A

Research Proposal
On

Customer Perception towards Life Insurance Corporation of India

Submitted to

INDUKAKA IPCOWALA INSTITUTE OF MANAGEMENT (I 2IM)

CHAROTAR UNIVERSITY OF SCIENCE AND TECHNOLOGY
(CHARUSAT)
Prepaid by
PATEL RAJ SURESHBHAI
ID No: 18BBA067
BBA PROGRAMME,
SEMESTER –5
UNDER THE GUIDANCE OF
ASSISTANT PROFESSOR
Dr. Reshma Sable
FACULTY OF MANAGEMENT STUDIES
CHAROTAR UNIVERSITY OF SCIENCE AND TECHNOLOGY
(CHARUSAT)

INDUKAKA IPCOWALA INSTITUTE OF

MANAGEMENT(I2IM)
CHAROTAR UNIVERSITY OF SCIENCE AND
TECHNOLOGY(CHARUSAT)
AT. & PO. CHANGA – 388 421 TA: PETLAD DIST. ANAND,
GUJARAT
JUL – 2020
Background of the Study
Human life is a most precious asset and life insurance is one of the ways which
provides financial protection to a person and his family at the time of any disaster.
Life insurance provides both safety as well as protection to individuals and also
boosts savings among people. Insurance companies play an important role in the
welfare of human well-being by providing protection to millions of people against
life risks such as uncertain death or accident.
LIC is the most trusted and popular brand in life insurance, the market share of
private insurers are gradually increasing with people trust. The new private
players offer many new innovative products and services. They are increasing the
awareness level among consumers by using innovative and new techniques of
advertisement, introducing new products, increasing penetration of life insurance
of consumers in uninsured markets. The competition among public and private
players has helped to increase in variety of products being offered from pure risk
based to ULIP plans.
Customers are the back bone of life insurance business. Every company tries to
attract new customers and retain existing customers in order to keep their profits
high. This helps insurance companies to maintain a good competitive edge on its
competitors. The proper understanding of consumers, their needs and
expectations help insurance providers to bring betterment in product as well as
services offered. In comparison with the developed foreign countries, the Indian
life insurance industry has achieved only a little due of low customer awareness,
high premiums, delayed and poor customer services, lack of suitable products.
In today's competitive world, it becomes necessary for life insurers to provide
customer satisfaction spread more awareness, stress on need based innovative
products and affordable price. This would help every individual to avail the
benefits of insurance and protect their lives against future risks and uncertainties.
Earlier life insurance was used as a tool to protect the income of families,
particularly young families in income saving phase, in the event of the head of
household's death. But now, life insurance is used for many other reasons,
including wealth preservation and tax saving. Whether an individual need to have
life insurance or not, merely depends on his need.
Objectives
Objectives provide the guide lines for which the research work is done. A study
without an objective is of no use. Research work is done in order to get answers
to certain questions named as objectives of the study. The objectives for which
this particular study is carried out are as following.
 To determine the awareness level of consumers regarding life insurance
policies and the number of consumers who have actually invested in life
insurance policies.
 To know the satisfaction level of consumers with respect to private and
public insurers.
 To examine the attributes that consumers prefer while purchasing a life
insurance policy.
Significance of the study
To identify role of Life Insurance Corporation of India market.
Declaration
All the information provided by you would remain strictly confidential at all
the cost.

Research Questions
1.Name
2.Age
3.Gender
o Male
o Female

4.Family Type

o Nuclear
o Joint

5. Occupation
o Student
o Farmer
o Self employed
 o Profession
o Business
o Homemaker

6. Family Income?
o 10,000 - 15,000
o 15,000 - 20,000
o Above 25,000
7. What Kind of Investment do you prefer?
o Short Term
o Long Term
o Both
8. Reasons for investing in Insurance plans of xyz life insurance?
o Returns
o Schemes are good
o Recommended by Family or friend
o Need to save Tax
o Offer multiple benefit Life investment + insurance + tax saving

9. State your expectation on investment alternatives by ticking according to its

importance
Highly Neutral Least Not
Important Important Important
Safety
Capital
Growth
Liquidity
Return
Tax Benefit
Company
Profile &
Brand Name

10. What parameters you have looked into at the time of buying policy from
LIC of India
Highly Neutral Least Not
Important Important Important
Charges
 Policy Term
Rider
Benefits
Bonus and
Interests
Pre & Post
Services
Accessibility
Company
Image

11. Are you satisfied with the services of LIC of India?

o Yes
o No

12. Give reasons for insuring with LIC

a) Company Profile
b) Brand
c) Grievances Handling
d) Undue Delay in Claims
e) Public Sector

13. What scheme of insurance policy have you taken

a) Whole Life
b) Endowment Plus
c) Money Back
d) Pension Fund
e) ULIP
f) Others

14. satisfaction level towards services offered by LIC

o Fully Satisfied
o Partially Satisfied
o Not Satisfied

15. Rate your overall satisfaction with Insurance Policies of LIC of India?
o 1
o 2
o 3
o 4
 o 5
16. Accessibility of the employee / agents of LIC
o Yes
o No
17. Do agents of LIC provides the correct information
o Yes
o No

Link
https://forms.gle/W9qYvXnCVp8fQVQm7