006), marketing management, twelfth edition, p.164.

ARTICLES:

 Gera, R. (2011). Modelling the service antecedents of favourable and

unfavourable behaviour intentions in life insurance services in India: An SEM
study. International Journal of Quality and Service Sciences, 3(2), 225-242.
 Singh, R. (2015). Perception of customers towards responsiveness of
bancassurance channel: An empirical study in Assam. International Journal of
Entrepreneurship and Development Studies, 3(1), 19-35.
 Siddiqui, M. H., & Sharma, T. G. (2010). Analysing customer satisfaction with
service quality in life insurance services. Journal of Targeting, Measurement and
Analysis for Marketing, 18(3-4), 221-238.
 Min Han, C. (1990). Testing the role of country image in consumer
choice behaviour. European Journal of Marketing, 24(6), 24-40.
 Randall Brandt, D., & Reffett, K. L. (1989). Focusing on customer problems to
improve service quality. Journal of Services Marketing, 3(4), 5-14.
 Randall Brandt, D., & Reffett, K. L. (1989). Focusing on customer problems to
improve service quality. Journal of Services Marketing, 3(4), 5-14.
 Sogunro, A. B., & Abiola, B. (2014). Measuring Customer Satisfaction on Life
Insurance Products Case Study: Lagos State, Nigeria.
 Woodside, A. G., Frey, L. L., & Daly, R. T. (1989). Linking sort/ice anility,
customer satisfaction, and behavioural intention. Journal of health care marketing,
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ANNEXURE QUESTIONNAIRE:-

Name:-

Contact no:-

Gender:-

a) Male
b) Female

Age:-

a) 25-35 years
b) 35-45 years
c) 45-55 years
d) Above 55 years

Occupation:-

a) Employee
b) Housewife
c) Student
d) Business
e) Retired

Income level (monthly bases):-

a) 0- 25000 rupees
b) 25000-40000 rupees
c) 40000-60000 rupees
d) Above 60000 rupees

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