A project submitted in the subject of

“TO STUDY THE CUSTOMER SATISFACTION

TOWARDS JEEVAN SURABHI POLICY

OF LIC IN DOMBIVALI AREA”

A Project Submitted to

University of Mumbai

for partial completion of the degree of

Bachelor of Commerce

Under the Faculty of Banking and insurance

By

POOJA UDYA MEHTA

Under the Guidance of

YATIN KENE

G.R.PATIL COLLEGE OF ARTS & COMMERCE, DOMBIVALI (E)

(2019-2020)
 MUMBRA SHIKSHAN PRASARAK MANDAL’S

G.R.PATIL COLLEGE ARTS

SCIENCE & COMMERCE OF DOMBIVALI (EAST)

CERTIFICATE

This is to certify that Miss. Pooja Uday Mehta has worked and duly Completed his project work
for the degree of Bachelor of Commerce under the Faculty of banking and insurance in the subject of
Financial Services and his project is Entitled“To Study The Customer Satisfaction Towards Jeevan
Surabhi Policy Of Lic In Dombivali Area” Under my supervision. I further certify that the entire
Work has been done by the learner under my guidance and that no part Of it has been submitted
previously for any Degree or Diploma of any University. It is his own work and facts reported by his
personal findings and investigations.

Date of submission: Name and Signature of Guiding Teacher

PROF. YATIN KENE

Internal Examiner External Examiner Principal

 ACKNOWLEDGEMENT
To list who all have helped me is difficult because the are so numerous and the

Depth is so enormous.

I would like to acknowledge the following as being idealistic channels and fresh

Dimensions in the completion of this projects.

I take this opportunity to thank the UNIVERSITY OF MUMBAI for giving me

chance to do this project.

I would like to thank my Principal. ANURAG SINHA for providing the

necessary facilities required for completion of this project.

I take this opportunity to thank our Coordinator, PROF. YATIN KENE for

his moral support and guidance.

I would like to express my sincere gratitude towards my project guide,

PROF. YATIN KENE whose guidance and care made the project successful.

I would like to thank my college teacher’s for having provided various reference
books and magazines related to my projects.

Lastly, I wouldlike to thank each and every person who directly or indirectly

helped me in the completion of the project especially My Parents and Peers

who supported me throught out my project.

 INDEX

Sr. No. Content Page No

Chapter: 1 Introduction 1

Chapter: 2 Review of Literature 8

Chapter: 3 Research Methodology 14

Chapter: 4 Data Analysis & Observation 17

Chapter: 5 Findings 53

Chapter: 6 Conclusion & 58

Recommendation

Bibliography 61
 CHAPTER 1

INTRODUCTION

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1. BACKGROUND OF STUDY

A Insurance is a means of protection from financial loss. It is a form of risk management

primarily used to hedge against the risk of a contingent, uncertain loss.

An entity which provides insurance is known as an insurer, insurance company, or

insurance carrier. A person or entity who buys insurance is known as an insured or
policyholder. The insurance transaction involves the insured assuming a guaranteed
and known relatively small loss in the form of payment to the insurer in exchange for
the insurer's promise to compensate the insured in the event of a covered loss. The
loss may or may not be financial, but it must be reducible to financial terms, and must
involve something in which the insured has an insurable interest established by
ownership, possession, or preexisting relationship.

The insured receives a contract, called the insurance policy, which details the
conditions and circumstances under which the insured will be financially
compensated. The amount of money charged by the insurer to the insured for the
coverage set forth in the insurance policy is called the premium. If the insured
experiences a loss which is potentially covered by the insurance policy, the insured
submits a claim to the insurer for processing by a claims adjuster.

Early methods

Merchants have sought methods to minimize risks since early times.

Pictured, Governors of the Wine Merchant's Guild by Ferdinand Bol, c. 1680.

Methods for transferring or distributing risk were practiced

by Chinese and Babylonian traders as long ago as the 3rd and 2nd millennia BC,
respectively.[1] Chinese merchants travelling treacherous river rapids would
redistribute their wares across many vessels to limit the loss due to any single vessel's
capsizing. The Babylonians developed a system which was recorded in the
famous Code of Hammurabi, c. 1750 BC, and practiced by
early Mediterranean sailing merchants. If a merchant received a loan to fund his
shipment, he would pay the lender an additional sum in exchange for the lender's
guarantee to cancel the loan should the shipment be stolen, or lost at sea.

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At some point in the 1st millennium BC, the inhabitants of Rhodes created the
'general average'. This allowed groups of merchants to pay to insure their goods being
shipped together. The collected premiums would be used to reimburse any merchant
whose goods were jettisoned during transport, whether to storm or sinkage. Separate
insurance contracts (i.e., insurance policies not bundled with loans or other kinds of
contracts) were invented in Genoa in the 14th century, as were insurance pools
backed by pledges of landed estates. The first known insurance contract dates
from Genoa in 1347, and in the next century maritime insurance developed widely
and premiums were intuitively varied with risks. These new insurance contracts
allowed insurance to be separated from investment, a separation of roles that first
proved useful in marine insurance.

Modern insurance

Insurance became far more sophisticated in Enlightenment era Europe, and

specialized varieties developed.

Property insurance as we know it today can be traced to the Great Fire of London,
which in 1666 devoured more than 13,000 houses. The devastating effects of the fire
converted the development of insurance "from a matter of convenience into one of
urgency, a change of opinion reflected in Sir Christopher Wren's inclusion of a site for
'the Insurance Office' in his new plan for London in 1667". A number of attempted
fire insurance schemes came to nothing, but in 1681, economist Nicholas Barbon and
eleven associates established the first fire insurance company, the "Insurance Office
for Houses", at the back of the Royal Exchange to insure brick and frame homes.
Initially, 5,000 homes were insured by his Insurance Office.

At the same time, the first insurance schemes for the underwriting of business
ventures became available. By the end of the seventeenth century, London's growing
importance as a center for trade was increasing demand for marine insurance. In the
late 1680s, Edward Lloyd opened a coffee house, which became the meeting place for
parties in the shipping industry wishing to insure cargoes and ships, and those willing
to underwrite such ventures. These informal beginnings led to the establishment of the
insurance market Lloyd's of London and several related shipping and insurance
businesses.

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The first life insurance policies were taken out in the early 18th century. The first
company to offer life insurance was the Amicable Society for a Perpetual Assurance
Office, founded in London in 1706 by William Talbot and Sir Thomas Allen. Edward
Rowe Mores established the Society for Equitable Assurances on Lives and
Survivorship in 1762.

It was the world's first mutual insurer and it pioneered age based premiums based
on mortality rate laying "the framework for scientific insurance practice and
development" and "the basis of modern life assurance upon which all life assurance
schemes were subsequently based".

In the late 19th century, "accident insurance" began to become available. [10] The first
company to offer accident insurance was the Railway Passengers Assurance
Company, formed in 1848 in England to insure against the rising number of fatalities
on the nascent railway system.

By the late 19th century, governments began to initiate national insurance programs
against sickness and old age. Germany built on a tradition of welfare programs in
Prussia and Saxony that began as early as in the 1840s. In the 1880s Chancellor Otto
von Bismarck introduced old age pensions, accident insurance and medical care that
formed the basis for Germany's welfare state. In Britain more extensive legislation
was introduced by the Liberal government in the 1911 National Insurance Act. This
gave the British working classes the first contributory system of insurance against
illness and unemployment. This system was greatly expanded after the Second World
War under the influence of the Beveridge Report, to form the first.

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1.1 STATEMENTOF PROBLEM

Insurance company introduce many policies for their customer. LIC make JEEVAN
SURABHI policy for their customer whether really customers are satisfied with their
policy or not.

TITLE

TO STUDYA THE CUSTOMER SATISFACTION TOWARDS JEEVAN SURABHI

POLICY OF LIC IN DOMBIVALI AREA.

1.2 IMPORATANT TERMS

1) Jeevan Surabhi plan: “LIC Jeevan Surabhi Plan 15 years is actually a Money
Back Plan, which is technically known as an anticipated endowThis is a non- unit-
linked insurance traditional plan where the money is paid as pre-decided intervals.
The Premium is paid for only 12 years but the cover remains for the entire tenure of
15 years. If the Life Insured survives then he would receive 30% of the Sum
Assured at the end of 4 and 8 years and the remaining 40% of the Sum Assured at
the end of 12 years and life cover continues till the policy matures where she would
receive the Bonus. However, if the Life Insured dies within the policy tenure, then
the nominee would receive the Sum Assured, which keeps increasing by 50% once
in every 5 years. ment policy.”

2) Insurance: “Risk-transfer mechanism that ensure full or partial financial

compensation for the loss or damage cause by event beyond the control of the
control of the insured party. Under the insurance contract, a party (the insurer)
indemnifies the other party (the insured) against a specified amount of loss,
occurring from specified eventualities within a specified period, provided a fee
called premium is paid. In general insurance, compensation is normally
proportionate to the loss incurred, whereas in life insurance usually a fixed sum is
paid”

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 3) Customer satisfaction: “is a term frequently used in marketing. It is a measure of
how products and services supplied by a company meet or
surpass customer expectation. Customer satisfaction is defined as "the number of
customers, or percentage of total customers, whose reported experience with a firm,
its products, or its services (ratings) exceeds jspecified satisfaction goals.
The Marketing Accountability Standards Board (MASB) endorses the definitions,
purposes, and constructs of classes of measures that appear in Marketing Metrics as
part of its ongoing Common Language in Marketing Project. In a survey of nearly
200 senior marketing managers, 71 percent responded that they found a customer
satisfaction metric very useful in managing and monitoring their businesses .It is
seen as a key performance indicator within business and is often part of a Balanced
Scorecard. In a competitive marketplace where businesses compete for customers,
customer satisfaction is seen as a key differentiator and increasingly has become a
key element of business strategy.”

1.3 OBJECTIVES OF THE STUDY

 To stUdya the satisfaction level of customers towards JEEVAN SURABHI

POLICY.

 To stUdya the customer’s awareness regarding JEEVAN SURABHI policy

of LIC.

 To know the customer’s expectations regarding policy.

1.4 HYPOTHESIS

 Research Hypothesis

More &more people satisfied by JEEVAN SURABHI policy of LIC.

 Null Hypothesis

People not satisfied by JEEVAN SURABHI policy of LIC.

1.5 MAJOR ASSUMPTIONS BEHIND THE STUDY

 Everyone is probably having Jeevan Surabhi and provide information

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  All the respondents give proper &accurate feedback.

 Respondents understand all the questions ask in the questioner.

 Respondents are aware about this policy.

1.6 RESEARCH QUESTION

 JEEVAN SURABHI policy holders are really satisfied with the policy or
not?

1.8 METHODOLOGY

 The sample consisted of 30 respondents i.e. sample size was 30.the element
of the sample i.e. the respondents were selected through the selective
sampling plan.

1.9 SCOPE OF THE STUDY

 The researcher is conducted in the area of Dombivli. The survey method has
been followed for the stUdya. well-structured questionnaire is designed to get
necessary date &details from customers. The date was collected selectively.

1.10 LIMITATIONS

 Time is a major constraint in survey form of research.

 The survey estimated to the area of Dombivli only.

 30 customers are surveyed for same.

 Unqualified or unaware customers are there

1.11 SUMMARY

 India is a developing country. There is private sector insurance company. Are

come in the competition of LIC. the main objective of this stUdya is to know
whether the customers are aware about the new changed policies and even to
know whether they are comfortable with the policy or not. In this survey I
have found that almost every person has LIC’s policy.

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CHAPTRER 2

REVIEW OF

LITERATURE

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 Review of Literature:1

C.Balaji has Assistant Professor, Pg and Research, Department of Commerce, A.V.C.

College has conducted a research on LIC of Customer awareness and satisfaction of life
insurance policy.

Objectives:

 To create an awareness about insurance company.

 To find out the awareness of people about insurance policies.

 To find out the customer satisfaction level among the go.

 With their respecting insurance companies in which they hold the policies.

 To offer suggestions based on findings.

Conclusion:

Insurance sector is one of the most booming sectors in India. The penetration level of
insurance in India is only 2.3%when compared to 9-15% in the developed nations. There is a
huge market for the Insurance product in the future in India. The project was very useful to
the researcher to understand the life insurance business.

9|P a ge
 Review of Literatures:2

S. Narender Research scholar, Department of commerce and Business management,

KAKATIYA university, Andhra Pradesh, India has conducted a research on consumer
awareness towards life insurance sector.

Objectives:

 To make the customer awareness in the life insurance.

 Stating the primary function of insurance and how it is achieved.

 To explain the benefit of life insurance enjoyed by the individuals.

 The analysis is made with a view of identifying companies having growth,

potential and a sound financial base.

 To know the judge and the satisfaction of the customer in using the life
insurance.

Findings:

 First things i.e. most of the people are not aware about what is life insurance.

 Life insurance try to provide information about what is life insurance and later
thing slowly some peoples have aware what life insurance.

 In starting the company have to face lost of problems regarding awareness

about this.

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 Review of Literature:3

Ms. Babita Yadav, research scholar, faculty of commerce, R.D.V.V Jabalpur has conducted
a research on factors affecting customer’s investment towards life insurance policies.

Objectives:

 To explore the various factors influencing customer investment decision in life

insurance.

 To stUdya and analyses the impact of various demographic factors on customer’s

life insurance investment decision.

 To evaluate preferences of the customers while life insurance investment

decision.

 To stUdya and rank the factors responsible for the selection life insurance as an
investment option.

 To offer suggestions for popularizing life insurance among the public at large.

Findings:

 Major factors are affecting investment decisions in life insurance sector.

 Finds that some reason people are not invested in life insurance.
In that research, urban people are positive feedback regarding investment in LIC because he
gets tax benefit and risk cover by them and received proper returns from them whereas rural
people are not give positive feedback for LIC because they can’t have trust among the LIC

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 Review of Literature:4

LIC moves towards better customer relations

Plans to start a new portal for its policyholders

Our Regional Bureau / Hyderabad September 07,2005

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 where in the policy holders can make their premium payment 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 planning to 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 (south-central 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 (south-
central zone), said at a press conference organized on the occasion of the beginning of the
golden jubilee year for LIC.

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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 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. As on August 31, 2005, the zone has issued 12,47,795 policies
under new business.

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 CHAPTER 3

RESEARCH
METHODOLOGY

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3.1 Research Methodology

The research decided to do survey amongst policy holders, the researcher use survey

Method for present.

3.2 Sources of Date

Primary data and secondary data were collected for present stUdya:

 Primary date: The researcher collected the primary data personally through face to
face interaction with customers of LIC.

 Secondary data: The secondary data was collected through various websites from
internet.

3.3 Research Area

The researcher has made research in Dombivli region policy holders of LIC.

3.4 Method Used for Deciding the Sampling Plan

The researcher used selective sampling method to collect data.

3.5 Sampling Plan

The sample size constituted of 30 respondents.

3.6 Validation of Tools

The questionnaire was discussed with senior professors in the college to ascertain them

Accuracy. The questionnaire was then finalized after discussion with experts.

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3.7 Data Collection Instrument

The type of instrument used for data collection is survey through questionnaire.

3.8 Rating Scale

Linkers scale was used in the questionnaire.

3.9 Data Processing and Analysis Plan

The data was processed and analyzed with the help of percentages using excel sheet.

3.10 Field Work

 The sample was collected from the policy holders. The sample constituted and
filled from customers through random section method.

 At first visit the policy holders of LIC personally.

 Approach of customer towards policy statistical tools were used to analysis the
data collected.

 The data collected was tabulated and graphically.

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 CHAPTER 4
DATA ANALYSIS
AND
OBSERVATION

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1.What is your Occupation?

Particulars Respondent In percentage

Service 17 56.7%
Business 11 36.7%
Retired 2 6.7%
Other 0 0%

Observation: -

In the survey, we found that the more policy holder i.e. 56.7% and 36.7% simultaneously
from service and business doing persons.

Only 6.7%people are doing retired.

Other category had not found who take this policy.

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2.From which Age Group you belong?

Particular Response received In percentage

Below 30 23 76.7%

31-40years 4 13.3%

41-50years 2 6.7%

51-60years 1 3.3%

60and above 0 0%

Observation: -

In these survey, we found that the majority of policy holders i.e. 76.7% are belonging to
below 30years.

13.3% policy holders are from 31-40years age group.

6.7% policy holders are from 41-50years age group.

3.3% policy holders are from 51-60years age group.

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3.What is your monthly Income?

Particulars Response received In percentage

Below-10000 16 53.3%

10000-15000 11 36.7%

15000-20000 01 3.3%

20000 and Above 02 6.7%

Observation: -

In these survey, we found that

Majority of policy holders are from below 10000 income group.

While 36.7% policy holders are from 10000-15000 income group.

6.7% policy holders are from 20000 and above income group.

Only 3.3% policy holders are from 15000-20000 income group.

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4.For which reasons, you are investing in Insurance Plans of JEEVAN SURBHI Life
Insurance?

Particulars Response receive In percentage

Returns 6 20.7%

Scheme is good 12 41.1%

Recommended by Family& Friends 6 20.7%

Needs of save tax 4 13.8%

Offers Multiple benefits 4 13.8%

Observation: -

In the survey, we found majority i.e. 41.4% of policy holders invest in this policy because of
scheme is good.

20.7% policy holders invest in this scheme due to return and recommended by family &
friends.

Same percentage of policy holders i.e. 13.3% invest in this scheme to save tax &its multiple
benefits

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5.From which source, do you get information about this policy?

Particulars Response receive In percentage

Advertisements 3 10%

Agent 18 60%

Friends &Relatives 9 30%

Other 0 0%

Observation:

In the survey, we found that majority i.e. 60% of policy holder get information through agent.

30% policy holders get information regarding policy through friends & relatives.

10% policy holders get information regarding policy through advertisement.

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6.Do you feel charges are reasonable of JEEVAN SURBHI Life insurance policy?

particulars Response receive In percentage

Yes 20 66.70%

No 10 33.30%

Observation: -

In the survey, we found that majority of policy holders feels charges are reasonable
there are 66.7% policy holder’s fees charges are appropriate.

33.3% policy holders feel charges are not reasonable.

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7.Dose the Insurance Agent/Marketing Executives recommend JEEVAN SURABHI
Life Insurance?

Particular Response receive In percentage

Yes 27 90%

No 3 10%

Observation: -

In the survey, we found that almost 90% policy holders said that agent recommend this
policy.

Only 10% policy holders have not recommended for this policy.

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8.Do you think the recommendation for JEEVAN SURBHI Life Insurance is authentic
and the agents / Marketing Executives of JEEVAN SURBHI Life Insurance are giving
correct information related to the products and charges?

particular Response received In percentage

Yes 26 86.7%

No 4 13.3%

Observation: -

In the survey, we found that 86.7% policy holders said that agent’s recommendation and
information provided by executive for this policy are correct.

Only 13.3% policy holders said that information related to this policy not provided by agent
properly.

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9.Do you invest in insurance plans of JEEVAN SURBHI Life because of Tax Benefit?

particulars Response receive In percentage

Yes 25 83.3%

No 5 16.7%

Observation: -

In the survey, we found that majority i.e.83.3% policy holders choose this policy to get tax
benefit.

Only 16.7% policy holders choose this policy other than tax benefit.

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10. How many Family members cove under this policy?

particulars Response received In percentage

One 17 56.7%

Two 9 30%

More than two 4 13.3%

Observation: -

In the survey, we found that most of the policy holders i.e. 56.7% said that only single
member of a Family secured under the policy.

30% policy holders are said that Two member are secured this policy.

Only 13.3% policy holders have secured More than two members under this policy.

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11.Through which mode of payment you are pay premium?

Particulars Response received In percentage

Monthly 8 26.7%

Quarterly 6 20%

Half Yearly 13 43.3%

Yearly 3 10%

Observation: -

In these survey, we found that26.7% policy holders make Monthly payment of premium.

While 20% and 43.3% policy holders make Quarterly and Half yearly payment of premium
simultaneously.

Only 10% policy holders make yearly of premium.

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12. Which benefit do you like most in this plan?

Particulars Response received In percentage

Maturity Benefit 18 60%

Income Tax Benefit 4 13.3%

Death Benefit 3 10%

Any Other Benefit 5 16.7%

Observation: -

In these survey, we found that Majority of policy i.e.60% Maturity Benefits of the policy
most.

While 13.3% policy holders like Tax Benefit of the policy.

Only 10% policy holders like Death Benefit of the policy.

16.7% policy holders like Other Benefit of the policy.

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13.Do LIC have lengthy and complicated Formalities?

Particulars Response received In percentage

Yes 12 40%

No 18 80%

Observation: -

In these survey, we found that 40%policy holders feel formalities are lengthy.

While majority of policy holders i.e. 60% feels. formalities not rigid.

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14. How do you feel after investing in these Plans of LIC if India?

particulars Response receives In percentage

Good 25 83.3%

Average 5 16.7%

Cheated 0 0%

Observation: -

In the survey, we found that majority of policy holders feeling Good after investing. There
are 83.3% policy holders are feeling good.

16.7%policy holders are at neutral stage that is average.

0% people feel that are not Cheated.

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15. How is Overall perception about this plan of LIC of India?

Particulars Response receive In percentage

Positive 28 93.3%

Negative 2 6.7%

Observation: -

In these survey, we found that maximum policy holders have Positive perception about this
policy 93.3% person thought positive about policy.

Only 6.7% policy holders have Negative perception about the scheme.

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16) Whether you are aware of all the details of policy you are holding?

Particulars Response received In percentage

Yes 29 96.7%

No 1 3.3%

Observation: -

In these survey, we found that maximum policy holders are aware about this
policy.96.7%person have information about policy.

Only 3.3% policy holders are unaware about the scheme.

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17) Have you ever done late payment of premium?

Particulars Response received In percentage

Yes 19 65.5%

No 10 34.5%

Observation: -

In these survey, we found that maximum respondents i.e.65.5% make late payment of
premium rather than 34.5% policy holders make payment on time.

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18) If YES, then company can charge the penalty?

Particulars Response received In percentage

Yes 22 88%

No 3 12%

Observation: -

In these survey, we found that maximum policy holders i.e.88% pay penalty because of last
payment of premium.

Whether 12% policy holders not pay any kind of penalty on last payment of premium.

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19) Is the policy being best for the people?

Particulars Response received In percentage

Yes 30 100%

No 0 0%

Observation: -

In these survey, we found that 100% policy holders which means all customers are said that
policy is good for Other.

None of the policy holders said that policy is bad for people.

36 | P a g e
20) Satisfaction level towards services offered by LIC regarding these policy?

Particulars Response received In percentage

Fully Satisfied 12 40%

Partially Satisfied 17 56.7%

Not Satisfied 1 3.3%

Observation: -

In these survey, we found that more policy holders are i.e.40% are Fully Satisfied with the
policy.

Majority of policy holders are Partly Satisfied with the policy i.e.56.7% policy holders.

Only 3.3% policy holders are Not Satisfied with this policy.

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21) How is the Premium Amount in Insurance Plans of JEEVAN SURBHI Life
Insurance Company?

Particulars Response received In percentage

Highly Satisfactory 3 10%

Satisfactory 23 76.7%

Average 4 13.3%

Dissatisfactory 0 0%

Highly Dissatisfactory 0 0%

Observation: -
In these survey, we found that more policy holders are i.e.10% policy holders are Highly
Satisfied with premium amount of the policy.
Majority of policy holders are Satisfied with premium amount of the policy i.e.76.7% policy
holders.

Only 13.3% policy holders are satisfied with premium amount of policy.

None of the policy holders are Dissatisfied with premium amount.

38 | P a g e
22. How the overall JEEVAN SURABHI Life Insurance Policy?

Particulars Response received In percentage

Highly Satisfactory 8 26.7%

Satisfactory 19 63.3%

Average 3 10%

Dissatisfactory 0 0%

Highly Dissatisfactory 0 0%

Observation: -
In these survey, we found that more policy holders i.e.26.7% policy holders are Highly
Satisfied with the policy.

Majority of policy holders are Satisfied with the policy i.e.63.3% policy holders.

Only 10% policy holders are Satisfied with the policy.

None of the policy holders are Dissatisfactory with the policy.

39 | P a g e
23. How are the Returns of JEEVAN SURBHI Life Insurance policy?

Particulars Response received In percentage

Highly Satisfactory 7 23.3%

Satisfactory 20 66.7%

Average 3 10%

Dissatisfactory 0 0%

Highly Dissatisfactory 0 0%

Observation: -
In these survey, we found that more policy holders i.e.23.3% policy holders are Highly
Satisfied with the policy’s return.
Majority of policy holders are satisfied with the policy’s return i.e.66.7% policy holders.

Only 10% policy holder are Satisfied with the policy’s return.

None of the policy holders are Dissatisfactory with the policy’s return.

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24. How are the charges of JEEVAN SURBHI Life Insurance?

Particulars Response receive In percentage

Higher 5 16.7%

Average 20 66.7%

Low 5 16.7%

Observation: -

In these survey, we found that majority of respondents said that charges are reasonable.

Only 16.7% policy holders said that charges are higher.

While 66.7% policy holders said that charges are reasonable.

16.7% policy holders said that charges are low.

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25. Are you Satisfied with this policy’s future Benefits?

Particulars Response receive In percentage

YES 30 100%

NO 0 0%

Observation: -

In these survey, we found that 100% policy holders which means all customers are satisfied
with future benefit or the policy.

None of the policy holders dissatisfied with the future benefit of the policy.

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26. What would you like more in Insurance Policies of JEEVAN SURBHI Life
Insurance?

Particulars Response received In percentage

More Benefits 16 53.3%

More Security 11 36.7%

Other 3 10%

Observation: -

In these survey, we found that majority policy holders i.e. 53.3% policy holders like more
benefits of the policy.

More policy holders like more security of the policy i.e. 36.7% policy holders.

Only 10% policy holders like other benefits of the policy.

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27.Will you suggest this policy to another people?

Particulars Response receives In percentage

YES 29 96.7%

NO 1 3.3%

Observation: -

In these survey, we found that majority i.e. 96.7% policy holders recommend policy to
others.

Only 3.3% policy holders said that they not suggest it to other people.

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28.How you will rate JEEVAN SURABHI life insurance policy.

Particulars Response received In percentage

Good 19 63.3%

Average 10 33.3%

Poor 1 3.3%

Observation: -

In these survey, we found that majority of policy holders i.e. 63.3% policy holders says that 0

policy is good.

While 33.3 % policy holders say that policy is averagely satisfied.

Only 3.3 % person rate poor for this policy.

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29. Are you aware about JEEVAN SURABHI Life Insurance policy?

Particulars Response received In percentage

Yes 25 83%

No 5 17%

Observation: -

In these survey, we found that majority i.e. 83% policy holders are aware about this policy.

Only 17% policy holders said that they are not aware about this police.

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30. How many old your policy is?

Particulars Response received In percentage

0-1 years 0 0%

2-3years 10 30%

4-5 years 5 15%

5 years and above 15 55%

Observation: -

In these survey, we found that more policy holders i.e. 30% of policy holders invest 2-3Years
policy.

Only 15% policy holders are investing 4-5 Years policy.

55% policy holders are investing in 5Years and above.

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31. Do you have across incident JEEVAN SURABHI policy made claim to company?

Particulars Response received In percentage

Yes 30 100%

No 0 0%

Observation: -

In these survey, we found that 100% policy holders which means all customers are said that
have across incident JEEVAN SURABHI policy made claim to the company

None of the policy holders said that policy have across the policy.

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32. Do you have reinsured your policy?

Particulars Response received In percentage

Yes 20 67%

No 10 33%

Observation: -

In these survey, we found that majority i.e. 67% policy holders are reinsured the policy

Only 33% policy holders said that they are not reinsured the policy.

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33. Are you satisfied with company’s performance?

Particulars Response received In percentage

Yes 25 83%

No 5 17%

Observation: -

In these survey, we found that maximum policy holders i.e.83% policy holders are satisfied
with company’s performance.

Whether 17% policy holders not satisfied with company’s performance.

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34. Does agent given proper guidance to you as a customer about the JEEVAN
SURABHI policy?

Particulars Response received In percentage

Yes 28 83%

No 3 17%

Observation: -

In these survey, we found that majority of respondents said that company give proper
guidance to a customer about the policy.

Only 17% policy holders said that company can’t give proper guidance to a customers about
the policy.

83% policy holders said that company give proper guidance to a customers about the policy.

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35. When customer have a problem JEEVAN SURABHI life insurance company will
show inference in solving it?

Particulars Response received In percentage

Yes 20 67%

No 10 33%

Observation: -

In these survey, we found that majority of respondents said that company solving the
customer problem.

Only 33% policy holders said that company not solving the problem.

67% policy holders said that company are solving the problem.

52 | P a g e
CHAPTER 5

FINDINGS

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Table: 1
In the survey, we observe that majority of policy holders are from service business occupied
category.
Table: 2

As per survey, we found that majority of policy holders are from below 30 years’ age group
as compare with other age group.

Table: 3

In the susrvey, we found that majority of policy holders are from below 10000 income group
but at little difference 10000 – 15000 group have more policy holders.

Table: 4

As per the survey, we observed that majority of policy holders invest in this policy because of
scheme is good.

Table: 5

In the survey, we found majority of policy holder get information through agent but more
customers get information through his friend.

Table: 6

In the survey, we observed that majority of policy holders feels charges are reasonable.

Table: 7

As the survey, we found that almost all policy holders said that agent recommend this policy.

Table: 8

In the survey, we found that majority of policy holders said that agent’s recommendations
and information provided executives for this policy are correct & proper.

Table: 9

In the survey, we found that majority of policy holders choose this policy to get tax benefits.

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Table: 10

As per the survey, it is observed that maximum policy holders said that only single member
of a family secured under this policy while remaining respondents secured two members and
more.

Table: 11

In the survey, we found that majority of policy holders are make payment of premium on half
yearly basis but at some differences more people make payments on monthly and quarterly
basis.

Table: 12

In these survey, we found that majority of policy holders like maturity benefits of the policy
most.

Table: 13

In these survey, we found that majority of policy holders feels, formalities are not rigid but at
small difference peoples feel formalities are rigid.

Table: 14

In the survey, it is observed that majority of policy holders feeling good after investing

Table: 15

In these survey, we found that majority policy holders have positive perception about this
policy.

Table: 16

In the survey, we found that majority of the policy holders are aware about this policy
details.

Table: 17

In the survey, we found that majority of respondents say that they make late payment of
premium rather than few policy holders make payment on time.

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Table: 18

As per survey it is observed that majority number of policy holders pay penalty because of
late payment of premium.

Table: 19

As per survey it is found that all customers are said that policy is good for others.

Table: 20

In these survey, we found that majority of policy holders are partly satisfied with the policy
but with a slight difference more policy holders are fully satisfied with the policy.

Table: 21

In these survey, we found that majority of policy holders are satisfied with the premium
amount of the policy.

Table: 22

As per survey found that majority of policy holders are satisfied with the policy.

Table: 23

In these survey, we found that majority of policy holders are satisfied with the policy’s
return.

Table: 24

In these survey, we found that majority of respondents said that charges are not much high
reasonable.

Table: 25

As per survey it is found that all policy holders which means all customers are satisfied with
future benefit of the policy.

Table: 26

In these survey, we found that majority policy holders like more benefits of the policy other
than more security.

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Table: 27

In these survey, we found that almost all policy holders recommend this policy to others.

Table: 28

In these survey, we found that majority of policy holders say that policy is good.

Table: 29

In these survey, we observe that the majority of policy holders are aware about policy.

Table: 30

In these survey, we found that majority of policy holders are take policy more than 5Years.

Table: 31

As per the survey, we found that almost all policy holders said that a policy is across incident
and claim to company.

Table: 32

In the survey, we found that majority of policy get Reinsured the policy.

Table: 33

In these survey, we found that majority of policy holders are satisfied with the policy as well
as company performance.

Table: 34

In the survey, we found that majority of policy holders said that company give proper
guidance about policy and company also.

Table: 35

In the survey, we found that majority of policy holders said that company solving the
problems.

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 CHAPTER 6

CONCLUSION

AND
RECOMMENDATION

58 | P a g e
 Conclusion
Now a day customers want instant cash and are eagerly waiting to earn more
and more money. The main objective of this stUdya is to know whether the
customers are aware about the new changed policies and even to know whether
they are comfortable with the policies or not. The second main objective of this
stUdya was to sell the policies with the help of LIC’s Insurance Agent. In this
survey, I have found that almost every person has LIC’s policy.

From the research of JEEVAN SURABHI policy’s customers. The LIC

JEEVAN SURABHI policy is very beneficial policy for everyone and everyone
want to take this policy. The main objective of this policy The main objective of
this policy to provide in whole life and these policies some benefits like death,
survival, maturity and income tax benefit to the customers. In that policy, they
used different media to promote this policy. In that survey majority of the
customers have JEEVAN SURABHI policy. The purpose of this policy to
aware about this policy is beneficial for everyone.

59 | P a g e
 Recommendation
Following are some suggestion and recommendations can be provided to LIC as well as other
Insurance companies.

Advertising:

LIC should focus more on the promotional activities for such policies.

Word of Mouth Promotion:

Word of mouth promotion results into a wider publicity Which sensitive the process of
influencing. The satisfied customers. Social reformist, the opinion leaders act as word of
mouth promotion for the company. So LIC should take proper feedback form customers,

Training:

LIC must provide proper training to their executives so they can pitch the policy very well.

Incentive and Commission:

LIC should provide proper incentives and commission for motivation purpose.

60 | P a g e
 Bibliography
Books
ANKING AND INSURANCE
Author: O.P. Agarwal

Himalaya Publishing House

MAGAZINES
Outlook Express

Business today

Finance & Baking

Webliography

Websites

https://en.wikipedia.org/wiki/Insurance
https://www.myinsuranceclub.com/life-insurance/companies/lic-of-india/jeevan-
surabhi

www.allsubjectjournal.com
abhinavjournal.com/journal/index.php/ISSN-2320-0073/article
http://indianresearchjournals.com/pdf/IJMFSMR/2012/July/9.pdf
www.google.com(recummented)
www.licindia.com Magazine

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 Questionnaire:

1.What is your occupation?

Service

Business

Retired

Other

2.From which Age Group, you belong?

Below 30

31-40 Years

41-50 Years

51-60 Years

60 And Above

3. What is your monthly Income?

Below 10000

10000-15000

15000-20000

20000 & Above

4. For which reasons, you are investing in Insurance Plans of JEEVAN SURBHI Life
Insurance?

Returns

Scheme is Good

Recommended by Family &Friends

Need to Save Tax

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 Offers Multiple benefits

5. From which source, do you get information about this policy?

Advertisement

Agent

Friends and Relation

Other

6. Do you feel charges are reasonable of JEEVAN SURBHI Life Insurance policy?

Yes

No

7. Does the Insurance Agent / Marketing executives Recommend of JEEVAN SURABHI

Life Insurance?

Yes

No

8. Do you think the recommendation for JEEVAN SURBHI Life Insurance is authentic and
the agents / Marketing Executives of JEEVAN SURBHI Life Insurance are giving correct
information related to the products and charges?

Yes

No

9. Do you invest in insurance plans of JEEVAN SURBHI Life because of Tax Benefit?

Yes

No

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10. How many Family members cove under this policy?

One

Two

More than Two

11. Through which mode of payment you are pay premium?

Monthly

Quarterly

Half Yearly

Yearly

12. Which benefit do you like most in this plan?

Maturity Benefit

Income Tax Benefit

Death Benefit

Any other Benefit

13.Do LIC have lengthy and complicated

Yes

No

14. How do you feel after investing in these Plans of LIC of India?

Good

Average

Cheated

15. How is overall perception about this plan of LIC of India?

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 Positive

Negative

16. Whether you are aware of all the details of policy you are holding?

Yes

No

17. Have you ever done late payment of premium?

Yes

No

18. If yes, did company can charge the penalty?

Yes

No

19. Is the policy being best for the people?

Yes

No

20. Satisfaction level towards services offered by LIC regarding these policy?

Fully Satisfied

Partially Satisfied

Not Satisfied

21.How is the Premium Amount in Insurance Plans of JEEVAN SURBHI Life Insurance
Company?

Highly Satisfactory

Satisfactory

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 Average

Dissatisfactory

Highly Dissatisfactory

22. How the overall JEEVAN SURBHI Life Insurance policy?

Highly Satisfactory

Satisfactory

Average

Dissatisfactory

Highly Dissatisfactory

23. How are the Returns of JEEVAN SURBHI Life Insurance policy?

Highly Satisfactory

Satisfactory

Average

Dissatisfactory

Highly Dissatisfactory

24. How are the charges of JEEVAN SURBHI Life Insurance?

Higher

Average

Low

25. Are you Satisfied with this policy’s future benefits?

Yes

No

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26. What would you like more in insurance Policy of JEEVAN SURBHI Life Insurance?

More Benefit

More Security

Other

27. Will you suggest this policy to another people?

Yes

No

28.How you will JEEVAN SURBHI Life Insurance Policy?

Good

Average

Poor

29 Are you aware about JEEVAN SURABHI Life Insurance policy?

Yes

No

30 How many old your policy is?

0-1 years

2-3years

4-5 years

5 years and above

32 Do you have reinsured your policy?

Yes

No

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 33 Are you satisfied with company’s performance?

Yes

No

34 Does agent given proper guidance to you as a customer about the JEEVAN SURABHI
policy?

Yes

No

35 When customer have a problem JEEVAN SURABHI life insurance company will
show inference in solving it?

Yes

No

36 What can be measure taken to spread awareness about JEEVAN SURABHI life
insurance policy?

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37 Give you opinion towards JEEVAN SURABHI life insurance policy?

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38 Do you think that there is lack of awareness among people regarding JEEVAN
SURABHI life insurance policy?

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