A PROJECT REPORT ON

STUDY ON CUSTOMER SATISFACTION WITH REFERENCE TO LIC

SUBMITTED

TO THE UNIVERSITY OF MUMBAI

AS A PARTIAL REQUIREMENT FOR COMPLETING THE DEGREE OF

M.COM (ACCOUNTS) SEMESTER 3

SUBMITTED BY:

MR. SAMUEL SUSAINATHAN

ROLL NO.: 28

UNDER THE GUIDANCE OF PROF

MR. DHANABALU NAIKAR

DECEMBER 2020

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 SIES COLLEGE OF COMMERCE AND ECONOMICS,

PLOT NO. 71/72, SION MATUNGA ESTATE

T.V. CHIDAMBARAM MARG,

SION (EAST), MUMBAI – 400022.

CERTIFICATE

This is to certify that Mr. Samuel Susainathan M.Com (Accounts) Semester 3

(Academic year 2020 - 21) has successfully completed a research project on “Study
on Customer Satisfaction with reference to LIC” under the Guidance of Mr.
Dhanabalu Naikar

Mr. Dhanabalu Naikar Payal Bhatia

_________________ ___________________

(Project Guide) (Course Co-ordinator)

___________________ ___________________

(External Examiner) (Dr Mrs Nina Roy Choudhury)

(Principal)

Place: Mumbai

Date: ___________

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 DECLARATION

I, Mr. Samuel Susainathan Student M.Com (Accounts) Semester 3 (Academic

year 2020 -21) hereby declare that, I have completed the research project on Study on
Customer Satisfaction with reference to LIC.

The information presented in this project is true and original to the best of my
knowledge. This project is previously not submitted to any University for any Degree
or Diploma Course of this or any other University.

___________________

(Mr. Samuel Susainathan)

Roll No.: 28

Place: Mumbai
Date:_____________

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 ACKNOWLEDGEMENT

I would like to thank the University of Mumbai, for introducing

M.Com(Accounts) course, thereby giving its students a platform to be abreast with
changing business scenario, with the help of theory as a base and practical as a
solution.

I am indebted to our Principal Dr Nina Roy Choudhury for providing

necessary facilities required for completion of the Project.

I take this opportunity to thank our co-ordinator Ms. Payal Bhatia for her
support and guidance. I would sincerely like to thank her for all her efforts.

I would like to express my sincere gratitude towards my project guide Mr.

Dhanabalu Naikar whose guidance and care made the project successful.

I would like to thank my College library for having provided various reference
books and magazines related to my project.

Last but not the least; I would like to thank my parents for giving the best
education and for their support and contribution without which this project would not
have been possible.

______________________

(Mr. Samuel Susainathan)

ROLL NO : 28

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 Executive Summary

 The objective is to focus on the customers regarding the policies and which
creates an impact on LIC
 The services given by the LIC with regards to premium payment and time
limit provided with regards to the schemes.
 LIC of India provides a lot of schemes and providing agents through which the
policies are offered to people to provide benefits
 The customer service of LIC with regards to the satisfaction and the impact in
the minds of customers
 Customer satisfaction is one of the important tools for LIC and it focuses on
analyzing the factors of policy.
 LIC started to provide more services in order to satisfy the requirement of the
customer and for their success and survival in the Insurance Sectors.
 Taste and preference of the customers of LIC would create an impact on the
satisfaction level and determination so that LIC can adopt a new business
environment for avoiding the failures and provide more services to their
customers.
 The most important thing is to find out the aspects with regards to customers
satisfaction and the benefits provided by LIC.
 Various services provided by LIC to the customers which enables the benefits
to them at their own comfort.
 E – services provided by lic which enables the customers to take the
advantages of it which ensures the safety of the person.
 Benefits and features of Lic ensures the facilities provided by them and ensure
that it works on smoothly.
 The payment mode of premium of LIC provides the services by means of the
system occurs and slowly improving to a greater method.
 Studying about the method of payment of lic in whch we are supposed to pay
our premium on policies.

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  Availing online e services and the and the features of those services which
helps the customers to analyse and take the benefit out of it.
 Provided an effective data about the customer satisfaction of the Policyholders
of LIC and the benefits of the customers with regards to the policy.
 Collected information about e – services of lic and provided data regarding the
functions of LIC through electronic mode of payment.
 Studying about the advantages and benefits of life insurance and gaining
information about the service provided in LIC.

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 Index

Sr .No Particular Page no

1 Introduction 8
2 Objectives of the study 48
3 Scope and Limitations of the Study 49
4 Research Methodology 51
5 Review of Literature 52
6 Data Analysis and Interpretation 55
7 Conclusions, Suggestions and Recommendations 75
8 Bibliography 78
9 Appendix 79

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 INTRODUCTION

LIC IN INDIA
LIC of India is the only public sector Life Insurance Company in India.
LIC was formed in 1956 with the merger of more than 200 insurance
companies and provident societies. Since then they have been among the most
trusted brands in India providing insurance solutions to even the remotest
corners of India through their huge network of agents and distributors. LIC has
maintained its dominant leadership status even with the presence of 22 other
life insurance companies.
LIC is the largest life insurance company in India with a huge presence in both
urban and rural markets. Its distribution is unmatched and has a strong agent
force which reaches out to every small town in India ensuring that their
products are being offered to one and all in the country. The insurance
products of LIC are often the most simple and consumer friendly and it is
displayed by the enormous response it gets to the launch of any new product.
LIC has an insurance product for almost any need - from protection, savings
and investments, micro-insurance plans to special plans for women and even
for handicapped individuals. The insurance agents of LIC have been the
backbone of the company for long and their agent network keeps getting
bigger by the day. LIC is currently one of the multifaceted insurance
organisations offering individual life insurance, group insurance, retirement
and service charge strategies, home mortgages and money market
strategies.

The life insurance sector by its nature attracts long-term funds, which are invested
in productive heads for the development of the Indian economy. In the post reform
phase, the Life insurance Corporation of India (LIC) is facing challenges from the
new competitors entering the market. Research has shown that the quality of
services and the achievement of Customer Satisfaction and Loyalty are elementary
for the survival of insurers. LIC covers each and every smaller thing by his
policies. Now their policies got success to capture whole market, but it faces many
problems coming in front of process.

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 Today LIC functions with 2048 fully computerized branch offices, 109
divisional offices, 8 zonal offices, 992 satellite offices and the Corporate
office. Network covers 109 divisional offices and connects all the branches
through a Metro Area Network. LIC has tied up with some Banks and Service
providers to offer on-line premium collection facility in selected cities. LIC s
ECS and ATM premium payment facility is an addition to customer
convenience. From then to now, LIC has crossed many milestones and has set
unprecedented performance records in various aspects of life insurance
business. Inspire us at LIC to take this message of protection to light the lamps
of security in as many homes as possible and to help the people in providing
security to their families. LIC has launched its SATELLITE SAMPARK
offices. The satellite offices are smaller, leaner and closer to the customer. The
digitalized records of the satellite offices will facilitate anywhere servicing and
many other conveniences in the future. LIC continues to be the dominant life
insurer even in the liberalized scenario of Indian insurance and is moving fast
on a new growth trajectory surpassing its own past records.

Customer Satisfaction
Customer satisfaction is defined as a measurement that determines how happy
customers are with a company’s products, services, and capabilities. Customer
satisfaction information, including surveys and ratings, can help a company determine
how to best improve or changes its products and services.

Customer satisfaction is the key for the success of any business. It refers to the level
perception of the buyer resulting from comparing the perceived performance of the
product or services in relation to the expectation of the buyer. Consumer satisfaction
depends upon the actual performance in relation to buyers expectations. If the
products performance falls short of expectations the customer id dissatisfied. If the
products performance matches the expectations, the consumer is satisfied. If the
performance exceeds the expectation the consumer is highly satisfied or delighted.

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Customer Satisfaction towards Life Insurance

Satisfied policyholders are the key for the success of any business. The golden rule of
marketing is that "one satisfied policyholder brings hundred more policyholders"; so
this rule is followed by every business to meet the competition or to survive in the
market. It is true that insurance business cannot survive without policyholders.
Customer satisfaction needs to be analyzed to know the demand of policyholders from
the company in the form of products/services. A satisfied customer is the back bone
for any insurance companies. For Business progress and expansion to serve costumer
is not the only objective, but keep them satisfied is the most important objective.
Satisfied customers are the main assets for any organizations in their long term future
progress.

Life Insurance Corporation of India (LIC) is embarking on a number of customer

relationship management initiatives to retain its foothold in the market, in the wake of
private players inching their way up in the life insurance sector. The Insurance
behemoth is planning to tie-up with a number of banks to enable a payment gateway
wherein the policyholders can make their premium payments via credit cards. LIC is
planning to start a new portal for its policyholders where a customer can log in, get
details on his/her policies, change the resident address when he/she shifts to a new
place and even take a printout of the income tax certificate. The portal is likely to be
ready in a month’s time. Besides, it has already started work on allotment of customer
folio number to know each customer’s holding. “The allotment of customer folio
number for all our holders will still take a year’s time in this zone,” H Nanda, regional
manager, information technology, LIC (southcentral zone), said. “The electronic
clearance system that we have launched at Hyderabad, Bangalore, Vijayawada and
Visakhapatnam, has been doing very well. Here the customer’s premium is
automatically debited from his account at the time of payment,” he added. Shortly, the
zone will also see the launch of this system in Mysore, Mangalore and Hubli. “This
month, we will also be setting up five satellite branches in the zone, with two being in
Hyderabad and three in Bangalore,” A K Sahoo, regional manager (marketing), LIC
(southcentral zone), said at a press conference organised on the occasion of the
beginning of the golden jubilee year for LIC. Regarding the recently launched Bima
Gold policy, a money back policy with premium payment options, the corporation
plans to sell 15 lakh policies this year in the south central zone with the national

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figure being one crore. LIC also plans to launch three four products this year with one
of these being unit-linked insurance plan in October.

What Is Life Insurance?

Life insurance is a contract that pledges payment of an amount to the person assured
(or his nominee) on the happening of the event insured against.

The contract is valid for payment of the insured amount during:

» The date of maturity, or

» Specified dates at periodic intervals, or

» Unfortunate death, if it occurs earlier.

Among other things, the contract also provides for the payment of premium
periodically to the Corporation by the policyholder. Life insurance is universally
acknowledged to be an institution, which eliminates ‘risk’, substituting certainty for
uncertainty and comes to the timely aid of the family in the unfortunate event of death
of the breadwinner

Advantages of Life Insurance Policy-

Risk coverage: Insurance provides risk coverage to the insured family in the form of
monetary compensation in lieu of the premium paid.

Difference plans for different uses: Insurance companies offer a different type of plan
to the insured depending on his/her need for insurance. The more the premium
amount you pay, the more benefits you will get.

Cover for health expenses: All the life insurance providers offer financial cover
against health expenses and critical illnesses. Since health expenses are increasing
constantly, the need for health insurance policies has also increased, as it ensures that
the policyholder will have minimal medical costs to deal with.

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Promote savings in the long run: Life insurance policies are long-term agreements
wherein the policyholder makes a fixed periodical payment. So, it helps the
policyholder to inculcate the habit of savings in the long run.

Guaranteed income via annuities: When you plan to get retired, life insurance policies
are one of the best instruments that offer steady pay-outs in the form of annuities.
Thus, it will act as a source of pension when you retire from your professional life.

Loan facility: Individuals who avail of life insurance policies also get the option to
avail of a loan against their policy, which will help them to meet any unplanned event
in their life without hampering the benefits provided by the policy they have
purchased.

Tax benefits: Life insurance policy can also be used as an important tax planning tool,
as the policyholder is eligible to avail several tax benefits on the premium paid under
the Income Tax Act, 1961. Policyholders can claim tax deductions of up to Rs.
1,50,000 on life insurance under Section 80C.

How much life insurance do you need?

The requirement for life insurance policies may vary from one individual to another.
However, the general thumb rule of getting life insurance is that you should always
choose a cover which is ten times more than your current annual salary. Therefore,
before buying a comprehensive policy for yourself and loved ones, you will need to
calculate your financial expenses in the future.

When should I get a life insurance policy?

There is no time that can be considered as the ‘right time’ to purchase life insurance
as it depends on individual financial requirements and circumstances. There is a wide
variety of options available nowadays and the key to choose the best life insurance
plan lies in research and comparison. If you purchase the right policy at the right age,
you can reap most of the benefits. However, before choosing a policy, it is important

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to consider factors such as future, dependents, income, etc. to make an informed
decision about the policy term, the premium and the cover.

Documents required for buying a life insurance policy-

• Proof of Age: Driving License/PAN Card/Passport/ SSC (Secondary School)

Certificate
• Proof of Residence: Passport/Telephone Bill/Electricity Bill/Ration
Card/Water Bill/Voter ID
• Proof of Identity: Ration Card/Voter ID/PAN Card/Passport/Driving License
• Proof of Income: Pension Passbook/ Income Tax Returns/Form 16/ Latest
Salary Slips

Advantages of Buying Life Insurance Policy

Managing unpredictability:
Everyone wants one’s family to lead a good life even after his/her demise. No
one can fill the void of one’s death, but financially, one can secure his/her
family’s future so that the members don’t have to be dependent on someone
else. This is when the sum assured of the life insurance policy helps

Financial cushion:
Life insurance policy helps bailing out the family from the financial troubles
like loans and debts after the untimely demise of the breadwinner of the family
Retirement: One needs to secure his/her old age, when various sources of
income might start drying up. An annuity plan can help in such a situation.
The money invested or saved through ULIPs or endowment plans can also be
used in old age

Tax benefits:
Tax benefits can be enjoyed for the premium payment and the returns given by
the company under Sections 80C and 10(10D) respectively of the I-T Act,
1961. You can get tax benefits even on riders.

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 Mental peace: Once all the finances are sorted, a person is relieved from all
the tension and thus, can concentrate on other aspects of life

Savings tool:
Along with the term plan, one has an option to choose a plan which will be a
combination of protection and savings. This will help to create a corpus for
future financial needs

Safeguard children’s future:

Things like education cost and marriage expenses can be a big concern while
raising a child. Child plans can help in bailing you out from such situations
Loan against policy: With certain insurance policies, one can even take loan
against the sum assured or the paid up value, depending on the type of the
insurance plan taken. Usually these loans are taken on lower interest rate
Protection against other eventualities: The riders or additional facilities offered
through these policies can provide financial help in cases like accidents and
disabilities

Loan against policy:

With certain insurance policies, one can even take loan against the sum
assured or the paid up value, depending on the type of the insurance plan
taken. Usually these loans are taken on lower interest rate

Protection against other eventualities:

The riders or additional facilities offered through these policies can provide
financial help in cases like accidents and disabilities

OBJECTIVES OF LIC

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  The primary objective of LIC of India is to spread the importance of life
insurance widely in the rural areas and people belonging to socially and
economically backward classes. The company functions with a view of
providing such individuals with financial cover against death at a reasonable
cost.
 The company strives hard to meet various life insurance needs of the
community depending on the changing social and economic environment.
 The main focus of the Life Insurance Corporation of India is to safeguard the
interests of the life insureds and act as a trustee in their individual and
collective capacities.
 Maximize the ability of savings by providing a diverse range of life insurance
products to choose from.
 LIC of India fully encourages the participation and involvement of its
employees and LIC agents so they work towards attaining the objectives of the
company.
 Spread Life Insurance widely and in particular to the rural areas and to the
socially and economically backward classes with a view to reaching all
insurable persons in the country and providing them adequate financial cover
against death at a reasonable cost.
 Maximize mobilization of people’s savings by making insurance-linked
savings adequately attractive.
 Bear in mind, in the investment of funds, the primary obligation to its
policyholders, whose money it holds in trust, without losing sight of the
interest of the community as a whole; the funds to be deployed to the best
advantage of the investors as well as the community as a whole, keeping in
view national priorities and obligations of attractive return.
 Conduct business with utmost economy and with the full realization that the
moneys belong to the policyholders.
 Act as trustees of the insured public in their individual and collective
capacities.
 Meet the various life insurance needs of the community that would arise in the
changing social and economic environment.

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  Involve all people working in the Corporation to the best of their capability in
furthering the interests of the insured public by providing efficient service
with courtesy.
 Promote amongst all agents and employees of the Corporation a sense of
participation, pride and job satisfaction through discharge of their duties with
dedication towards achievement of Corporate Objective.
 Provide complete security and promote efficient service to the policy-holders
at economic Premium rates.
 Conduct business with utmost economy and with the full realization that the
money belongs To the policyholders.

POWER AND FUNCTIONS OF LIC

 Subject to the rules, if any, made by the Central Government in this behalf, it
shall be the general duty of the Corporation to carry on life insurance business,
whether in or outside India, and the Corporation shall so exercise its powers
under this Act as to secure that life insurance business is developed to the best
advantage of the community.
 2. Without prejudice to the generality of the provisions contained in sub-) (1)
but subject to the other provisions contained in this Act, the Corporation shall
have power
 to carry on capital redemption business, annuity certain business or
reinsurance business in so far as such reinsurance business appertains to life
insurance business.
 subject to the rules, if any, made by the Central Government in this behalf, to
invest the funds of the Corporation in such manner as the Corporation may
think fit and to take all such steps as may be necessary or expedient for the
protection or realisation of any investment; including the taking over of and
administering and property offered as security for the investment until a
suitable opportunity arises for its disposal;
 to acquire, hold and dispose of any property for the purpose of its business.
 to transfer the whole or any part of the life insurance business carried on
outside India to any other person or persons, if in the interests of the
Corporation it is expedient so to do.

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  to advance or lend money upon the security of any movable or immovable
property or otherwise;
 f. to borrow or raise any money in such manner and upon such security, as
the Corporation may think fit;
 g. to carry on either by itself or through any subsidiary any other business in
any case where such other business was being carried on by a subsidiary of
any insurer whose controlled business has been transferred to and vested in the
Corporation under Act;
 h. to carry on any other business which may seem to the Corporation to be
capable of being conveniently carried on in connection with its business and
calculated directly or indirectly to render profitable the business of the
Corporation;
 to do all such things as may be incidental or conducive to the proper exercise
of any of the powers of the Corporation.
 (3) In the discharge of any of its functions, the Corporation shall act so far as
may be on business principles.
 In entering into any arrangement, under section 6, with Any concern, the
Corporation may impose such conditions as it may think necessary or
expedient for Protecting the interest of the Corporation and for securing that
the accommodation granted by it is put to The best use by the concern.
 Where any arrangement entered into by the Corporation under section 6 with
any concern Provides for the appointment by the Corporation of one or more
directors of such concern, such provision And any appointment of directors
made in pursuance thereof shall be valid and effective notwithstanding
Anything to the contrary contained in the Companies Act, 1956 (1 of 1956), or
in any other law for the Time being in force or in the memorandum, articles of
association or any other instrument relating to the Concern, and any provision
regarding share, qualification, age limit, number of directorships, removal
From office of directors and such like conditions contained in any such law or
instrument aforesaid, shall Not apply to any director appointed by the
Corporation in pursuance of the arrangement as aforesaid.
 Any director appointed as aforesaid shall—

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  Hold office during the pleasure of the Corporation and may be removed or
substituted by any Person by order in writing by the Corporation.
 not incur any obligation or liability by reason only of his being a director or
for anything done or omitted to be done in good faith in the discharge of his
duties as a director or anything in relation thereto;
 not be liable to retirement by rotation and shall not be taken into account for
computing the number of directors liable to such retirement.

FEATURES OF LIC

• Saving Institution

Life insurance both promotes and mobilises saving in the country. The income tax
concession provides further incentive to higher income persons to save through
LIC policies. The total volume of insurance business has also been growing with
the spread of insurance-consciousness in the country. The total new business of
LIC during 1995-96 was Rs. 51815 crore sum assured under 10.20 lakh policies.
The LIC business can grow at still faster speed if the following improvements are
made:

The organisational and operational efficiency of the LIC should be increased.

(i) New types of insurance covers should be introduced.

(ii) The services of LIC should be extended to smaller places.

(iii) The message of life insurance should be made more popular.

(iv) The general price level should be kept stable so that the insuring public does not
get cheated of a large amount of the real value of its long-term saving through
inflation.

• Term Financing Institution

LIC also functions as a large term financing institution (or a capital market) in
the country. The annual net accrual of investible funds from life insurance

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 business (after making all kinds of payments liabilities to the policy holders)
and net income from its vast investment are quite large.

3. Investment Institutions:

LIC is a big investor of funds in government securities. Under the law, LIC is
required to invest at least 50% of its accruals in the form of premium income in
government and other approved securities.

LIC funds are also made available directly to the private sector through investment in
shares, debentures, and loans. LIC also plays a significant role in developing the
business of underwriting of new issues.

4. Stabiliser in Share Market:

LIC acts as a downward stabiliser in the share market. The continuous inflow of new
funds enables LIC to buy shares when the market is weak. However, the LIC does not
usually sell shares when the market is overshot. This is partly due to the continuous
pressure for investing new funds and partly due to the disincentive of the capital gains
tax.

BENEFITS OF LIC

A few benefits of choosing LIC as your life insurance provider are:

 Customer Service Channels: The insurer has divided different cities into
different Customer Zones. Based on your choice of city, you will be provided
an address, email ID, and telephone number of a certain branch in your city.
You can either call, email, or directly walk into the branch office. LIC also has
a SMS-based helpline service.
 Online Premium Payment: Registered users can choose to pay their renewal
premiums directly through the insurer’s website, via net banking, debit card,
or credit card. You can also choose to pay your premium via ‘LIC PayDirect’

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 without logging into your account, by simply inputting a few details, such as
your policy number, instalment premium amount, date of birth, email ID, and
mobile number.
 Digital Premium Calculator: It is a good idea to compare the premiums of a
few different policies before zeroing-in on one policy. To calculate your
premium on the LIC website, you will have to navigate to the ‘Premium
Calculator’ tab, choose your preferred insurance policy, select your age, tenure
of coverage, and key in the sum assured amount.
 Risk Coverage: Insurance provides risk coverage to the insured family in form
of monetary compensation in lieu of premium paid.
 An array of plans: Innovative plans are designed to ensure the maximum
benefit of the policyholder and their family. LIC provides a complete basket of
plans from Endowment plans to Money Back plans cover to its customers.
 Awards: The firm has also been a recipient of several awards, including the
‘Skoch Order of Merit’, ‘Golden Peacock Award’ in 2017, ‘India’s Most
Trusted Brand Awards’ in 2016, etc.
 Claim Settlement Ratio: The insurer has also reported an extremely high claim
settlement ratio during the past years. The company’s Claim Settlement Ratio
for FY15-16 was 98.33%.
 Online Policy Purchase: Certain insurance policies from LIC can be purchased
online, through their website, in a hassle-free manner. In addition, you can
also check the status of your policy through the insurer’s website.
 Simplified process: Simplified processes, especially the online customer
services are configured to make life easier for the policyholders. You can get
the complete detail of your policy sent on an SMS.

Life Insurance Vs. Other Savings

Contract Of Insurance:

A contract of insurance is a contract of utmost good faith technically known as

uberrima fides. The doctrine of disclosing all material facts is embodied in this
important principle, which applies to all forms of insurance.

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At the time of taking a policy, policyholder should ensure that all questions in the
proposal form are correctly answered. Any misrepresentation, non-disclosure or fraud
in any document leading to the acceptance of the risk would render the insurance
contract null and void.

Protection:

Savings through life insurance guarantee full protection against risk of death of the
saver. Also, in case of demise, life insurance assures payment of the entire amount
assured (with bonuses wherever applicable) whereas in other savings schemes, only
the amount saved (with interest) is payable.

Aid To Thrift:

Life insurance encourages ‘thrift’. It allows long-term savings since payments can be
made effortlessly because of the ‘easy instalment’ facility built into the scheme.
(Premium payment for insurance is either monthly, quarterly, half yearly or yearly).

For example: The Salary Saving Scheme popularly known as SSS, provides a
convenient method of paying premium each month by deduction from one’s salary.

In this case the employer directly pays the deducted premium to LIC. The Salary
Saving Scheme is ideal for any institution or establishment subject to specified terms
and conditions.

Liquidity:

In case of insurance, it is easy to acquire loans on the sole security of any policy that
has acquired loan value. Besides, a life insurance policy is also generally accepted as
security, even for a commercial loan.

Tax Relief:

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 Life Insurance is the best way to enjoy tax deductions on income tax and wealth
tax. This is available for amounts paid by way of premium for life insurance subject to
income tax rates in force.

Assessees can also avail of provisions in the law for tax relief. In such cases the
assured in effect pays a lower premium for insurance than otherwise.

Money When You Need It:

A policy that has a suitable insurance plan or a combination of different plans can be
effectively used to meet certain monetary needs that may arise from time-to-time.

Children’s education, start-in-life or marriage provision or even periodical needs for

cash over a stretch of time can be less stressful with the help of these policies.

Alternatively, policy money can be made available at the time of one’s retirement
from service and used for any specific purpose, such as, purchase of a house or for
other investments. Also, loans are granted to policyholders for house building or for
purchase of flats.

LIC E SERVICES

LIC e-services enable customers to avail a wide range of services without having to
visit the company branches. There are facilities for online payment, knowing the
status of policies, loans, bonuses, as well as grievance registration, etc.

A Services provides several functionalities that could previously only be availed by

physically visiting a branch of the company. Thanks to the new initiative, you can
now make the most of these services without having to step out of the comfort of your
home.

Any individual who holds a LIC (Life Insurance Corporation of India) policy can
register for its e-Services, free of charge. LIC e-Services enable registered users to
know about all of LIC’s products, update details of all the LIC policies that they hold,
and view information about premium payments, complaints and claims made till date.

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 However, the policies have to be in his/her name, or that of his/her minor
children’s name. Policies purchased in the name of his/her spouse cannot be
registered on LIC e-Services. For policies purchased in the name of minor children, it
is mandatory to create unique user IDs when the children turn 18 years of age, if they
want to continue to avail the e-service facilities for the policies purchased in their
name. Another exception is that married couples cannot register themselves together
in the same account. They can register themselves to the policies individually.

Benefits of LIC Registration

The repository services from Life Insurance Corporation of India are referred to as
LIC e-services. Digitization has made our lives less hassled. Having realized its
potential to ensure customer satisfaction, increasingly more banks and financial
institutions are making their presence felt online. LIC aims to offer its specialized
services online through its official website.

The benefits of LIC e-services are:

 A proof of the issuance of the policy

 Track policy status from the comforts of one’s home and even while on the
move
 Track updates on the premiums paid and the pending payments
 The facility of downloading receipts after premium payments further enables
policyholders to keep a track of payments till date, which can be used for
future reference, if and when required
 New policies can be added to the existing customer portal account
 Closely track the status of claims, ensuring complete transparency
 Reflects the nominee status, enhancing efficiency in processes
 Online premium payment makes the process flexible, seamless and hassle-free
 Online payments ensure easy accessibility by making payments possible
across geographical locations, ensures convenience for the policyholders

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  LIC e-service is not only cost-effective and time-saving, but your data is
completely secure with LIC as they are not shared with banks and financial
institutions
 Registration of complaint can be done online, making it convenient.

Advantages of LIC e-services

Life Insurance Corporation of India (LIC) is the only government-owned life insurer
in the country. One of the market leaders in the sector of life insurance, LIC has a
loyal consumer base of millions of policyholders. The company provides a wide range
of insurance plans that cater to various customers and their needs. Ins LIC has a vast
network of offices in the country where policyholders are required to go to make
policy payments or check their status. Despite the availability of offices, consumers
might still find it difficult to physically go to the LIC branches for premium
payments, or to check their loan/policy status. However, not many policyholders are
aware of LIC’s online portal that allows them to avail a multitude of facilities from
the comfort of their homes with just a few clicks. With digital wave taking over the
world, most insurers are also adapting to the changes. Numerous insurance providers
in the country have introduced an aspect of online services in their roster and LIC is
one of them.

Services offered by LIC’s online portal

Online payment:

This facility allows policyholders to pay renewal premium, loan-interest, and

repayment of loan through LIC’s e-services. Payment can be made through net
banking, debit card, credit card, BHIM, and UPI. Policyholders can pay their
premiums starting from 1 month before the due date till the time the policy is active.

Policy schedule:

24
Consumers can view the first page of policy bond which includes the policy schedule
through the portal.

Policy Status:

The e-services portal also displays the policy status and other details of the plan like
plan-term, sum assured, date of commencement, etc.

Bonus Status:

Policyholders can also view the total bonus accumulated under the policy.

Loan status:

Details of loan status like the total loan outstanding under the policy, due date for loan
interest, etc. are available on the portal.

Claims status:

This facility enables policyholders to view the date of survival benefit (If applicable)
or maturity benefit under the policy during its tenure.

Revival:
In cases of lapsed policies, revival quotation is made available.

Premium calendar:
Details of the premiums due in the year is displayed under this tab.

Premium paid certificate:

Under this tab, policyholders can avail details of the premiums paid under individual
and consolidated policies. The claim history which includes the details of claims paid
during the policy tenure is also displayed here.

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Proposal form/Policy bond image:

Policyholders can view scanned images of the policy bond and proposal form in the
portal. This service is available only for enrolled policies.

Grievance registration:

Policyholders also have the option to file grievances or complaints with the insurer.

Maturity Claims

The maturity claims made by any customer of the Life Insurance Corporation of India
will be settled on or prior to the due date. The intimations for maturity claims are
generally sent by the servicing branch at least two months before the maturity date.
Early submission will ensure that your claims are processed before the due date. In
case you do not get any intimation for your maturity claims in the following couple of
months, you will have to immediately contact the servicing branch.

LIC e-Services Online Registration Process

You can register for LIC e-services by following these simple steps:

 Log in to LIC’s official website.

 Take your cursor to the ‘Online Services’ option on the left side of the page
and select the ‘Customer Portal’ option.
 You will be taken to another page, named ‘LIC e-Services’.
 Select the ‘Registration for e-Services’ option under the ‘Functionalities
Offered’ section.
 Out of the two displayed options – ‘Registered User’ and ‘New User’, select
the ‘New User’ option.
 Enter the required details about your LIC policies, your date of birth, email ID,
contact number, instalment premium, etc.

26
  Tick on the box provided on the left side of the message – ‘I confirm that the
mobile number mentioned above is registered under my name and is being
used by me’ as an acknowledgement of the policy terms and conditions.
 Select ‘Proceed’.
 Next, select a user ID and password, as per your choice, based on the terms
displayed. This user ID and password will be the login credentials for LIC e-
services.

You can now login to the website with these credentials. Mention the user ID,
password, and then select ‘LIC’s e-services’ and ‘Registered User’ to login.

You can now access LIC services across categories – Basic Services, Premiere
Services and e-Services. Further, you will also be able to add all your policies here by
clicking on the ‘Enrol Policies’ button that is available under the ‘e-Services tool’
option.

Who can avail e-services?

Any existing policyholder of LIC can avail these services provided by LIC’s online
portal. If the consumers have already registered with LIC, they can directly register
for e-services by filling the form provided on LIC India’s website. Consumer’s not
registered with LIC must enrol their policies first and then register for e-services.

How to register for LIC e-services?

Policyholders can register for LIC e-services in the following ways:

Website:

After logging in to LIC’s website, policyholders can click on the ‘Registration form’
option on the landing page. It will lead to a new page where details of policies and
KYC needs to be filled in. After submission, the form is verified by an LIC official.

LIC branch:

Policyholders can give their consent for e-service in the proposal form when buying a
new policy. The policy bond is issued to the consumer and scanned images of the
proposal form are made available in the portal.

LIC Payment Methods

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LIC offers numerous methods through which customers can pay for their policies.
Payments for LIC policies can be done online on the LIC website, at authorised
banks, franchises, approved LIC agents and Paytm.

LIC Online Payment – For Registered/Non-registered Users

The option to make premium payments online is now possible by LIC, this makes
payments efficient and secure for customers. The payment process for registered and
non-registered users are different but nevertheless customers will benefit from the
same efficiency and security of making payments anywhere and anytime.

Registered policyholders can choose to pay their policy premium via the e-Services

facility offered on the LIC website.

The steps are as follows:

Step 1 – Visit LIC India website. Select from the two option “Pay direct” or “Through
customer portal”.

Step 2 – The following options will ask you to provide details and credentials of your
LIC policy. The LIC login ID and password will be required if you select the
customer portal option. Provide the necessary information and click on the Submit
button.

Step 3 – Once clicked, you will be asked to provide your policy number and the
premium amount payable.

Step 4 – After you have entered the details, you will be able to view all of your
enrolled policies.

Step 5 – After viewing your policy details on the portal, you will be able to see an
option “Pay Premium online” to enable you to make the payment online.

Step 6 – From this page, select the respective policies for which you want to pay the
premium for and click the Submit option to confirm your selection.

Step 7 – You will be redirected to the payment gateway page where you can select to
make the prefered payment option either net banking or credit/debit card.

Authorized Banks
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LIC has partnered up with Axis Bank, City Union Bank and IDBI Bank to serve as
authorized premium collection points for LIC policyholders. You can, therefore, visit
the nearest branch of any of these authorized banks across India and pay your LIC
premiums on their counter through cash or cheque. If you are paying through cheque,
the cheque should be drawn on the bank. Once the premium is paid, the bank would
issue a premium receipt which is a valid proof of premium payment. LIC would not
issue any other receipt as the bank issued receipt would be sufficient. You can pay
premiums for all types of LIC policies except unit-linked plans, health insurance plans
and online term plans. The premium can be paid up to 30 days in advance. However,
monthly and quarterly premiums would not be accepted if the policy is maturing after
the premium has been paid. No additional charges are levied by the banks if you pay
your LIC premiums through them.

Franchisees

LIC has various franchises which allow you to do LIC online payment of premiums.
These franchisees are as follows –

 AP Online
 MP online
 Instapay
 PayTM
 Suvidha Infoserve
 CSC

To pay premiums through any of these franchisees you would have to deposit cash.
Premiums cannot currently be paid through cheques. As soon as you deposit the
premium, the cash collection counter would issue a signed premium receipt which
would be a valid proof of premium payment against your LIC policy. Premiums of all
policies can be paid up to 30 days in advance. However, premiums for unit-linked
plans, online term plans and health plans are not accepted by these franchisees. No
additional cost is applied on a collection of the premium by these franchisees making
it easy for you to do LIC online payment of your policy premiums.

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Merchant

Various merchants are also tied up with LIC for LIC online payment facility. These
merchants are as follows –

 Empowered agents who collect premiums through specified premium points

 Senior Business Associates (SBAs) and LIC Associates who collect premiums
through Life Plus Offices
 Chief Organizers
 Retired LIC employees

These merchants are allowed a user ID and password which connects them with LIC
portal. Using the portal connection, they can collect premiums on behalf of LIC and
log the premiums with the company. After collecting premiums up to a predefined
limit (the limit is defined by the marketing department of LIC), the merchants deposit
the amount in Axis Bank or any branch of LIC. They can also deposit cash invoice
online through LIC’s portal through the net banking facility of their bank account.
Payment can be done through cash or cheque. You can pay the premiums for all types
of policies except online term plans. Upon receiving the premium, the merchants issue
a signed premium receipt which serves as a valid proof of premium payment.

Senior Business Associate

Some senior development officers are permitted to collect the premiums. The features
of this facility are more or less equal to that of Agent’s Collection Point. Apart from
hoarding the premium, these senior development officers offer the services mentioned
below:

 Issue of the status of policy

 Issue of Surrender value/Revival/Loan quotations
 Issue of the forms
 Issue of the certificates to the insured for income tax
 ULIP statement
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Retired Employees Collection Payment

The employees of LIC who got retired are authorised to collect the insurance
premium. They can only collect either in the form of a cheque or in the form of cash.
Some features of this facility are mentioned below:

 You can pay the premium only for active plans, and all modes, except SSS.
 Outstation cheques are not permitted

This is also a free facility offered by LIC.

Paying LIC premiums offline

Offline premiums for LIC policies can be paid in any of the below-mentioned ways –

NACH (National Automated Clearing House)

NACH means National Automated Clearing House and it is an electronic payment

facility offered by the National Payments Corporation of India (NPCI). You would
have to submit a NACH mandate form at the nearest LIC branch from which you
have bought the policy. Your bank account number should be mentioned on the form.
After the form is submitted, LIC would clear it with your bank. If your bank validates
the mandate, the premium would be automatically debited from your bank account.

Bill Pay

You can register with your bank to pay LIC premiums directly from your bank
account through Bill Pay facility. You can register for Bill Pay facility online or
offline. After registration, you give your bank the authority to debit LIC premium
from your bank account whenever it is due.

ATM

You can also pay your LIC premiums through the ATMs of specified banks. Axis
Bank and Corporation Bank will allow you to pay premiums through their ATMs.

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Premiums for all types of LIC policies, except unit-linked plans, health plans and
online term plans, can be paid through ATM. Monthly premiums and premiums
payable under the Salary Saving Scheme would, however, not be accepted at ATMs.
To pay premiums through ATMs, you would have to register for the same with your
bank and the facility is available only to the customers of Axis Bank and Corporation
Bank.

Benefits of LIC online payment

By allowing online payment facility for premiums, LIC has offered its customers a
host of benefits. These benefits are as follows –

 Customers can pay the premium even on the move as they don’t have to visit
the branch of the company for premium payment
 Online premiums are credited almost instantly in real time-saving time for
policyholders
 Even if the payment is made through alternate channels like merchants,
franchisees, authorized banks, etc. no additional charges are levied which
make the payment easy and convenient for the policyholder
 Given the different means of LIC online payment, you can choose any mode
which is suitable for you and gets the job done quicker
 You immediately receive the premium receipt which you can use as proof in
case of any type of premium payment-related disputes
 The chances of policy lapse reduce as you are given various options of paying
premiums. Thus, you can easily continue your coverage and enjoy the benefits
the policy has to offer
 Grace period for premium payment
 Once the policy is issued, you are required to pay the premiums on each due
date. Premiums can be paid annually, half-yearly, monthly or quarterly and the
due date is fixed accordingly. However, you might miss a premium payment

32
 due to any reason. Some common reasons why premium payments are missed
include the following –
 Forgetting the due date
 Paying the premium very late on the due date which is not credited within the
due date
 Travelling outside the country when the premium is due
 Financial crunch, etc.

If the premiums are not paid, the policy lapses and the coverage stops. However, LIC
offers its customers the benefit of a grace period to pay the premium due. During the
grace period, the policy does not stop. You get full insurance coverage.

Grace period means an extra period allowed to pay the outstanding premium. The
grace period allowed under LIC policies is 30 days if you pay the premiums annually,
quarterly or half-yearly. However, if the premiums are paid monthly, the grace period
allowed is 15 days. Here are some of the aspects of grace period which you should
know

The period starts from the next day of the premium due date. This means that if the
due date is15th of September, the grace period would begin from 16th of September

Usually, one month is allowed as a grace period. Thus, the number of days of grace
can be 30 or 31

If the insured dies during the grace period and the premiums have not been paid, the
outstanding premium would be deducted from the claim amount and the death benefit
would be paid

Participating policies would earn a bonus during the grace period even if the premium
is outstanding because, during the grace period, the policy does not lapse

If the premiums are not paid even during the grace period, the policy would lapse.

Tax Benefits of LIC Online Premium Payment

LIC online premium payments fetch you tax deductions as per the rules set under the
Income Tax Act, 1961

You can claim deductions in income tax under Section 80 C

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There is a limit of Rs. 1.5 lakh, i.e. deduction amount can go up to Rs. 1.5 lakh

Premium paid should be less than 10% of the sum assured to avail tax redemption

How to Revive a Lapsed LIC Policy

In order to revive a lapsed policy, i.e. to activate a policy that has been deactivated
due to non-payment of premiums on time, you need to follow the steps mentioned
below:

 Visit the branch office of LIC of India and carry the policy document and your
ID proof (Aadhar card, PAN card, ration card, etc.) and get a revival quote.
This revival quote will be the sum of all the premiums due for your policy.
 Submit your recent medical report if you fall under the age group (usually
above 45 years).
 Pay the penalty along with the revival quote directly at the branch.

How to Calculate LIC Plan Premium

LIC online premium payment method is easy and hassle free. Here are the steps to
calculate premium for LIC life insurance and health insurance policy.

 Scroll down to the end of the page and click on Premium Calculator tool
 Fill in your personal details and click on Next
 Click on Quick Quote
 Now from the list of policies, select the one for which you wish to get
premium estimation and hit the Coverage button
 Choose the coverage option, sum assured and policy term and click on Quote
 You will get an estimate of the premium to be paid towards the selected policy

Factors Affecting LIC Premium Calculation

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LIC online premium payment can be done for all of the available plans and policies.
In order to ascertain the premium amount to be paid towards any of the LIC life and
health insurance policies, the following factors need to be considered:

 Age of applicant: Age directly affects the premium amount. Higher the age,
higher the premium and vice-versa. This is so because with age, health risks
increase. This also increases the chance of filings claims under a life insurance
policy, making the plan expensive. Thus, the insurance company charges
higher premium from an older person. To make it simple, premium for a 34-
year-old person will be higher compared to the premium for a 25-year-old,
person, if we ignore other factors at present.

 Gender of applicant: For a life insurance, premium is usually lower in case of

females and higher for males. This is so because females have a higher life
expectancy compared to males. Thus, women life longer than men. Looking at
this scenario, there is a higher chance for an insurance company to provide
death benefits for males and thus, his premium is higher.

 Life cover (sum assured): The sum assured is the coverage amount or the
death benefit the family gets on the sudden demise of the policyholder. Thus,
higher the sum assured, higher the premium amount and vice-versa. A life
cover of Rs. 50 lakh will need a higher premium amount than a cover of Rs.
25 lakh.

 Policy term chosen: A policy term is the duration for which the policyholder
gets the coverage against the risks. So, if the policy term is longer, the
premium amount will be higher.

 Smoking habit: Smoking habit plays an important role in deciding the

premium amount for a life insurance because of the health risks related to
smoking. Thus, a higher premium for smokers and a lower premium for non-
smokers.

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  No. of Lives Insured: In health insurance plans by LIC, there are two options
available, i.e. individual plan and family-floater plan. Premium for a family
floater plan in numbers will be higher than for an individual plan but when we
compare it in terms of lives insured, a family floater health plan will be more
cost effective.

Important Aspects

Let us look at some important points to keep in mind while taking care of premium
payment.

 As per the recent guidelines by the IRDAI, advance payment can only be done
30 days before the due date. On advance payment, you may get some discount
on the premium amount
 Premium can be paid via cheque, cash or demand draft at the authorised banks
 For a term insurance policy, advance payment can only be done 15 days prior
to the due date
 For all other policies, advance payment period can go up to 30 days.
 No time lag from the payment date to obtain premium receipts when paid
online.
 LIC premium payment services come free of charge for the customers.

PAYMENT THROUGH ALTERNATE CHANNELS

AT CASH COUNTER:

Premium can be paid at the cash counter of any LIC Branch Office.

Premium can be paid by CASH/CHEQUE/DD.

36
 Premium for ULIP policies can now be paid at any LIC Branch cash counter
across the country.

ECS

Facility for payment of premium has been started in L.I.C. since March 2004. This is
a facility  by which premium is deducted by bank at pre-decided date and remitted to
LIC. To avail of ECS facility, policy holder submits mandate form to LIC and also
authorizes bank to deduct premium. Bank deducts premium on the basis of invoice
received from LIC.   

Electronic Clearance Service of Reserve Bank of India is a well established, quick,

reliable and economic processing for periodic bill payments.LIC is happy to offer this
facility to its valued customer totally FREE for payment of premiums.The
policyholders having accounts in the banks in the cites , which are members of
clearing house can avail of this facility for all policies irrespective of the LIC branch
to which these policies are attached for servicing.

Relevant Conditions to avail this facility:

ECS facility can be availed at the time of inception of the policy or later after
completion of policy.

At the time of inception of the policy, only ECS(MLY) mode can be opted. In
ECS(MLY) mode, 5% extra premium charged under normal Monthly mode is
waived.

No receipts will be printed and dispatched for ECS(MLY) mode policies. An yearly
premium paid certificate will be sent by the servicing branch.

ECS mode of payment can be opted for ULIP policies including Health Insurance
policies also. But for these policies ECS should be opted at Proposal stage (inception
of policy) and under ECS(MLY) mode only.

37
ECS mode can be opted for all non-ulip, in-force policies anytime after completion of
policy. At this stage any mode (Yly, Hly, Qly) also can be opted. ECS(MLY) will be
allowed only for the policies where Mly mode is allowed.

To opt for ECS facility premium must be paid up-to-date and the next premium must
be due at least after 1 month from the date of option of ECS facility.

Debit dates allowed are only 7th, 15th and 28th of the month. (Both at NB & PS
Stage) and presently there is no option for debit date and complete grace period too is
not available.

Debit dates are calculated automatically on the basis of Date of commencement as

follows :

Date of commencement 1st  to 7th – 7th of the same month

8th to 15th – 15th of the same month

16th to 31st -  28th of the same month.

Arrears of premiums cannot be collected through ECS.

How to avail this facility :

A Mandate form is to be submitted to any of the LIC Branch, which should be

 i)   Duly signed by the policy holder.

ii)   Signed by the account holder/s also.
iii.) Must be attested by the customer’s bank.
iv.)  A cancelled cheque/photocopy of cheque should be attached.
v.)   Copy of the form MUST BE submitted to the bank. 

MICR code & Bank details must be clearly and correctly mentioned in the mandate
form. MICR code is 9 digit code given at the bottom of the cheque where cheque
number is mentioned. For “All India Clearing” cheques, MICR code is given on the
first page of the Cheque book. MICR code should not begin or end with “000”.

Account number must be only of 15 characters. If the same exceed 15 digits as in case
of PNB bank accounts, bank should be enquired regarding the correct account number
of the digit which should be dropped. 

38
3 copies of mandate forms should be filled. One is to be submitted to the bank, one to
LIC and third copy can be retained by the policy holder after getting
acknowledgement by the LIC branch.

 If ECS is opted at NB stage, where policy number and exact premium amount is not
available at the time of attestation of the mandate form by the bank, copy of the
mandate form should be submitted after completion of the policy and filling the
details (Policy number & Premium).

Policy holder should have a bank account in any of the cities mentioned at the
“Present ECS Centers at LIC” list and same Account should be mentioned on the
mandate form

Single mandate form can be given for number of policies at PS stage. Five policies
can be added in a single form, if more, a separate signed list should be attached.

Mandate form can be given in any LIC Branch across the country but at least one
policy should be serviced in that branch.

After registration of the ECS, acknowledgement letter should be obtained from the
branch and correctness of the data entered specially the bank details must be checked.
For change in Bank details, fresh mandate form(fulfilling the conditions in point 1)
should be submitted to the servicing branch or the branch where the policy was
registered under ECS earlier. At the top of the form “CHANGE IN BANK
DETAILS” should be prominently written. Policy holder should ensure that sufficient
funds are available in the bank account at the time of debit date and mandate is not
dishonoured. LIC will not be responsible for any dishonour raised by the Bank and
any dispute regarding same should be taken up with the bank only.

LIC's Utility or User Code for premium collection through ECS is 4009056. Many
LIC ECS centers are registered with different user code, policy holder should obtain
the correct User code from his LIC branch office. ECS Mandate Dishonour:

Dishonour of ECS mandates may happen due to following reasons: 

 A/c closed / Transfered

39
  No such Account
 A/c description does not tally
 Insufficient Balance
 Not arranged for
 Payment stopped by drawer
 Payment stopped by court order
 Mandate not received by bank
 Miscellaneous

For the mandate dishonours, LIC sends a letter to the policy holder intimating the
dishonour with reason. Premium for these policies is to be paid at the branch cash
counter. If the reason is “insufficient funds”, dishonour charges Rs. 125/- will be
payable in addition to the due premiums and the late fee ( if applicable).
If the reason of dishonour is “mandate form not received”, it may be due to non-
submission of the mandate form to bank, copy of the mandate form should be
submitted to the bank.

ANY ISSUE REGARDING DISHONOUR IS TO BE TAKEN UP WITH THE

BANK ONLY.

This is a free service to our policyholders

»  This will save their time in visiting LIC Office to pay the premiums.

»  This will save their cost and effort in sending across the premium payments to LIC
through postal/courier service/ through their representatives.

»  This easy and automatic method of premium payment will keep the insurance
protection intact and the chances of lapse of the policy will be eliminated.

»  The one time standing instructions in the form of a Mandate is sufficient to pay the
future premiums as and when they fall due.

»  This facility of easy premium payment can be availed of not only in respect of the
policies of self but also on the policies effected on the lives of the close relatives like

40
spouse and dependent children (i.e.) the relatives on whom policies the policyholder
can claim I.T. relief for the payment of premiums.

Check LIC Policy Status Online for Registered Users and New Users

Checking your policy status from time to time is as important as buying the policy
itself. In the hustle and bustle of today’s life, it is too likely to miss out on
premium payments and sometimes, even the grace period goes unnoticed. So to
avoid that, you should perform a timely check of your life insurance policy and
stay updated about upcoming premium payments. Earlier, one had to visit the LIC
branch office or get in touch with an agent to know the status of their LIC policy.
Now with the online platform of the insurer providing a plethora of services,
checking the status of your policy is just a click away. LIC also provides mobile
services through which customers can know their policy or premium payment
status. Make sure that you have your policy number ready while making calls to
the customer care or while checking your status online.

Instructions to Check LIC Policy Status Online

It is important to check your LIC policy status from time to time. This will help
ensure that you have paid your premiums on time or to confirm that your policy status
is active. You can check your LIC policy status online and offline.

To check your LIC policy status online, follow the steps given below:

Step 1:

Visit the official website of LIC’s e-service portal

Step 2:

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Click on either New User or Registered User (if you are a new user, you have to first
register by following the steps given in the next section and then follow the steps
given here by clicking on Registered User)

Step 3:

Enter your login credentials which are your username and password

Step 4:

Click on the tab for Policy Status

Step 5:

You will see a list of all the LIC policies that you had enrolled for

Step 6:

Click on any of the policy numbers on the list to get the status of that policy. You can
also view other details for the policy such as the next due date for your premium, the
sum assured, policy term, policy name, etc.

Different Types of Life Insurance Policies offered by Life Insurance Corporation of

India

1. LIC Endowment Plan

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 · Single premium endowment plan- The single premium endowment plan is a
non-linked participating protection cum saving LIC insurance plan. At the time
of drawing the policy the premium is paid in lump-sum.

• New endowment plan- In case of uncertain death of the policy holder the LIC
endowment plan offers financial protection to the family member of the
insured. Moreover at the time of maturity a lump-sum amount is paid under
this plan.

· New Jeevan Anand- In case of the survival of the policyholder the plan offer the sum
assured amount to the insured at the completion of policy term. The New Jeevan
Anand plan also take care of the liquidity needs.

· LIC Jeevan Rakshak- This plan offers the basic sum assured along with the loyalty
addition to the policy holder at the completion of policy tenure.

· LIC’s Limited Premium endowment Plan- During the policy term if the policy holder
dies then the basic sum assured as death benefit along with reversionary bonus will be
paid to the nominee of the policy.

· LIC Jeevan Sangam- In LIC Jeevan Sangam Plan the premium to be paid is decided
on the chosen maturity sun assured by the proposer.

LIC Money Back Policy- In LIC money back plan the insured receive the survival
benefits as well as the regular payout both during the policy tenure and at maturity
too. The money back plan and the endowment plan are bit different as in this add on
benefits are only offered at the maturity of the policy. There are three types of money
back plan offered by LIC

· LIC money back plan in 20 years

· LIC money back Plan in 25years

· LIC new Bachat Plan

43
3. LIC Pension Plan-LIC pension plan help the senior citizen and old people with the
provision to accumulate finances for the future. The plan help the individual to save
money for future so that the life can be secured after the retirement. The pension
offered by LIC are

· Jeevan Akshay-VI

· LIC’s new Jeevan Nidhi

· Varishtha Pension Bima Yojna

4.LIC Term Insurance Plan- LIC term insurance plan is the most traditional insurance
policy available in the market. In this policy the insured is covered for a particular
period of term. In case if the policy holder demise during the policy tenure then the
chosen sum assured is paid out to the nominee. There are generally four types of LIC
term insurance plan offered by LIC

· LIC Anmol Jeevan

· LIC Amulya Jeevan

· LIC e-term

· LIC New Term Insurance Rider

5. LIC ULIP Plan-

The life insurance corporation of India offers unit Linked Insurance plan. The
LIC insurance plan is utilized both as an investment and life insurance policy.
In order to utilize funds for returns one can invest a part of premium. Under
unit linked insurance plan the returns are dependent on investment
performance. The unit-linked insurance plans are generally more costly than
term or endowment plan and only the portion of premium are assigned
towards the life coverage.

6. LIC Child Plan- The LIC offers a range of child insurance plan in both
ULIP and Conventional form, so that every needs of children can be

44
 fulfilled. Under the child insurance plan a lump-sum amount is paid to the
child in sudden demise of the policy holder.

7. .LIC Group Plan- The group plan offers protection and stability to a group
of people. The different types of group insurance scheme offered by LIC
are.

· LIC new group leave encashment plan

· LIC new group superannuation cash accumulation plan

· LIC new one year renewable group term insurance plan 1

· LIC new one year renewable group term insurance plan 2

· LIC new group Gratuity cash accumulation plan

· LIC group credit life insurance

It is for sure that having a life insurance policy is a must for every
individual. Among the different companies that offer the life insurance
policies, undoubtedly LIC insurance plan comes on top. You can check
online about the different policies offered by the LIC life insurance
company of India and choose the most valid policy according to your
suitability.

Health plans

Health has been a major concern for everyone these days due to the skyrocketing
medical expenses. You would not want to let any unfortunate incident affect your
plans for you and your family.

To ensure peace of mind during hard times of medical emergencies, you can opt
for LIC's Jeevan Arogya, in which you can take cover for you and your dependents in

45
one policy. It provides cash benefits for hospitalization, specified surgeries etc.
Additional benefits under the plan include increasing cover every year, no claim
benefit and specified cash benefit for other surgeries which are not in the specified
eligible surgeries.

There are some diseases such as Cancer, in which very high costs of treatment are
involved. LIC offers Cancer Cover under two benefit options, Level and Increasing
Sum Insured. It provides financial protection in case the Life Assured is diagnosed
with Early and/or Major Stage Cancer during the policy term. On first diagnosis of
any specified Early Stage Cancer, 25% of chosen sum insured is payable and
premium for next three years is waived. On first diagnosis of any specified Major
Stage Cancer, chosen sum insured less previously paid early stage cancer claim, if
any, is payable. In addition, an income benefit of 1% of chosen sum insured is
payable monthly for the next ten years.

Micro Insurance plans

Micro-insurance policies promote insurance coverage among economically vulnerable

sections of society.

LIC’s Bhagya Lakshmi is a micro insurance plan which provides death cover of up to
Rs 50,000. On survival to the end of policy term, 110% of total amount of premiums
paid during the policy term is payable. LIC’s New Jeevan Mangal is a micro
insurance plan, which provides similar death cover but with an additional sum, equal
to sum assured, payable in case of accidental death. On survival to the end of policy
term, total amount of premiums paid during the policy term is payable. In this plan,
policyholder can choose to pay either regular premiums or a single lump sum at the
outset of the policy.

Special plans

46
Some plans with special features, viz. LIC’s Jeevan Shiromani and LIC’s Bima Shree,
are endowment plans specially designed for High Net-worth Individuals. These plans
provide death cover, periodic payments on survival to specified durations, guaranteed
additions to benefits with flexibility to receive death/maturity benefit either in lump
sum or in instalments and option to defer the periodic payments. In LIC’s Jeevan
Shiromani, there is an in-built critical illness cover for 15 specified critical illnesses
and the facility of taking Medical Second Opinion.

LIC’s Jeevan Rakshak has been specially designed to extend insurance coverage to

people spread across the country and can be purchased for sum assured of up to Rs 2
lakhs, without any medical examination.

In addition, LIC’s Aadhaar Stambh and Aadhaar Shila are one-of-a-kind endowment

policies exclusively for Aadhaar card holders for men and women respectively. You
can take these policies for sum assured up to Rs 3 lakhs, without any medical
examination.

What Life Insurance Covers?

Along with the standard coverage which varies with plan to plan, you can further
enhance the protection with the help of riders, such as accidental death benefit rider,
total or permanent disability rider and many more. The additional benefits can be
availed on payment of some extra amount. Following are some common riders:

Accidental death benefit rider:

Nominee gets this financial benefit along with the sum assured, if the insured happens
to dies in an accident

Accidental total and permanent disability rider:

47
Insured gets financial assistance if he/she is not able to earn due to some disability
mentioned in the policy

Critical illness rider:

This covers major critical ailments like cancer, heart attack

Hospital cash rider:

A fixed amount is paid to meet the expenses of non-medical items in case of any
hospitalisation

Waiver of premium rider:

Once you have this rider along with your life insurance policy, the company waives
off the remaining premium payment on the sudden demise or total permanent
disability of the insured

48
 OBJECTIVES OF THE STUDY

 To know whether customer is satisfied by the service quality of LIC.

 To know whether organization service quality is up to the mark according to
the customer expectations.
 To know the gap between perceived customer satisfaction and the customer
expectations towards the service quality of LIC.
 To know whether good service is provided by the LIC to its customers,
organization is able to full fill customer needs easily.
 To search the factors this exceeds customer expectations.
 To know how LIC can may reach or exceed customer expectations.
 To examine the awareness of insurance policies among the customers.
 To analyze and compare benefits of other insurance policies.
 To study the customer satisfaction towards LIC policy.
 To offer suitable suggestions and recommendation based on the study.
 To find out about what the people are expecting from Lic and understand on
the basis and draw a conclusion
 To understand the minds of the people with regards to satisfaction with LIC.


49
 SCOPE AND LIMITATIONS

SCOPE

 This study is conducted to city of Mumbai only.

 The study is been collected in Sion locality area only.
 This study was restricted to the customers who had LIC policies.
 The main area of study was “ Study on Customer Satisfaction with reference
to LIC”
 The respondents were selected as random sampling from the questionnaire
 Study was collected with the help of primary data and analysed within the
time frame provided.
 Data has been collected with due related to the topic and made an analysis
with regards to the given data.

50
LIMITATIONS

 Time limit was constraint only a limited time period of only 2 – 3 months.
 Study was conducted through the city of Mumbai only.
 Responses were not suitable random samples have been collected due to
limited time frame given.
 Not able to collect maximum data for the project due to limited time
respondents were

51
RESEARCH METHODOLOGY

 Descriptive data has been collected through books, magazines and through
websites.
 The study was conducted within a period of 2 to 3 months.
 Sources of Data collection – Primary data was collected through
questionnaire via google form. Secondary data was collected through various
sources from websites, magazines and books.
 Primary data taken via questionnaire circulated to the people within the nearby
locality.
 Secondary data is being collected through various websites, newspaper and
books .

52
 REVIEW OF LITERATURE

 Roy (1987) examined the environment and impact for providing better
customer services to policyholders for fulfilling their needs by providing
quality service. The author found about various steps for providing quality
service to the customer by providing training programmes to their agents and
employees, origin of new branches and services will enhance the quality of
Life Insurance Company. Planning Department (1987) discussed about level
of customer satisfaction towards particular services provided by LIC such as
timely report of discharge forms, cooperation among employees, receipt of
policy amount contained by due date the study revealed that insurance
company should keep on measuring the maturity settlement claim for quick
settlement to the policyholder and their grievances at the delay in settlement
could be satisfied by providing an prompt attention to them when they visit
office. The Insurance Institute of India (1987) examine the Extent of life
insurance coverage, awareness, attitudes and beliefs of people on life
insurance, perceptions, sense of identification of employees with Life
Insurance Company.

 Subashini R.,(2016), has analyzed that the service quality and customer
satisfaction in banks can be Investigated further to find out what method that
banks follow over sample period for different service Quality and customer
satisfaction. Though there have been a number of studies that have found the
Presence of service quality and customer satisfaction inconsistency and
attributed different reasons for Service quality and customer satisfaction of
foreign and public banks however no study have been able to resolve this
issue.

53
  Kirubashini (1991) study was undertaken to know the level of awareness,
preference and factors Influencing the policy holdings and to know the
relationship between policy holdings and influencing factor. The study found
that majority of the respondents were aware of the endowment policy and they
preferred it As their choice. The study also revealed that there is relationship
between individual factors like age, income, Gender and policy holdings.

• Bhattacharjee and Dey (2012) observed that life insurance being a

social provision to partially compensate for financial losses of an
individual needs up gradation and innovation to suit the complex
needs of customers in 21st century. The growth of life insurance
market is directly linked to the present perception and satisfaction
of customers with their life insurance policies. It is always wise to
periodically judge the changing needs and wants of customers to
further innovate products. However, in-surance now has become
more than just a hedge. Customers are now beginning to
incorporate insurance plans while drawing up their financial plans.
The present empirical study is to find the satisfaction level of
Customers towards their present life insurance policies.

 Ravipa Larpsiri and Mark Speece (2004) Carried out a study on

“Determinants of Customer Satisfaction: A Model of
Technology Integration in Thailand’s Insurance Industry”
depicts that Magnitude of technology integration directly
influences customer satisfaction whereas technology readiness
of Salespeople and customer indirectly influences the customer
satisfaction towards insurance

54
  Deepika Upadhyaya and Manish Badlani (2011)Carried Out a
study entitled, “Service Quality Perception and Customer
Satisfaction in Life Insurance Companies in India”, with a view
to identify customer satisfaction in retail life insurance in India.
They identify that the Policyholders are more satisfied with the
pricing factor followed by employee competence, product and
service Technology, physical ambience of the company, trust,
service delivery, advertising and service management.

55
 DATA ANALYSIS AND INTERPRETATION

The research project is conducted with a total of 82 responses. The study was
conducted by circulating google forms.

Gender

Gender No. of respondents

Male 55

Female 27

Total 82

Gender

33%
Male
Female Interpretation

From the
67%
above
diagram we
can find out
that 67%
respondents were male and 33% were female.

Age

56
 Age Number of respondents

18 - 30 46

31 - 60 29

Above 60 7

Age
9%

18-30
31-60
Above 60
35%
56%

Interpretation

From this diagram we can analyze that 56% of the respondents were from the age
group of 18 – 30 and 35% of the respondents were from the age group of 31 – 60 and
finally the age group above 60 years of age have only 9% of the respondents.

Occupation

57
 Occupation Number of respondents

Service 34

Business 15

Retired 6

Others 27

Total 82

Occupation

33%
Service
41% Business
Retired
Others

7%

18%

Interpretation

From the above diagram it can be seen that the respondents from the service oriented
occupation are 42% and the people from other category have 33% respondents. Apart
from that the business people have 18 % respondents and at last people those who are
retired have 7% respondents.

Annual Income

58
 Annual Income Number of respondents

Below 2,50,000 34

2,50,000 – 5,00,000 24

5,00,000 – 10,00,000 18

Above 10,00,000 6

Total 82

Annual Income

7%

22% Below 2,50,000

41% 2,50,000 - 5,00,000
5,00,000 - 10,00,000
Above 10,00,000

29%

Interpretation

From the above diagram it is stated that the income group which is below 2,50,000
have 42% respondents. The next income group of 2,50,000 – 5,00,000 have 29%
respondents. The least people those who have responded is the income group of above
10,00,000 which has only 7% of people responded.

Method of payment

Method of payment Number of respondents

59
 Monthly 29

Quaterly 14

Half- yearly 15

Yearly 24

Total 82

Method of payment

29%
35%
   • Monthly
   • Quaterly
   • Half-yearly
   • Yearly

18%

17%

Interpretation

From the above diagram it is said that most of the people prefer monthly mode of
payment of premium 36 % of the people have responded to this method of payment.
The next is yearly mode of payment of premium which have 29% of respondents from
here it shows that people are interested in monthly and yearly mode of payment.

Satisfaction towards premium amount

60
 Satisfaction towards premium amount Number of respondents

High 14

Reasonable 53

Low 15

Total 82

Satisfaction towards premium amount

18% 17%

    • High
    • Reasonable
    • Low

65%

Interpretation

In the above diagram it has been found out that more than 65 % of the respondents
have said that satisfaction towards the amount of premium are reasonable. These
people are satisfied with the premium provided by LIC.

 17% of the respondents have said that satisfaction of premium amount is very
high and 18 % of the respondents are not satisfied and they have low
satisfaction towards premium amount provided by LIC.

Duration of the policy

61
 Duration of the policy Number of respondents

3 – 5 years 19

5 -10 years 29

10 – 15 years 23

Above 15 years 11

Total 82

Duration of the policy

13%
23%

    • 3 - 5 Years
    • 5 - 10 Years 
    • 10- 15 Years 
    • Above 15 Years
28%

35%

From the above diagram here it is provided that 35% of the respondents have invested
in LIC with the duration of 5 – 10 years which is the highest. The next is the duration
which is about 10 – 15 years which has 28% of the respondents.

62
Policies prefered

Policies prefered Number of respondents

Term life 20

Savings plan 36

Retirement plan 10

Others 16

Total 82

Policies prefered

20%
24%

   • Term life
   • Savings plan
   • Retirement plan
12%    • Others

44%

63
Interpretation

In the above diagram it is shown that 44 % of the respondents are interested in

preferring the saving plan which is the most safest ever. They like to prefer these kind
of policies and they are very much interested to invest. The next policy they prefer the
most is the term life policies with 24 % of respondents. Only 12 % of the respondents
prefer the retirement policies. The last is the other kinds of policies in which we have
20 % of the respondents. In so many other policies only limited people have
responded

64
Reasons for investing in LIC

Reasons for investing in LIC Number of respondents

Returns 22

Schemes are good 30

Recommended by family and friends 19

Needs to save tax 11

Total 82

65
 Reasons for investing in LIC
35

30

25

20

15

10

0
       • Returns         • Schemes are good        • Recommended by        • Needs to save tax
Family & Friends

Interpretation

In the above chart here it is said that 30 respondents have said that the reasons for
investing in lic schemes are really good and they are very much interested. The next
one is 22 respondents have said that because of returns they have started investing in
LIC.

66
What would you like more in insurance policies of LIC ?

More in insurance policies of LIC Number of respondents

More benefits 28

More security 44

Others 10
What would you like more in insurance policies of LIC
Total 82
12%

34%
       • More benefits
       • More security
       • Others

67
54%
Interpretation

In the above diagram it is said that 54 % of the respondents are liking towards more
security in the LIC they want more security in the policies so that they can feel more
secure maximum people are interested on this. The next is 34 % of the respondents
want more benefits in the LIC policies which have 34 % of the respondents. The other
12 % respondents would like to have some other kind which would provide
something to them and they want more benefits.

Do the LIC agents give the correct information about the products and schemes?

Correct information about products and Number of respondents

schemes

Yes 59

No 23

Total 82

Does the LIC agents give the correct information about the products
and schemes

28%

    • Yes
    • No

72%

68
Interpretation

In the above diagram here it is shown that 72 % of respondents have said that the
agents give the information correct on the policies of LIC. It means that these people
have more trust in the LIC agents and they provide the correct information about the
policies. The other 28 % of respondents have said that the agents do not provide the
correct information about the policies and they just trap them for the sake of
commission. Here it is said that agents are guiding the policyholders on the right
direction.

How would you rate your policy with regards to LIC?

Rating of policy with regards to LIC Number of respondents

Highly Satisfied 13

Satisfied 54

Dissatisfied 9

Highly Dissatisfied 6

Total 82

69
 How would you rate your policy with regards to LIC

7%
16%
11%

     • Highly satisfied
     • Satisfied
     • Dissatisfied
     • Highly Dissatisfied

66%

Interpretation

In the above diagram regarding the ratings of the policy with respect to customers is
that 66 % of the respondents have said that they are really satisfied with LIC and they
have rated. The next is 16% of the respondents have rated their policy as highly
satisfied because they are really happy with LIC and they wanted to continue with
investing in LIC.

How are the insurance policies?

How are the insurance policies Number of respondents

Highly Satisfied 14

Satisfied 54

Dissatisfied 12

Highly Dissatisfied 2

70
 Total 82

How are the insurance policies

2%

17%
15%

       • Highly satisfied
       • Satisfied
       • Dissatisfied
       • Highly Dissatisfied

66%

Interpretation

In the above diagram it is shown that 66 % of the respondents have said that the
insurance policies of LIC are satisfied and they are happy with the policies of LIC.
The next one is 17 % of the respondents have said that the policies of LIC are highly
satisfied. Here there are 15 % of respondents who have said that they are dissatisfied

71
with the insurance policies of LIC. The last one is only 2 % of the respondents have
said that they are really dissatisfied with the insurance policies of LIC.

Do you invest in Insurance Plans of LIC because of Tax Benefits?

Investing in plans of LIC because of tax Number of respondents

benefits

72
 Yes 55

No 27

Total 82

Do you invest in insurance plans of LIC because of Tax benefits

33%

      • Yes
      • No

67%

Interpretation

In the above diagram it is said that 67 % of the respondents are investing in insurance
plans of LIC because of tax benefits provided. The other 33 % respondents have said
that they do not invest in insurance plans providing tax benefit.

What do you feel after investing in LIC?

Feeling after investing in LIC Number of respondents

Good 39

73
 Average 36

Cheated 7

Total 82

What do you feel after investing in LIC

9%

      • Good
     • Average 
48%      • Cheated

44%

Interpretation

From the above diagram we can see that 48 % of the respondents have said that they
are feeling good after investing in LIC. Next 44 % of the respondents are feeling at an
average level after investing in LIC. The last one we can see is 8% of the respondents
have said that they have felt cheated after investing in LIC.

Does the agent recommend for other policies of LIC?

74
 Does the agent recommend for other policies of LIC

20%

     • Yes
     • No

80%

Agent recommend for other policies of LIC Number of respondents

Yes 66

No 16

Total 82

Interpretation: From the above diagram here it is shown that 80 % of the respondents
have said that the agents do recommend other policies of LIC to invest in them. Here
there are 20 % of respondents who have said that the agents do not recommend other
policies of LIC.

How are the Returns in policies of LIC?

75
 Returns in policies of LIC Number of respondents

Highly Satisfied 9

Satisfied 44

Average 19

Dissatisfied 10

Highly Dissatisfied 0

Total 82

How are the returns in policies of LIC

12% 11%

        • Highly Satisfied 
         • Satisfactory
         • Average
23%         • Dissatisfactory
        • Highly Dissatisfactory

54%

Interpretation

From the above diagram it is shown that 54 % of the respondents are satisfied with the
returns of the policies of LIC. 23 % of the respondents have said that the returns of
policies in LIC are average . 12 % of the respondents have said that they are highly
satisfied with the returns in policies of LIC.

76
CONCLUSION, SUGGESTION AND RECOMMENDATION

Findings

 Many people from the age group of 18 – 30 have invested in lic and they have
filled the form
 Service occupied people have shown interest and filled the form. Many of
them came forward to respond.
 Almost more than 50% of the respondents are interested in investing savings
plan of LIC and they are likely to invest in it.
 Many of the respondents of the middle income group are showing interest to
invest and they are mostly satisfied with the policies of LIC.
 Respondents are satisfied with LIC due to tax provisions and they are much
interested to invest in them.
 Due to more security provided in LIC people are more eager and they feel that
their money is safe with them.


Conclusions

77
The project topic entitled Study on Customer Satisfaction with reference to LIC
through this project topic I have gained information about the people who are satisfied
with their policies and they are really happy with the returns given to them.

Some of them are not very much interested with the policies due to some problems
but I feel that people should invested in LIC because it provides more benefits and
there is guaranteed security so they should plan well in advance and invest in life
insurance

LIC agents should give a proper policies to the people and they must make aware of
the policies and give the correct information so that they may feel happy. Most of the
people are aware about the schemes and they are really satisfied.

Suggestions and recommendations

78
  More information needs to be provided about the various schemes which are
brought by LIC. Various facilities are being provided by LIC to the customers
so they need to be aware of the services and take the benefit out of it.
 People should invest in various other plans and see the detailed information
and then if you feel then start investing in it.
 Less descriptive information is being provided and I would suuggest to go
deep into it and provide a proper and detailed information

79
 BIBLIOGRAPHY

 https://www.myinsuranceclub.com/life-insurance/companies/lic-of-india
 https://asq.org/quality-resources/customer-satisfaction#:~:text=Customer
%20satisfaction%20is%20defined%20as,changes%20its%20products%20and
%20services.
 https://peoplepulse.com/an-insight-into-customer-satisfaction-in-the-
insurance-industry-how-to-create-it-and-what-we-can-learn-from-it/
 https://www.ukessays.com/essays/marketing/customer-perception-of-lic-life-
insurance-corporation-marketing-essay.php
 https://www.coverfox.com/life-insurance/life-insurance-companies/lic-of-
india/
 https://www.srdlawnotes.com/2018/03/power-and-functions-of-life-
insurance.html?m=1
 https://www.preservearticles.com/banking/life-insurance-corporation-india-
features/346
 https://www.turtlemint.com/life-insurance/lic-policy-details/pay-premium-
online/
 Dharmendra Singh. Factors Affecting Customers
Preferences for Life Insurers: An Empirical Study, The
 IUP Journal of Risk & Insurance. 2011; 8(2):34-49.
 www.licindia.in
 www.irda.co.in
 Vikas Gautam. Service Quality Perceptions of Customer
 about Insurance Companies: An Empirical Study, Indian
 Journal of Marketing. 2011; 41(3):18-19.
 Anshuja Tiwari, Babita Yadav. Analytical study on
Indian Life Insurance Industry in Post Liberalisation International Journal of
Social Science Tomorrow. 2012; 1(2): 1-10.

80
 APPENDIX

*All the questions are compulsory

Q1. Name 

  

Q2.Gender

    • Male

    • Female

Q3. Age

    • 18-30

    • 31-60

    • Above 60

Q4. Occupation

    • Service

    • Business

    • Retired

    • Others

Q5. Annual Income

    • Below 2,50,000

    • 2.50,000 - 5,00,000

    • 5,00,000 - 10,00,000

    • Above 10,00,000
81
Q6. Method of Payment

   • Monthly

   • Quaterly

   • Half-yearly

   • Yearly

Q7. Satisfaction towards premium amount

    • High

    • Reasonable

    • Low

Q8. Duration of the policy

    • 3 - 5 Years

    • 5 - 10 Years 

    • 10- 15 Years 

    • Above 15 Years

Q9. Policies prefered 

   • Term life

   • Savings plan

   • Retirement plan

   • Others

82
Q10. Reasons for investing in LIC

       • Returns 

       • Schemes are good

       • Recommended by Family & Friends

       • Needs to save tax

    

Q11. What would you like more in Insurance Policies of LIC

       • More benefits
       • More security
       • Others

Q12. Do the LIC agents give the correct information about the products and schemes?

    • Yes

    • No

Q13. How would you rate your policy with regards to LIC?

     • Highly satisfied

     • Satisfied

     • Dissatisfied

     • Highly Dissatisfied

Q14. How are the insurance policies

       • Highly satisfied

       • Satisfied

83
       • Dissatisfied

       • Highly Dissatisfied

Q15. Do you invest in Insurance Plans of LIC because of Tax Benefits?

      • Yes

      • No

Q16. What do you feel after investing in LIC?

      • Good

     • Average 

     • Cheated

Q17. Does the agent recommend for other policies of LIC?

     • Yes

     • No

Q18. How are the Returns in policies of LIC?

        • Highly Satisfied 
         • Satisfactory
         • Average
        • Dissatisfactory

      • Highly Dissatisfactory

84