A STUDY ON _________________PROJECT TITLE ________________IN

THANJAVUR DISTRICT

A Project Submitted to the In partial fulfillment of the requirements for the

award of the degree of

BACHELOR OF COMMERCE ( COMMERCE OR CA )

Submitted by,
(STUDENT NAME)
(REG. NO : 2001---------101)
III B.COM (COMM) OR (CA)

Under the Guidance of

(MR .GUIDE NAME WITH DEGREE)
ASSISTANT PROFESSOR
DEPARTMENT OF COMMERCE

PRIST DEEMED TO BE UNIVERSITY, NAAC ACCREDITED

(WEST CAMPUS) – THANJAVUR_613 403.

JUNE– 2023
(MR .GUIDE NAME WITH DEGREE)
ASSISTANT PROFESSOR,
DEPARTMENT OF COMMERCE,
PRIST DEEMED TO BE UNIVERSITY(NAAC ACCREDITED),
(WEST CAMPUS)-THANJAVUR_613 403.

DATE:

BONAFIDE CERTIFICATE
This is to certify that the Project has been done under my supervision and guidance.
The Project entitled “ A STUDY ON _________________PROJECT TITLE
________________IN THANJAVUR DISTRICT”, STUDENT NAME
(REG. NO : 2001---------101) in partial fulfillment of the requirements for the award of
the degree of BACHELOR OF COMMERCE (COMMERCE) OR (COMPUTER
APPLICATION) to the PRIST Deemed to be University during the academic year 2020-2023,
is the original work of the candidate.

SIGNATURE OF THE GUIDE SIGNATURE OF THE HOD

SIGNATURE OF THE EXTERNAL EXAMINER

(MR .GUIDE NAME WITH DEGREE)
ASSISTANT PROFESSOR,
DEPARTMENT OF COMMERCE,
PRIST DEEMED TO BE UNIVERSITY (NAAC ACCREDITED),
(WEST CAMPUS)- THANJAVUR_613 403.

DECLARATION
I hereby declare that the Project A STUDY ON _________________PROJECT
TITLE ________________IN THANJAVUR DISTRICT, done by me under the
guidance of , (MR .GUIDE NAME WITH DEGREE) Assistant Professor of
Commerce, PRIST DEEMED TO BE UNIVERSITY, NAAC ACCREDITED (WEST
CAMPUS)-THANJAVUR_613 403.
I also declare that the Project has not been submitted to any University for award of my
degree, diploma, fellowship or associate ship or any other similar titles previously.

PLACE : THANJAVUR SIGNATURE OF THE STUDENT

DATE : (NAME OF THE STUDENT)
 ACKNOWLEDGEMENT

I Record my sincere thanks to the PRIST DEEMED TO BE UNIVERSITY (WEST

CAMPUS) _THANJAVUR , for the opportunity provided me to do this Project work.

I express my sincere thanks to the Honourable Chancellor, Honourable Vice-

Chancellor, Pro Vice Chancellor & Hon’ble President & Honourable Registrar and the
Director, CRD for having permitted me to register for the Project.

I express my sincere thanks to Dr.K.G.SELVAN M.Com., MBA, M.Phil., Ph.D.,

Dean of Commerce and Management, (PRIST Deemed to be University, West Campus –
Thanjavur), for his constant encouragement.

I also extent my thanks to Dr.S.RAJENDRAN, M.Com., M.B.A, M.Ed., M.Phil.,

Ph.D., Professor and Head of the Department of Commerce, PRIST Deemed to be
University, (West Campus – Thanjavur), for his assistance timely suggestions, guidance and
having provided all facilities to complete this project work successfully.
This is the time of happiness to convey a lot of thanks to my beloved Guide of
(MR .GUIDE NAME WITH DEGREE) ., Assistant Professor of Commerce
Department, PRIST Deemed to be University (Vallam - Thanjavur)-613 403. For his valuable
guidance, suggestions and support in completing this Project work. .

I Thank my Family and Friends for Supporting me to complete the Project work.

Last but not least I Thank God the almighty for providing me the necessary
energy to complete the Project work in time.

(NAME OF THE STUDENT)

 CONTENTS

CHAPTER NO. CHAPTER TITLE PAGE NO.

I INTRODUCTION AND COMPANY PROFILE 01

II REVIEW OF LITERATURE 34

III RESEARCH METHODOLOGY 41

IV DATA ANALYSIS AND INTERPRETATION 45

V FINDINGS, SUGGESTIONS AND CONCLUSION 65

BIBLIOGRAPHY 72

ANNEXURE (QUESTIONNAIRE) 75
 LIST OF TABLES

TABLE.NO PARTICULARS PAGE.NO

4.1. GENDER 45
4.2. AGE 46
4.3. OCCUPATION 47
4.4. INCOME LEVEL 48
4.5. REASONS FOR INVESTING IN LIFE INSURANCE POLICIES 49
4.6. SATISFIED WITH INVESTING MONEY 50
4.7. FOLLOWING POLICIES HERE 51
4.8. TERM POLICIES 52
4.9. PREMIUM INSURANCE 53
4.10 SATISFIED WITH THE RETES OF INSURANCE POLICIES 54
4.11. AGENT RECOMMEND ABOUT INSURANCE POLICIES 55
4.12. CORRECT INFORMATION IS PROVIDES BY AN AGENT 56
REGARDING PRODUCTS AND SERVICES
4.13. BROCHURE LANGUAGE 57
4.14. AGENT DO NOT DISCLOSURE NEGATIVE POINT 58
4.15. EXPLAINED TERMS & CONDITIONS 59
4.16. PROCEDURES & SERVICES 60
4.17. EASY TO CONTACT 61
4.18. SATISFACTION OF PREMIUM INSURANCE 62
4.19 MORE IN INSURANCE POLICIES 63
4.20. RETURNS –IN INSURANCE POLICIES 64
 LIST OF CHARTS

TABLENO PARTICULARS PAGE.NO

4.1. GENDER 45
4.2. AGE 46
4.3. OCCUPATION 47
4.4. INCOME LEVEL 48
4.5. REASONS FOR INVESTING IN LIFE INSURANCE POLICIES 49
4.6. SATISFIED WITH INVESTING MONEY 50
4.7. FOLLOWING POLICIES HERE 51
4.8. TERM POLICIES 52
4.9. PREMIUM INSURANCE 53
4.10 SATISFIED WITH THE RETES OF INSURANCE POLICIES 54
4.11. AGENT RECOMMEND ABOUT INSURANCE POLICIES 55
4.12. CORRECT INFORMATION IS PROVIDES BY AN AGENT 56
REGARDING PRODUCTS AND SERVICES
4.13. BROCHURE LANGUAGE 57
4.14. AGENT DO NOT DISCLOSURE NEGATIVE POINT 58
4.15. EXPLAINED TERMS & CONDITIONS 59
4.16. PROCEDURES & SERVICES 60
4.17. EASY TO CONTACT 61
4.18. SATISFACTION OF PREMIUM INSURANCE 62
4.19 MORE IN INSURANCE POLICIES 63
4.20. RETURNS –IN INSURANCE POLICIES 64
 CHAPTER-I

INTRODUCTION & COMPANY PROFILE

INTRODUCTION OF LIFE INSURANCE CORPORATION OF INDIA

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

Oriental Life Insurance Company is the principal organization in India to offer disaster
Protection, spread, it was made in Calcutta in 1818 by Anita Bhavsar and others. Its principle
target showcase was Europeans situated in India. Surendranath Tagore (child of Satyendranath
Tagore) established the Hindustan Insurance Society, which later progressed toward becoming
Life Corporation.

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

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

• Bharat Insurance Company (1896)
• United India (1906)
• Indian national (1906)
• National Insurance (1906)
• Cooperative Insurance (1906)
• Cooperatives of Hindustan (1907)
• Indian Mercantile
• General Insurance
1|Page
• Swedish Life (later Bombay Life)
• Sahayadri Insurance (converged with LIC, 1986)
The initial 150 years are primarily set apart by monetary choppiness. It saw India's first
war of autonomy, the unfavorable impacts of the First and Second World Wars on India's
economy, and between them the worldwide monetary emergency realized by the financial
emergency. The principal half of the twentieth century likewise observed the expanded battle
for India's freedom. The aggregate impact of these occasions has brought about a high rate and
liquidation of disaster protection organizations in India. This had cheapened the open's trust in
the utility of acquiring life inclusion.

INSURANCE INDUSTRY:
Insurance is a regulated Industry. Prices across the Board are very similar. Agents
do what is in their best interest, not the Company they Represent, and will sell what they
believe is the easiest and personally most lucrative Insurance policies. Direct Agents work
to build Relationships with their customers and take those Relationships with them when
they move on to the next Company they represent. Insurance companies have recognized
these realities and have attempted to overcome them in a variety of ways, Insurance
companies have gone direct to consumer, effectively eliminating the need foran agent as
well as reducing cost. They have modified Policies to be less expensive by removing options
and increasing deductibles, and they are constantly telling consumers how stable they are.
Thus the Insurance companies are trying to change the trend by creating Brand image for
them.
Insurance in India is usually understood as a measure to save the tax for an individual,
it has not been considered as a medium for investment for a long time. In Indian mentality,
savings can be done only in banks in terms of fixed deposits and other investment facilities
available to them. Some people also like to invest in Gold. After independence, the Life
Insurance business was nationalized in 1970.
Life Insurance Corporation of India has monopoly over the Indian Life Insurance
sector. But after the entry of private insurance players having alliance with foreign insurance
experts, Indian Insurance market has turned intoa highly competitive market. The Insurance
Regulatory and Development Authority Act1999 (IRDA Act) was passed by parliament of
India and in the year 2000, the President of India gave his consent to the Act.
The LIC Act, 1956 brought remarkable change in the way the insurance industry
functioned particularly, the life insurance business Till the end of 1999-2000 fiscal

2|Page
year, Life Insurance Corporation ( LIC ) and General Insurance Corporation (GIC ) , were
the monopoly insurance ( both life and non-life ) providers in India. Under GIC, there are
four subsidiaries- National Insurance Company Ltd, Oriental Insurance Company Ltd, New
India Assurance Company Ltd, and United India Assurance Company Ltd. In fiscal year
2001- 2002, the Government of India lifted the entry restrictions forprivate sector insurance
players. Foreign investment insurance market wasallowed with 26 % cap.

INSURABILITY
Risk which can be insured by private companies typically shares seven common
characteristics:

 Large number of similar exposure units: Since insurance operates through pooling
resources, the majority of insurance policies are provided for individual members of
large classes, allowing insurers to benefit from the law of large numbers in which
predicted losses are similar to the actual losses. Exceptions include Lloyd's of
London, which is famous for insuring the life or health of actors, sports figures, and
other famous individuals. However, all exposures will have particular differences,
which may lead to different premium rates.
 Definite loss: The loss takes place at a known time, in a known place, and from a
known cause. The classic example is death of an insured person on a life insurance
policy. Fire, automobile accidents, and workerinjuries may all easily meet this
criterion. Other types of losses mayonly be definite in theory. Occupational disease,
for instance, may involve prolonged exposure to injurious conditions where no
specific time, place, or cause is identifiable. Ideally, the time, place, and cause ofa
loss should be clear enough that a reasonable person, with sufficient information,
could objectively verify all three elements.
 Accidental loss: The event that constitutes the trigger of a claim should be fortuitous,
or at least outside the control of the beneficiary of the insurance. The loss should be
pure, in the sense that it results from an event for which there is only the opportunity
for cost. Events that contain speculative elements such as ordinary business risks or
even purchasing a lottery ticket are generally not considered insurable.

 Large loss: The size of the loss must be meaningful from the perspective of the
insured. Insurance premiums need to cover both the expected cost of losses, plus the
cost of issuing and administering the policy, adjusting losses, and supplying the

3|Page
 capital needed to reasonably assure that the insurer will be able to pay claims.
 Affordable premium: If the likelihood of an insured event is so high, or the cost of
the event so large, that the resulting premium is large relative to the amount of
protection offered, then it is not likely that the insurance will be purchased, even if
on offer. Furthermore, as the accounting profession formally recognizes in financial
accounting standards, the premium cannot be so large that there is not a reasonable
chance of a significant loss to the insurer. If there is no such chance of loss, then the
transaction may have the form of insurance, but not the substance (see the U.S.
Financial Accounting Standards Board pronouncement number 113: Accounting and
Reporting for Reinsuranceof Short-Duration and Long-Duration Contracts.
 Calculable loss: There are two elements that must be at least estimable,if not
formally calculable: the probability of loss, and the attendant cost. Probability of
loss is generally an empirical exercise, while cost hasmore to do with the ability
of a reasonable person in possession of a copy of the insurance policy and a proof
of loss associated with a claim presented under that policy to make a reasonably
definite and objective evaluation of the amount of the loss recoverable as a result of
the claim.
 Limited risk of catastrophically large losses: Insurable losses are ideally
independent and non-catastrophic, meaning that the losses do not happen all at once
and individual losses are not severe enough to bankrupt the insurer, insurers may
prefer to limit their exposure to a lossfrom a single event to some small portion of
their capital base.

METHODS OF INSURANCE
In accordance with study books of The Chartered Insurance Institute,there are the
following types of insurance:
1. Co-insurance – Risks shared between insurers
2. Dual insurance – Risks having two or more policies with same coverage
3. Self-insurance – Situations where risk is not transferred to insurance companies
and solely retained by the entities or individuals themselves

4. Reinsurance – Situations when Insurer passes some part of or all risks toanother
Insurer called Reinsure

4|Page
TYPES OF INSURANCE
Any risk that can be quantified can potentially be insured. Specific kindsof risk that
may give rise to claims are known as perils. An insurance policy will set out in detail
which perils are covered by the policy and which are not. Below are non-exhaustive lists of
the many different types of insurance that exist. A single policy may cover risks in one or
more of the categories set out below. For example, vehicle insurance would typically cover
both the property risk and the liability risk . A home insurance policy in the United States
typically includes coverage for damage to the home and the owner's belongings, certain
legal claims against the owner, and even a small amount of coverage for medical expenses
of guests who are injured on the owner's property.
Business insurance can take a number of different forms, such as the various kinds
of professional liability insurance, also called professional indemnity (PI), which are
discussed below under that name; and the business owner's policy (BOP), which packages
into one policy many of the kinds of coverage that a business owner needs, in a way
analogous to how homeowners insurance packages the coverages that a homeowner needs.

1. AUTO INSURANCE
Auto insurance protects the policyholder against financial loss in theevent of
an incident involving a vehicle they own, such as in a traffic collision. Coverage typically
includes:
 Property coverage, for damage to or theft of the car

 Liability coverage, for the legal responsibility to others for bodily injuryor
property damage
 Medical coverage, for the cost of treating injuries, rehabilitation and
sometimes lost wages and funeral expenses

2. GAP INSURANCE
Gap insurance covers the excess amount on your auto loan in an instance where
your insurance company does not cover the entire loan. Depending on the company's
specific policies it might or might not cover the deductible as well. This coverage is
marketed for those who put low down payments, have high interest rates on their loans,
and those with 60-month or longer terms. Gap insurance is typically offered by a
finance company when the vehicle owner purchases their vehicle, but many auto
insurance companies offer this coverage to consumers as well. If you are unsure if GAP

5|Page
 coverage had been purchased, you should check your vehicle lease or purchase
documentation.

3. HEALTH INSURANCE
Health insurance policies cover the cost of medical treatments. Dental
insurance, like medical insurance, protects policyholders for dental costs. In most
developed countries, all citizens receive some health coverage from their governments,
paid for by taxation. In most countries, health insurance is often part of an employer's
benefits.

MEANING OF INSURANCE MARKETING:

The term insurance marketing refers to the marketing of insurance service with the motto
of customer-orientation and profit-generation. The insurance marketing focuses on the
formulation of an ideal mix for the insurance business so that the insurance organizations survive
and thrive in a right perspective.

TRUST AND COMMITMENT ON INSURANCE MARKETING

 Insurance markets have changed dramatically in recent years. Policyholder’s in India
who used to have only one Company now, have a wide variety to choose from. The fight
to attract and to keep customers has resulted in the development of relationship
marketing strategies. The insurance companies are developing a mix of relationship
marketing tools to establishand build profitable customer relationship.
 With the concept of relationship marketing, we focus on the need for companies to be
market oriented by building up the ability to manage networks, relationships and
interactions. In other words, the main thrust has been on expanding the relationship with
existing customers. It has been fully accepted in marketing literature that long-term
customers are more profitable than short-term customers.

OPERATIONAL DEFINITIONS :
 PREMIUM
Premium is the amount which is paid by the insured to the insurer. It is the
consideration for which the insurer gives protection to the insured. It is the price
charged by the insurer to cover the insurance.
 POLICY
6|Page
 Policy is the stamped document which contains the terms and conditionsof the
insurance contract. Usually, it is issued by the insurer (Insurance Company). This is
an acknowledgement of the liability.
 PROPOSAL
Proposal is an application for insurance. The person submitting theapplication is
called the proposer and when it is accepted, he is called the insured.

 ENDOWMENT POLICY
Endowment Policy can cover the risk for a specific period, and at the end, the
sum is paid tothe policyholder, together with a bonus accumulated during the policy
term.
 GROUP INSURANCE POLICY
Group Insurance Policy provides the protection of life insurance under the group
policy to many groups like employers-employees, co-operatives, professionals and
the like.
 JOINT LIFE POLICY
Joint Life Policy is similar to the endowment policy, as this too provides maturity
benefit to policy holder apart from covering the risks like life insurancepolicy.
 LOAN COVER TERM ASSURANCE POLICY
Loan Cover Term Assurance Policy is the insurance policy that can cover the
home loan. This policy can cover home loan amount of individuals in case of the
eventuality.
 MONEY BACK POLICY
Money Back Policy can provide for the periodic expense of the limited survival
benefit during the policy term till the policyholder is alive.

 PENSION PLAN POLICY

Pension plan also called as annuity. It is the investment which is made either
through the instalments paid or single lump sum payment over some fixed number
of years.
 TERM LIFE POLICY
Term life Policy can cover the risk only in the chosen term period.
 UNIT LINKED INSURANCE PLAN:
Unit Linked Insurance Plan is a life insurance which offers benefits of the
flexibility andrisk protection in the investment.
7|Page
INTRODUCTION TO INDIAN LIFE INSURANCE
Life insurance in its modern form came to India from England in the Year 1818.
Oriental Life insurance company started by Europeans in Calcutta was the first life insurance
company on Indian soil. All the insurance companies established during that period were
brought up with the purpose of looking after the needs of European community and Indian
natives were not being insured by these companies. However, later with the efforts of
eminent people like Babu Muttyalal lives. But Indian lives were being treated as sub-
standard lives and heavy extra premiums were being charged on them. BombayMutual Life
Assurance society heralded the birth of first Indian life insurance company in the year 1870,
and covered Indian lives at normal rates. Starting as Indian enterprise with highly patriotic
motives, Insurance and social security through insurance to various sectors of society. Bharat
Insurance Company (1896) was also one of such companies inspired by nationalism.
In the year 1912, the Life Insurance Companies Act, and provident fund act were
passed. The life insurance companies act, 1912 made it necessary that the premium rate
tables and periodical valuations of companies should be certified by an actuary. But the act
discriminated between foreign companies at a disadvantage..
The insurance act 1938 was the first legislation governing not only life insurance but
also non-life insurance to provide strict state control over insurance business. This repeatedly
in the past but it gathered momentum in 1944 when a bill to amend the life insurance act
1938 was introduced in the Legislative assembly. However, it was much later on the 19th of
January 1956 that Life Insurance in India was nationalized.

THE INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY

(IRDA)
The formation of the Malhotra Committee in 1993 initiated reforms in the Indian
insurance sector. The aim of the Malhotra Committee was to assess the functionality of the
Indian insurance sector. This committee was also in charge of recommending the future path
of insurance in India. The Malhotra Committee attempted to improve various aspects of the
insurance sector, making them more appropriate and effective for the Indian market. The
recommendations of the committee put stress on offering operational autonomy to the
insurance service providers and also suggested forming an independent regulatory body.
8|Page
 The Insurance Regulatory and Development Authority Act of 1999 brought about
several crucial policy changes in the insurance sector of India. It led to the formation of the
Insurance Regulatory and Development Authority (IRDA) in 2000. Reforms in the Insurance
sector were initiated with the passage of the IRDA Bill in Parliament in December 1999.
The IRDA since its incorporation as a statutory body in April 2000 has fastidiously stuck
to its schedule of framing regulations and registering the private sector insurance companies.
The other decisions taken simultaneously to provide the supporting systems to the insurance
sector and in particular the life insurance companies were the launch of the IRDA’s online
service for issue and renewal of licenseto agents. The approval of institutions for imparting
training to agents has also ensured that the insurance companies would have a trained
workforce of insurance agents in place to sell their products, which are expected to be
introduced by early next year. Since being set up as an independent statutory body the IRDA
has put in a framework of globally compatible regulations.
The level of penetration, particularly in life insurance, tends to rise as income levels
increase. India, with its huge middle class households, has exhibited growth potential for the
insurance industry. Saturation of markets in many developed economies has made the Indian
market even more attractive for global insurance majors. The insurance market in India has
witnesseddynamic changes including entry of number of global insurers in both life and non-
life segment. Most of the private insurance companies are joint ventures with recognized
foreign players across the globe. Over the last eight years, consumer awareness has
improved. Competition has brought more product innovation and better customer servicing.
This made a positive impact on the economy of income generation and creating employment
opportunities in this sector. At present there are a total of 23 companies in the life insurance
business in India and only LIC is in the public sector and rest all 22 companies are in the
private sector.

9|Page
 INSURANCE IN WORLD

Source : (Secondary data for www.moneycontrol.com)

10 | P a g e
 LIFE INSURANCE COMPANIES IN INDIA (AS ON 31ST MARCH, 2010)

S. Insurers Foreign Reg. Dt. of Yr. of

No. Partner’s No. Registration operation

1 Life Insurance --- 512 1 Sep 1956

Corporationof India

2 HDFC Standard Standard Life 101 23.10.2000 2000-01

LifeInsurance Co. Assurance,
Ltd. UK
3 Max New York New York 104 15.11.2000 2000-01
LifeInsurance Co. Life,USA
Ltd.
4 ICICI-Prudential Prudential, U.K 105 24.11.2000 2000-01
LifeInsurance Co.
Ltd
5 Om Kotak Life Old Mutual, 107 10.01.2001 2001-02
InsuranceCo. Ltd. South
Africa
6 Birla Sun Life Sun Life, Canada 109 31.01.2001 2000-01
InsuranceCo. Ltd.

7 Tata-AIG Life American 110 12.02.2001 2000-01

InsuranceCo. Ltd. International
Assurance
Co.,USA

8 SBI Life Insurance Co. BNP Paribas 111 29.03.2001 2001-02

Ltd Assurance
SA,France

9 ING Vysya Life ING 114 02.08.2001 2001-02

InsuranceCo. Ltd. Insurance
International
B.V.,
Netherlands
10 Allianz Bajaj Allianz, 116 03.08.2001 2001-02
LifeInsurance Germany
Co. Ltd
11 Metlife India Met life 117 06.08.2001 2001-02
InsuranceCo. Ltd. International
Holdings
Ltd.,USA

12 Reliance Life Insurance ---- 121 03.01.2002 2001-02

Co. Ltd. (Earlier AMP
Sanmar Life Insurance
Company from 3.1.02
to29.9.05)
11 | P a g e
 13 AVIVA Aviva 122 14.05.2002 2002-03
International
Holdings
Ltd.,UK

14 Sahara Life Insurance Co. 127 06.02.2004 2004-05

15 Shriram Life Sanlam, 128 17.11.2005 2005-06

InsuranceCo. Ltd. SouthAfrica

16 Bharti AXA Life AXA 130 14.07.2006 2006-07

Insurance Co. Holdings,
Ltd. France

17 Future Generali India Pantaloon 133 04.09.2007 04.09.07

LifeInsurance Company RetailLtd.; 2007-08
Ltd. Marketing
Network Pvt.
Ltd.
Generali,
Italy
18 IDBI Fortis Life Fortis, 135 19.12.2007 2007-08
InsuranceCompany Ltd Netherlands

19 Canara HSBC OBC HSBC, UK 136 08.05.2008 2008-09

LifeInsurance Company
Ltd.

20 Aegon Religare Life Religare, 138 27.06.2008 2008-09

Insurance Company Netherlands
Ltd.

21 DLF Pramerica Prudential of 140 27.06.2008 2008-09

LifeInsurance Co. America,
Ltd. USA

22 Star Union Dai-ichi Life Dai-ichi life 142 26.12.2008 2008-09

12 | P a g e
 23 India First Life -- 143 March- 2009-10
InsuranceCompany 2010
Limited (Bankof
Baroda & Andhra
Bank)
24 Edelweiss Tokio Life --- 147 2010-11
Insurance Company
limited

Source: Secondary data (life insurance Corporation of india )- Thanjavur Division

LIFE INSURANCE COMPANIES

(AS OF OCTOBER 2018, IRDAI HAS RECOGNIZED 24 LIFE INSURANCE COMPANIES)

HEAD
S.NO COMPANY SECTOR FOUNDED YEAR
QUARTERS
Life Insurance
1 Corporation of Govt. Mumbai 1956
India
HDFC Standard
2 Life Insurance Co. Private Mumbai 2000
Ltd.
Max Life
3 Private Delhi 2000
Insurance Co. Ltd.
ICICI Prudential
4 Life Insurance Co. Private Mumbai 2000
Ltd.
Kotak Mahindra
5 Life Insurance Co. Private Mumbai 2001
Ltd.
Aditya Birla Sun
6 Life Insurance Co. Private Mumbai 2000
Ltd.
TATA AIG Life
7 Private Mumbai 2001
Insurance Co. Ltd.
SBI Life
8 Private Mumbai 2001
Insurance Co. Ltd.
Exide Life
9 Private Bangalore 2001
Insurance Co. Ltd.
Bajaj Allianz Life
10 Private Pune 2001
Insurance Co. Ltd.
PNB MetLife
11 India Insurance Private Mumbai 2001
Co. Ltd.
Reliance Nippon
12 Life Insurance Private Mumbai 2001
Company
Aviva Life
Insurance
13 Private Gurugram 2002
Company India
Ltd.
Sahara India Life
14 Private Lucknow 2004
Insurance Co. Ltd.

13 | P a g e
 Shriram Life
15 Private Hyderabad 2005
Insurance Co. Ltd.
Bharti AXA Life
16 Private Mumbai 2008
Insurance Co. Ltd.
Future Generali
17 India Life Private Mumbai 2007
Insurance Co. Ltd.
IDBI Federal Life
18 Private Mumbai 2008
Insurance Co. Ltd.
Canara HSBC
Oriental Bank of
19 Private Gurugram 2008
Commerce Life
Insurance Co. Ltd.
Aegon Life
20 Private Mumbai 2008
Insurance Co. Ltd.
Pramerica Life
21 Private Mumbai 2008
Insurance Co. Ltd.
Star Union Dai-
22 Ichi Life Private Mumbai 2008
Insurance Co. Ltd.
IndiaFirst Life
23 Private Mumbai 2009
Insurance Co. Ltd.
Edelweiss Tokio
24 Life Insurance Co. Private Mumbai 2011
Ltd.
Source: Secondary data (life insurance Companies in india//en.m.wikipedia.org)

MAJOR ROLE OF LIFE INSURANCE IN INDIA

 Life insurance as “Investment”

Insurance is an attractive option for investment. While most people recognize the risk
hedging and tax saving potential of insurance, many are not aware of its advantages as an
investment option as well. Insurance products yield more compared to regular investment
options, and this is besides the added incentives (read bonuses) offered by insurers. You cannot
compare an insurance product with other investment schemes for the simple reason that it
offers financial protection from risks, something that is missing in non- insurance products.

 Life insurance as "Risk cover"

First and foremost, insurance is about risk cover and protection - financial protection, to be
more precise - to help outlast life's unpredictable losses. Designed to safeguard against losses
suffered on account of any unforeseen event, insurance provides you with that unique sense of
security that no other form of investment provides. By buying life insurance, you buy peace of
mind and are prepared to face any financial demand that would hit the family in case of an untimely
demise. To provide such protection, insurance firms collect contributions from many people who
face the same risk. A loss claim is paid out of the total premium collected by the insurance
14 | P a g e
 companies, who act as trustees to the monies. Insurance also provides a safeguard in the case of
accidents or a drop in income after retirement. An accident or disability can be devastating, and
an insurance policy can lend timely support to the family in such times. It also comes as a great
help when you retire, in case no untoward incident happens during the term of the policy. With
the entry of private sector players ininsurance, you have a wide range of products and services to
choose from. Further, many of these can be further customized to fit individual / group specific
needs. Considering the amount you have to pay now, it's worth buying some extra sleep.

 Life insurance as “Tax planning”

Insurance serves as an excellent tax saving mechanism too. The Government of India has
offered tax incentives to life insurance products in order to facilitate the flow of funds into
productive assets. Under Section 80C of Income Tax Act 1961, an individual is entitled to a
rebate of maximum Rs.1,00,000 on the annual premium payable on his/her life and life of
his/her children or adult children. The rebate is deductible from tax payable by the individual
or a Hindu Undivided Family.

THE SCOPE OF A LIFE INSURANCE COMPANY IN INDIA

To understand the nature and principal of insurance providers, you really need to
understand what a life insurance policy is and how it works.With times and financial
situations changing rapidly, risks of illness and accidents are increasing and this is leading to a
lot of people thinking about getting life Insurance cover to secure their family's future financially.
As the awareness of the benefits of the life insurance policies keeps increasing, the
breadwinners are giving serious thought to getting themselves life insurance to ensure that their
family or loved ones, also known as beneficiaries, are taken care of financially in case of an
untimely end of the insured. The money given to the beneficiaries, in the case of life cover, is
known as death benefit, whichis paid to the beneficiaries when the policyholder is no more. This
amount is decided at the time the policyholder decides to buy the policy from the particular
insurance provider. This amount is provided to the beneficiaries of the policyholder to fulfill
their financial responsibilities and for them to lead a comfortable life, feel financially secure and
safe even after the death of the policyholder.
A life insurance policy can provide the much-needed financial support to the
beneficiaries or the family members of the policyholder on his death. Though it cannot cover the
emotional damages but it can for sure help them lead a good and financially secure life.

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LIFE INSURANCE CORPORATION OF INDIA COMPANY PROFILE AND AREA
PROFILE

INTRODUCTION TO LIFE INSURANCE CORPORATION (LIC)

 The Life Insurance Corporation of India popularly known as “LIC of India” was
incorporated on September 1, 1956 by nationalizing 245 Indian as well as foreign
companies. It was established 52 years ago with a view to provide an insurance cover
against various risk in life. The luminaries who spearheaded this move at that time
visualized an entity that will provide life insurance to Indians, especially the vast rural
people, at an economical cost andchannel the savings for the betterment of the nation. It
is the largest lifeinsurance company in India and also the countries largest investor. It is
fully owned by the Government of India and headquarter is Mumbai.

 Today LIC function with 2048 fully computerized branch offices, 100 divisional offices,
7 Zonal offices and the corporate office. LIC’s wide area Network cover 100 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. LICs ECS andATM premium payment facility is an addition to customer
convenience. Apart from on-line kiosks and IVRS, info centers have been commissioned
at Mumbai, Ahmedabad, Bangalore, Chennai, Hyderabad, Kolkata, New Delhi, Pune and
many other cities. With vision of providing easy access to its policyholders, LIC has
launched its SATELLITE SAMPARK offices. The digitalized record of the satellite
offices will facilitate anywhere to serve and other convenience in the future.

 LIC has crossed many milestones and has set unprecedented performance records in
various aspect of life insurance business. The same motives which inspired our
forefathers to bring insurance into existence in this country inspire us at LIC to take this
message of protection to light the lampsof security in as many homes as possible and to
help the people in providing security to their families.

IMPORTANT OPERATIONAL TERMS OF LIC

i). What is Life Insurance?

Life insurance is a contract that pledges payment of an amount to theperson

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 assured (or his nominee) on the happening of the event insured against.
The contract is valid for payment of the insured amount during
i. The date of maturity, or
ii. Specified dates at periodic intervals, or
iii. Unfortunate death, if it occurs earlier.
ii). Why We Need Insurance
Life insurance is a contact by which you can protect yourself against specific
uncertainties by paying a premium over a period. Since each of us during our life faces
with numerous risks-falling health, financial losses, accident and even fatalities.
iii). Protection
You need life insurance to be there and protect the people you love, making sure
that your family has a means to look after itself after you are gone. It is a thoughtful
business concept designed to protect the economic value of a human life for the benefit
of those financially dependent on him.

iv).Retirement
Life insurance makes sure that you have regular income after you retire and
helps you maintain standard of living. It can ensure that your post- retirement years are
spent in peace and comfort.
v).Savings and Investments
Insurance is a means to Save and Invest. Your periodic premiums are like
Savings and you are assured of a lump sum amount on maturity. A policy can come in
handy at the time of your child’s education or marriage! Besides, it can be used as
supplemental retirement income.
vi).Tax Benefits
Life insurance is one of the best tax saving options today. Your tax can be saved
twice on a life insurance policy-once when you pay your premiums and once when you
receive maturity benefits. Money saved is money earned.

viii).Myths of Insurance
i) Insurance is just meant for saving tax.
ii) Insurance does not give good returns
iii) Insurance products are not flexible
viii).Indemnity
Legal principle that specifies an insured should not collect more than theactual
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 cash value of a loss but should be restored to approximately the same financial position
as existed before the loss.

ix).Premium
Premium is the consideration that the policyholder has to pay in order tosecure
the benefits offered by the insurance policy. It can be looked upon as theprice of the
insurance policy. It may be a one-time payment or periodical payment (Monthly
Quarterly, Half yearly, Yearly). A default in premium can endanger the continuance of
the policy. If that happens, the policy will be treated as lapsed and the expected benefits.
x). Claims
A claim is the demand that the insurer should redeem the promise made in the
contract. The insurer has then to perform his part of the contract i.e.settle the
claims, after satisfying himself that all the conditions andrequirements for settlement of
claim have been complied with.
xi). Agent
An insurance company representative licensed by the state, who solicits,
negotiates or effects contracts of insurance, and provides service to the policyholder for
the insurer.
 Assurance is the coverage of risk on the happening of an event, which will
happen during the period of insurance.
 Insurer is the company, which covers the risk under a policy of insurance.
 Insured is the person on whose life the risk is covered.
 Proposer is the person who seeks the insurance on the life proposed for
insurance.

 Proposal is the offer document filled and signed by the proposer indicting inter
alia the past & present health of the life to be assured, the amount for
which he desires to have the life to be insured, the period for which he wants to
have the insurance and the specified plan.
 Plan of insurance is the scheme offering specified benefits. Different plans are
offered by the insurer to suit the varying need of the insuring public.
 Term is the period (no. of years) for which the risk on the risk on the life assured
will be covered.
 Sum assured is the amount payable on the happening of the even specified in
the policy during the term of the policy.
 Survival benefit is the amount (a fixed percentage of sum assured) payable
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 under certain plans on the life assured surviving the period specified in the
policy.
 Policy is the document issued by the insurer specifying the sum assured, plan,
term, the benefits payable under the policy and the conditions and privileges of
the policy. It is an evidence of the contract of life insurance.
 Tabular premium is the amount of premium per thousand sum assured
indicated in the table of rates for various plans and for different ages and terms.
 Maturity claim is the payment of amount by the insurer on the life assured
surviving the term specified in the policy.

 First Premium Receipt is the document issued by the insurer, as a prelude to

the issue of the policy to indicate that he has accepted the risk on the life
proposed for insurance.
 Date of commencement (DOC) is the date month and year from which the risk
commences under a policy.
 Days Of Grace is Policy holders are expected to pay premium on due dates. a
period is 15-30 days is allowed as grace to make payment of premium; such
period is days of grace.
 Due date is the date on which the installment premium to be paid under the
policy falls due.
 Nomination is the facility available under a life insurance policy to enable the
insurer to pay the benefits available under the policy to the nominated person
on the death of the life assured.
 Assignment is the transfer of rights under the policy.
 Non- Medical scheme proposals submitted for life insurance will beconsidered
for acceptance without medical examination by the authorized medical
examiner.
 Medical Scheme proposals submitted for life insurance will be considered only
on the strength of the Medical Report submitted by the authorized medical
examiner of the insurer.

 Bonus is additions made to the sum assured under with profit policies as at the
end of each financial year as a result of an investigation made by an actuary
into the working of the life insurance company.
 With profit policies; is which are entitled to have a share of the surplus arrived
at as a result of the investigation mentioned above.
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  Without profit policies; is which are not entitled to have a share of the surplus.

 Surrender; premature termination of the contract of life insurance by the life

assured..

TYPES OF POLICIES

INTRODUCTION

The Researcher, found the different types of Life Insurance Plans in the market.
As we know that Life Insurance is important for everyone to protect family incase of
their demise the insured money will save their family for educating their children and
marriage etc. According to your needs, one canchoose Life Insurance Scheme of any
form.

 Term Insurance Policy

This policy is pure risk cover with the insured amount will be paid only if the
policy holder dies in the period of policy time. The intention of thispolicy is to
protect the policy holder’s family incase of death. For example, a person who takes term
policy of Rs.500000 for 20 years, if he dies before 20 years then his family will get the
insured amount. If he survive after 20 years then he will not get any amount from the
insurance company. It is the reason why term policies are very low cost. So, this type of
policy is not suitable for savings or investment.

 Whole Life Policy

As the name itself says, the policy holder has to pay the premium for whole life
till his death. This policy doesn’t address any other needs of the policy holder. Because
of these reasons this kind of policy is not very popular or insurance company not
suggesting to take this policy.
 Endowment Policy
It is the most popular Life Insurance Plans among other types ofpolicies. This
policy combines risk cover with the savings and investment. Ifthe policy holder dies
during the policy time, he will get the assured amount. Even if he survives he will receive
the assured amount. The advantage of this policy is if the policy holder survives after the
completion of policy tenure, he receives assured amount plus additional benefits like

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 Bonus, etc. In this kind of policy, policy holder receives huge amount while completing
the tenure. In addition to the basic policy, insurers offer various benefits such as double
endowment and marriage/ education endowment plans. The cost of such a policy is
slightly higher but worth its value.

 Money Back Policy

Money Back Policy is to provide money on the occasions when the policy holder
needs for his personal life. The occasions may be marriage, education, etc. Money will
be paid back to the policy holder with the specified duration. If the policy holder dies
before the policy term, the sum assured will be given to his family. A portion of the sum
assured is payable at regular intervals.

 Annuities and Pension

An annuity is a series of periodic payments. An annuity contract is an insurance
policy, under which the annuity provider (insurer) agrees to pay the purchaser of annuity
(annuitant) a series of regular periodical payments for a fixed period or during someone's
life time. In an annuity, the insurer agrees to pay the insured a stipulated sum of money
periodically. The purpose of an annuity is to protect against risk as well as provide money
in the form of pension at regular intervals. Over the years, insurers have added various
features to basic insurance policies in order to address specific needs of a cross section
of people.

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DEPARTMENTAL DETAILS IN LIC

Zonal Office

Divisional Office

Branch Office

New Business Claims

Department Department
Office Service
Department

Sales
Department

Accounts Micro
Department Department

Policy Service
Department

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CUSTOMER SATISFACTION REGARDING PRODUCT AND SERVICES

CUSTOMER SATISFACTION REGARDING PRODUCT AND SERVICES

Life insurance industry recorded a premium income of 2, 65,450 crore during 2014-15
as against 2, 21,785 crore in the previous financial year, registering a growth of 19.69 per cent.
While private sector insurers posted 23.06 per cent growth (25.09 per cent in previous
year) in their premium income, LIC recorded 18.30 per cent growth (5.01 per cent in previous
year). We are committed to customers’ satisfaction and, hence have customers oriented
approach. This attitude envelops the entire organization and influences every function. We
emphasize on delivering superior quality products, premium packaging, competitive rates and
on-schedule delivery.

OBJECTIVES OF LIC
1. Spread life insurance widely in particular to the rural areas to socially and
economically backward class. This is done with a view to reach all the insurable
persons in the country to provide them adequate financial cover against death at a
reasonable cost.
2. To maximize mobilization of people’s savings by making insurance linked savings
adequately attractive.
3. Bearing in mind, the primary obligation to its policyholders, whose money hold in
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 trust, the investible fund to be deployed to the best advantage of the investors as
well as the national priorities and the obligations of attractive returns.
4. To conduct business with utmost economy and keeping in mind that the money
belongs to the policyholders.
5. It acts as a trustee of the insured public in its individual and collective capacities.
6. To meet the various life insurance need of the community that would arisein the
changing social and economic environment.
7. It ensures that all people working in the corporation are involved 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.

SERVICE QUALITY OF LIC

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INSURANCE PLANS IN LIC

The following insurance plans are on offer. They provide the mostsuitable options
that can fit customer’s requirement.

LIC Product Portfolio

Children Plans Money Back Plans

 Jeeevan Anurag  Jeevan Varsha
 CDA Endowment Vesting at 21  The Money Back Policy-20 years
 CDA Endowment Vesting at 18  The Money Back Policy-25 years
 Jeevan Kishore  Jeevan Surabhi-15 Years
 Child Career Plan  Jeevan Surabhi-20 Years
 Child Fortune Plus  Jeevan Surabhi-25 Years
 Marriage Endowment or  Bima Bachat
EducationalAnnuity Plan
 Jeevan Chhaya Special Money Back Plan for women
 Child future Plan  Jeevan Bharti-1

Plans for Handicapped Dependents Whole Life Plans

 Jeevan Aadhar  The Whole Life Policy
 Jeevan Vishwas  The Whole Life Policy –Limited Payment
 The Whole Life Policy – Single Premium
 Jeevan Anand
Endowment Assurance Plans  Jeevan Tarang
 The Endowment Assurance Policy
 The Endowment Assurance
Policy-Limited
Payment Term Assurance Plans
 Jeevan Mitra (Double Cover  Two year Temporary Assurance Plan
EndowmentPlan)  The Convertible Term Assurance Policy
 Jeevan Mitra (Triple Cover  Anmol Jeevan- 1
EndowmentPlan)  Amulya Jeevan -1
 Jeevan Anand
 New Janraksha Plan Plans for High Worth Individuals
 Jeevan Amrit  Jeevan Shree-1
 Jeevan Pramukh
Joint Life Plan
 Jeevan Sathi Unit Linked Plans
 Decreasing Term Assurance To  Market Plus –I
CoverHome Loan Payment  Profit Plus
 Mortgage Redemption  Fortune Plus
Pension Plans  Money Plus-I
 Jeevan Nidhi  Child Fortune Plus
 Jeevan Akshay-VI
 New Jeevan Dhara-I
 New Jeevan Suraksha-I

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 Group Scheme Special Plans
 Group Term Insurance Schemes Golden Jubilee Plan
 Group Term Insurance Scheme in  New Bima Gold Special Plan
Lieuof EDLI  Bima Nivesh 2005
 Group Leave Encashment Scheme  Jeevan Saral
 Group Mortgage Redemption  Jeevan Madhur
AssuranceScheme  Health Plus
 Gratuity Plus Social Security Scheme
 Group critical Illness Rider  Janashree Bima Yojna (JBY)
 Siksha Sahayog Yojana
 Aam Admi Bima Yojana

FACTORS AFFECTING LIFE INSURANCE POLICY

Life Insurance policy is a contract between the insurance company and the insured or the
policy holder. The objective of buying a best life insurance policy in India is to cover you
adequately so that in case of your death, your beneficiary still manages to maintain the same
lifestyle. The death benefit can also help pay off debts or overcome the contribution of your
earnings.
But nevertheless, buying a good life insurance policy covering your needs appropriately
is absolutely dependent on you. You have to be very clear about what is dear to you and what
you want to cover. If you are the only breadwinner in the family then your goal should be to
cover yourself adequately or if there are other members like your spouse contributing to the
earnings, get you and your spouse a good cover sufficient to protect your family in times of
crisis.
Many people look at life insurance policies critically, but it is the only financial support
one can expect in critical times. This is also the reason we paypremium year after year to avail
its service. Factors that predominantly affect your life insurance policy are:

1. Age - The younger you are the premium will be cheap. The moments youget old
the premium tend to rise. This is because the older you get you are moreprone to risks
than the younger people. An insurance company does this slotting as per the mortality
chart available to them.
2. Sex - The studies has revealed that women folks live longer than men. Thus the
premium of a man's life insurance policy is always on the higher side than that of a
woman. The researches have justified early death of man because of stressful life they
lead, the pressure of being the bread winner, etc.
3. Occupation - If you are a pilot the premium of your policy will definitely behigh
because your job involves high risk. And the insurance companies charge you for

26 | P a g e
 covering the risk. If you are a teacher you are working in a low risk zone so your
premium will be lower.
4. Health - Health is often the most important factor, followed by age and sex which
affects your life insurance policy. Someone with poor health will have topay a very
high premium, or even be uninsurable. Poor health raises the rates for life insurance
policy because it decreases the number of years you are likelyto pay premiums and
increases the risk of paying a claim early.
5. Lifestyle - If you lead a lavish life then your premium to be paid will obviously be
on the higher side. To enable your beneficiary to maintain the same grand lifestyle, you
have to cover yourself exponentially.

SWOT ANALYSIS OF LIC

The SWOT Analysis involves an in depth study of the strength and weakness of the provided
organization and it also provides information to the promoter, consultant, other agencies and
helps in long term viability of the project.

 STRENGTH
1. It is the oldest and most well experienced player having a Plan Indiapresence.
2. LIC has a strong and very well developed distribution network.
3. It is has consumer base and evolved as one of the most powerful brands ofthe
country.
4. It has a large product portfolio and claim settlement is easier to get.
5. It has the advantage of government guarantee is accompanied with it.

 WEAKNESS
1. Its employees and other staff are lethargic and least motivated to renderprompt
and sincere customer service.
2. After sales customer grievance redressed mechanism is inefficient.
3. Agents not taking into account the needs of people and promote policieshaving
high commissions only.
4. Very slow decision making and internal problems between top managementand
lower cadre staff.

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  OPPRUTUNITIES
1. Emergency of a huge concern over average income consumers of market inthe
country
2. People becoming more aware and demanding so there is scope for a wholelot of
innovative products.
3. Pension markets, health insurance and large real estate portfolio.

 THREATS
1. There is too much internal discord.
2. Entry of new private players in industry.
3. Red-tapes is very much persistent.

CHALLENGES FACING THE INSURANCE INDUSTRY FOR FUTURE GROWTH

“… Growing profit in a mature business such as insurance requires reducing costs”

(Source : Secondary data for www.licindia.in)

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 LIC OPERATIONS IN INDIA (CURRENT VIEW)

Source-:(Secondary data for https//licindia.in)

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RECENT AWARDS AND ACHIEVEMENTS OF LIC

(1) (2) (3) (4)

(5) (6) (7) (8)

(9) (10) (11) (12)

(13) (14) (15) (16)

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AWARD NAMES OF LIC

1. Readers Digest Trusted Brand Award 2008 in the Platinum category

2. CNBC Awaaz Consumer Awards 2008
3. Golden Peacock Innovative Product / Service Award – 2009
4. Loyalty Award 2009
5. ET Brand Equity Award for Top Brand in Insurance Category
6. Outlook Money Award for Best Life Insurer
7. AIMA High Performance Award
8. Readers Digest Trusted Brand
9. Power Brand Award
10. Global Youth Marketing Award for Most preferred Life Insurance
Company
11. Shoppers & Consumers Insight Award
12. MY FM Stars of Industry Award for Excellence in Life Insurance
13. World Brand Congress Award for Brand Excellence
14. World HRD Congress Award for Innovative HR practices
15. ABCI Award for House Magazine Yogakshema
16. INDY's Gold Award for House Magazine Yogakshema

VISION, MISSION AND QUALITY POLICY OF LIC

 VISION

A Globally focused budgetary combination for organizations and PRIDE OF

INDIA.

 MISSION

Guaranteeing and improving individuals' personal satisfaction through money

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

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  QUALITY POLICY

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

AREA PROFILE – THANJAVUR DIVISION

 Thanjavur District lies in the East Coastal region of Tamil Nadu. It is situated
between 9 50’ and 11 25’ of the northern latitude and 78 45’ and 7025’ /of the
Eastern longitude. It extends to an area of 3396.57 sq.kms. The District is bounded
on the north by the Coloroon which separate it from Perambalur and
Tiruchirappalli district, and on the East it is bounded by the Thiruvarur and
Nagapattinam districts, and on the South by the Palk Strait and Pudukottai district
and on the West by Pudukkottai and Thiruchirappalli districts.
 The district can be divided into two distinct division, viz., the deltaic region, the
upland area or non-deltaic region. The deltatic region covers the whole northern
and eastern portions of the district where the river Cauverywith its wide
network of branches irrigate more than half of the district. It comprises the whole
of Kumbakonam taluk and parts of Thanjavur, Papanasamtaluks. The rest of the
southern and western areas of the district are non-deltaic or upland region. A good
portion of upland regions which was dry has now been brought under irrigation
with the help of Grand Anaicut canal, fed by the Cauvery-Mettur Project and by
extension of the Vadavar river. Non-deltaic region is also devoid of hills and
slopes gradually seawards. Agriculture is the main activity in the District. Paddy,
Sugarcane, Coconut, Plantain are the majorcrops in the District.
 There are a number of ancient temples in the district and most of them are located
on the banks of river Cauvery and its tributaries. The existence of about 75 ancient
temples in the district have been recorded in the “Thevaram” sung by Nayanmar
and were discovered from Chidambaram temple by the Chola King-Raja Raja I
and only a part of it could be traced out. Of 108 Vaishnavite Thivyaadesams (Holy

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 Places sung by Vaishnavite Saints-Alwars) 12 places are situated in the district.
The Brahadeeswarar Temple at Thanjavur and the Siva temples at Darasuram and
Thirubuvanam are typical landmarks of Chola architecture.
 “Raja Rajeswaram” temple at Thanjavur built by Raja RajaI shows the expertise
and skill of Tamil architecture. This temple is remarkable for its stupendous
proportions and bold simplicity of designs and continuing a historical movement
of glory and spiritual solace. During 1987, the temple was inscribed on the world
heritage list concerning the protection of world cultural and natural heritage.

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 CHAPTER II
REVIEW OF LITERATURE

INTRODUCTION
Review of literature is a critical summary of research on a topic of interest, often
prepared to put a research problem in a context. A reviewincluded a research report, which
include a brief literature reviews with their introduction. To provide readers with a quick
overview of the being addressed document the need for the new study & demonstrate how it
will contribute to existing evidence.
.
 Doddas, J.C and Croom Helm (1979): “The Insurance Behavior of British Life
Insurance Companies” Croom Heln Ltd., 1979.

 Grönroos C.(1982): The quality of a service perceivedby customers will differ

depending on what strategy the company chooses to deliver and promote the service.
The service quality model by Grönroos holds that the quality of a service, as it is
perceived by the customer, can be divided into technical quality and functional quality.

 Gronroos C.(1984) : Discusses the technical (outcome) quality of service encounters,

i.e. what is received by the customers’ and the functional quality of the process, in way
the service is delivered together with the corporate image dimension of quality.

 Parasuraman A., Zeithaml V.A. and Berry L.L. (1985) : In his article service quality
as a ‘function of the difference between expectation and performance along the quality
dimensions’.

 Parasuraman A. (1988) : Showed that service quality could be measured as the

discrepancy between perceived and expected service through five dimensions:
Reliability-ability to perform the promised service dependably and accurately,
Responsiveness-willingness to help customers and provide prompt service, Assurance-
ability to inspire trust and confidence, Empathy-the caring, individualized attention
provided to customers and Tangibles.

 John P. Murray, Jr. John L. Lastovicka and Surendra N. Singh (1992): Examined
the role of advertising likeability in predicting the performance of ad campaigns. The
likeability level varied from high to low from one product to another. The findings of
the study were based on an experimental design and are proving whether advertising
likeability causes purchase, because individuals who like the ad could be different

34 | P a g e
 individuals from those who purchase the product. Four different ads were used in the
study and for each ad the ad likeability in the copy test significantly predicted
brand attitude butfailed to predict campaign-induced brand attitude in the post test.

 Bitner, Booms and Mohr (1993) : Defined service quality as ‘the consumer’s overall
impression of the relative inferiority / superiority of the organization and its service’.
Therefore, service quality is key of survival ofall servicing companies.

 Cronin J.J. and Taylor S.A. (1994) : Viewed service quality as a form of attitude
representing a long-run overall evaluation. Maintaining service quality at certain level
and improving service quality must be life-time efforts to those companies who desire
life-time prosperity in customers heart.

 Gidhagen (1998) : Has made an attempt to develop a conceptual framework from a

relationship perspective for the study of insurance service marketing. Deregulation and
internationalization have created a new, increasingly competitive business climate.
The focus of this research work ison the relationship between insurance companies
and their corporate customers.

 Cawley and Philipson (1999) : In the life insurance market, provide evidence against
the existence of adverse selection using multiple data sources. In particular, using the
HRS dataset, they show that both the self-reported mortality and the estimated actual
mortality are negatively or neutrally correlated with coverage, after controlling for age,
gender, smoking status, marital status, income and wealth and bequest motives. In other
words, their results imply that higher-risk individuals are less likely or at least not more
likely to have life insurance coverage than the lower-risk individuals. They suggest that
a potential explanation for their findings is that individual policyholders may not have
better information about their mortality risk than the life insurers after underwriting.

 Mishra K.C. and Simita Mishra (2000) : Brings the position of insurancecompared
with European countries, where life insurance accounts for 58% of global direct
premium and non-life 42% during the year 1997. The study states that the need for
insurance arises when economic activity increases, family becomes nuclear, kins
gets geographically dispersed and individual become more dependent on employment.
The author analyses the to ten largest insurance markets and how they are ranked by
revenue in the year 1998.

 Agarwal R.F.(2001) :Has attempted to study the importance of information technology in

the insurance industry and brings out the efficient need of providing improved services
when there is completion due to private entry. In an insurance company the service of it
may be utilized in many areas like customer service, claim management, human resources
etc. it is assumed that to have an overall increase in the size of the insurance market,
information technology must be used on a much vigorous basis for more extensive
penetration.

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  Ajay K. Ranjan and Mukesh Dhunna (2002) : Analyzed the social implications in
opening up of insurance sector to private players to find reasonsas to why there was
private entry after nationalization, what are the socialissues so far and how the
reforms in Indian insurance industry. The reason for private players, based on
competition is to enhance resource utilization, reduction in premium cost, funds to
mobilize domestically, better pay packagesand to attract inflow of foreign capital. The
study also reveals that most of the private players concentrate on business only in urban.

 Pramod Pathak and Saumya singh (2003) : In their research try to find out the
competitiveness of LIC in view of entry of new players and carried out as SWOT
analysis to suggest some strategies. The objective of the study wasto help the public
sector insurance giant to increase the market share, to help LIC to retain old customers,
and to attract new customers.

 Clemon, Hitt and Croson (2004) : In his study there are three principal issues i.e.
transparency, disintermediation and different pricing that will determine the
transformation of retails financial services, including life insurance companies. The
author have postulated that financial services industries are giving to be transformed
by these three trends.

 Chiappori (2005) : In his study revealed that a positive correlation between risk
outcome and insurance coverage, conditional on the observables used in pricing.

 Mandal, (2006) : Insurance being a service with very high degree of intangibility, the role
of intermediaries is very vital to the distribution of insurance products. Individual agents
dominate Indian life insurance distribution. Study lists down the key attributes to become
successful as a life insurance agent. Agent’s role does not come to an end with the sale of
policy but it marks a beginning of relationship between the customer and the agent as life
insurance contracts are long by nature.

 Goodenow and Painter-Eggers of LIMRA (2007) : Electronically surveyed more than

1,000 members of a national consumer panel in the US market in order to gauge consumers’
financial literacy and their own assessments of their financial preparedness for the future.
All participants were at least 25 years of age with a minimum household income of
$75,000. Research shows that households with incomes at this level or more are far more
likely to rely on a financial advisor than those whose household incomes are less than
$75,000 per year.

 Nanda (2008) : Has recorded the huge potential in the country in life insurance market and
states that India is the second fastest growing economy in the world next to China and the
fourth largest economy in terms of purchasing power parity. Citing a NCAER report, the

36 | P a g e
 author observes that 30% of India’s population has the earning capability between
Rs.80000 and Rs.2 lakhs and adds that 50% of this population lives in the rural areas, which
provides the huge opportunity for life insurance agents. The author describes the attitudes,
approach and skill required to become a successful life insurance agent.

 Kirti Dutta (2009) : In her study on consumer beliefs and attitudestowards advertising
media concluded that the imperative for marketers is to create advertisements that are
believable and contain relevant information about the product. The messages in the
advertisements should focus on benefits and attributes with the required amount of
creativity in it to get maximum results.

 Alok Mittal (2010) : Senior faculty (Marketing) Shri RGP Gujarati Professional institute,
Indore and Akash Kumar Senior faculty, Alumnus, Prestige Institute of Management
Research, Indore in the survey is different and there is a weak relationship between
consumer’s judgment and class of products as demographic variables are not performing
as expected, it seems advisable to focus on alternate factors.

 Joginder Singh Arora, (2011) : The distribution channels in life insurance sector has been
critically examined from the period of 2001 to 2011. Distribution channels are means to
reach potential customers. The efficiency professionalism, effectively of the distribution
channels will directly result into the performance of the company.

 Anshuja Tiwari (2012) : Evaluated banc assurance model of distribution of insurance

services has been discussed with reference to lift insurance industry. Insurance sector
was opened up in the year of 2000. Before that only individual insurance agent was
allowed to sell life insurance products But catering the need of industry IRDA
introduced several other distribution option like corporate agent, broker, direct selling
and banc assurance

 Mahajan (2013) : Conducted a study on customer decision making process in insurance

services and found that there are five stages i.e need recognition, search of alternative,
evaluation. Special considerations pertaining to insurance industry are perceived risk, risk
and information. She even formulated certain stages to improve customer awareness about
benefits of life insurance products like focusing on marketing techniques. Thus, she
concluded that the consumers perception towards life insurance policies is positive. There
is a positive mind sets developed for their investments pattern, in insurance policies. Still
some actions need to be for developing insurance market.

 Harinam Singh (2014) : Attempted to identify the overview of customers on various life
insurance companies of Uttar Pradesh. The authors revealed that insurance is the mainstay
of any market economy which has a scope to pool large financial sources FPR longer
periods of time. The study suggested that insurance companies should provide customized
solutions for the customers in acustomized manner by understanding the needs of
customers.

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  C. Balaji (2015) : In his paper- Customer awareness and satisfaction of life insurance
policy holders with reference to Mayiladuthurai town tries to measure awareness among
the urban and rural consumer about the insurance sector and also the various policies
involving various premium rates. The study was conducted by examining around 100
sample respondents which revealed that 100% of respondents are aware of the life
insurance policies; where as 87% of the respondents came to know about insurance policies
through agents. But it also came to light that Most of the respondents are aware of
government insurance company LIC and in the private sector HDFC Standard Life
insurance. Finally, the research concludes that the penetration level of insurance in India is
only 2.3% when compared to 9-15% in the developed nations. So, there is huge market for
the Insurance products in the future in India.

 Sandeep chaudary (2016) : Has extracted six factors of that influencing customer
behavior namely customized and timely service, better company reputation customer
convenience, better service quality, tangible benefits and effective customer relationship
management based on the sample of 100 respondents.

 Prof. G. Prabharara (2017) : Says days of grace or grace period is the 'extra time'given
to the policyholder for payment of installment premium after the duedate, during which
the policy remains in force. It is normally provided for a period of a fortnight to a month.
Grace period is meant to be a convenience to the policyholders, some of whom may not be
able to pay the premium on time due to certain preoccupations.

 Guru and Umamaheswari (2018) : In their research concluded that among the various
other factors, the major variables that control the insight of the consumers towards life
insurance policies positively were quality of the service offered, relationship between the
client and company and reputation of the company. The growth rate of insurance industry
in India is faster and hence it has become significant for the insurance companies to identify
and comprehend the factors that persuade the perception of the consumers and the same
can be utilized as the supportive feature in developing fresh and pioneering items which
meet the consumer’s expectation.

 Guru and Umamaheswari (2019) : In their research on factors deciding selection of

policies of private life insurance companies among consumers in Thanjavur District
explored that Price, product uniqueness, accessibility and promotions impacts the purchase
decision of consumers upon the various policies of private life insurance companies
significantly and positively. The agents are supposed to provide better and accurate
services and settle claims without any delay or issues. Private life insurance companies are
required to appreciate precisely the financial needs of consumers and should set easy and
uncomplicated terms and conditions for purchasing their life insurance policies. In
addition, private life insurance companies have to bring in different innovative products to
fulfil needs of various consumer segments.

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  Kishor Kumar Meena (2020) : The impact of foreign investment in life insurance sector
has been studied. It is observed that private sector life insurance companies are breading
life insurance market and creating new business records. Easier it was LIC monopoly over
this Sector. Due to foreign investment, the needed capital is available.
It has helped to boost life insurance business in the country.

 According to a report by Arthur D Little (2022) : Nowadays many people consider

insurance as a necessary safeguard against unexpected circumstances due to the COVID-
19 pandemic. Though, it is difficult to trace the definite period of time when this pandemic
situation will come to an end, it can be hypothesized that the impact of the COVID-19
pandemic on this industry will be broad, rapid and negative, but in the long run there may
appear to be positive consequences for the entire insurance industry. According to Morelli
(2020), the demand for life insurance among the young people of age 18- 39 has already
been increased during this COVID-19 pandemic situation. He also finds that 95% people
have shown their willingness to buy a life insurance policy and want to sign an insurance
contract.

POLICYHOLDERS GENERAL REVIEW

 LIC is owned by the government and therefore it is the only company besides the PPF
that has the sovereign guarantee of the govt. of India. It is a different story that today
LIC has become so powerful that the govt. leans on LIC every time that the Stock
Market crashes. Imagine having an Asset base ofover Rs.6 Lakh Crore that’s a 14 digit
number! No company in India can boast of such figures. Mind blowing.
 LIC the only Life Insurance Company is making profits. Most of the Private Insurers
including the self proclaimed market leaders like ICICI and Bajaj Allianz are booking
heavy losses. Check IRDA website in the Annual Report column. The point is that if
an insurance company makes losses year over year, then how will they manage to pay
the Claim amount? After all no Insurance company is here to do charity business.

 When it comes to paying claims, again LIC is Number One with the claims settlement
ratio of more than 99%. Private Insurers cannot match LIC’s ability on claims
settlement.
 LIC has the world’s largest sales force, yes over 10 lakh agents and now universities
in western countries are trying to study how a company managedto appoint such a
large sales force. A sales force of over 1 million! Truly a remarkable achievement.
 Many people argue that LIC has not been able to penetrate the market asit has insured
only 15% of the population. My point is, in a developing country like India where there

39 | P a g e
 are so many people living below the poverty line, so many people who die of starvation,
so many people who don’t have access to basic medication, so many people who don’t
have basic necessities of life like food, shelter, education and clothing. Will such a
person first feed his children or buy Insurance? Lets not forget that a majority of the
Indian population is poor and a substantial percentage is living below the poverty line.
At a personallevel I feel that LIC has done a good job.

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 CHAPTER-III
RESEARCH METHODOLOGY

STATEMENT OF THE PROBLEM

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

OBJECTIVES OF THE STUDY

 To Study the demographic profile and awareness level of therespondents in Thanjavur
district.
 To U n d e r s t a n d the perception on Customer Relationship activities ofLIC in
Thanjavur district.
 To Identify the factors influencing policy holders satisfaction in LIC products in
Thanjavur district.
 To Study about the entire scope of life insurance corporation in Thanjavur
district.

 To O f fer suggestions based on the findings of the study for a wider coverage
and improvement of insurance companies in Thanjavur district.

IMPORTANCE OF THE STUDY

Consumers’ satisfaction is the major focus of any marketer, whether marketing tangible
products or intangible services. Life insurance, as a service and intangible in nature could be
sold, only if the buyers are satisfied with the service. How far the customers are satisfied or to
what extent customers can be delighted? These are the concerns of the insurance providers. By
understandingthe level of consumers satisfaction, the marketer can take measures, to retain
the existing ones and to secure fresh customers, Hence this study in detail way, to find out the
extent of satisfaction of policyholders of Life Insurance Corporation.

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RESEARCH DESIGN
The research design of the project is descriptive as it describes data and characteristics
associated with the population described retail firms. Descriptive research is used to obtain
information concerning the current status of the phenomena to describe “what exists” with respect
to variables in a given situation.

AREA OF THE STUDY

This research is a survey carried on a limited scale. Thanjavur district was selected as the
geographical area of the research work.

PERIOD OF STUDY

The Study covers a period of January 2023 to September 2023.

STATISTICAL TOOLS USED

For this study Simple percentage method and Chi-square test were analysed.

The formula used to compute percentage analysis is

No. of Respondents

Percentage analysis= ------------------------------------------ x 100

Total no of respondents

SAMPLING DESIGN
The universe for the study is comprised to the policyholders of LIC in Thanjavur
Division. The sample, policy holders were picked from sampleframe, listed by the three branch
managers and five agents. The sample was a group as urban and rural clusters. In each cluster,
a sample of 200 policyholders was approached at the convenience of the researcher and the
policyholders.

SAMPLING METHOD

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 The sampling used for the study is convenient sampling. This sampling is selected by the
researcher for the purpose of convenience to access

SAMPLING SIZE
The Sampling size is 200 Respondents oniy.

SAMPLING TECHNIQUES
Structured Questionnaire is formed to collect the data. Judgment sampling was made in
Project work.

METHOD OF DATA COLLECTION

 Primary Data :
Primary data is that data which is collected for the first time. It is original in nature in
the shape of raw material for the purpose of collection of primary data a well structured
questionnaire was filled by the respondents. The questionnaire comprises of close ended
as well as ended questions.

 Secondary Data :
Secondary data has been collected from various sources such as journals,
magazines, publications and various websites including the official websites of IRDA
& LIC. The published research reports and market studies also helped the researcher
to probe into the problem for conducting study.

SCOPE OF THE STUDY

 The protection business has as of late developed significantly.

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

NEED FOR STUDY

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  The components affecting the decision of strategy don't contrast between the country and
urban policeman.
 The level of fulfillment with LIC's customer portrayal exercises by the yearly salary of the
policyholder. It doesn't contrast altogether.
 The dimension of consumer loyalty among country and urban clients does not contrast
essentially.
 It is fundamental to fulfill the client by giving quality client administration.
LIMITATIONS OF THE STUDY
As the study made with Primary and Secondary research, there arecertain limitations to the
study to be noticed.
1. Main limitation to the study was the time available to conduct it, which affected
the processing and analyzing of the data.
2. Sufficient number of respondents from all the LIC service could not be included.
3. The study is confined only to policyholder satisfaction of LIC and other related
issues are beyond the preview of present study
4. Due to time constrain the researcher covered only a limited period of study.
5. Sample size is limited to 200 Insurance Customers only. The sample size may not
adequately represent the whole market.
6. It is difficult to know if all the respondents gave accurate information; some
respondents tend to give misleading information.

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 CHAPTER - IV

DATA ANALYSIS AND INTERPRETATION

TABLE 4.1

GENDER

Particulars Respondents Percentage

Male 104 52
Female 96 48
Total 200 100
Source : Primary Data

Interpretation

The above the table and chart showing that 52% respondents belongs to the male category
and remaining 48% respondents belongs to female category of Gender Category.

CHART 4.1

Gender
106

104

102

100

98

96

94

92
Male Female

Gender

Source : Primary Data

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 TABLE 4.2

AGE FREQUENCY OF RESPONDENTS

Particulars Respondents Percentage

25-35 years 72 36
35-45 years 66 33
45-55 years 48 24
55 above 14 7
Total 200 100
Source : Primary Data

Interpretation
The above the table and chart depicts the 36% respondents are belongs to the age of
between 25-35 years, 33% respondents belongs to the age between 35-45 years, 24% respondents
belongs to the age between 45-55 and 7% respondents belongs to age of above 55 years of Age
Category.
CHART 4.2

Age Frequency of respondents

80

70

60

50

40

30

20

10

0
25-35 years 35-45 years 45-55 years 55 above

Age Frequency of respondents

Source : Primary Data

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 TABLE 4.3

OCCUPATION OF RESPONDENTS

Particulars Respondents Percentage

Employees 60 30
House wife 24 12
Student 26 13
Business 32 16
Retired 58 29
Total 200 100
Source : Primary Data

Interpretation
The above the table and chart depicts that 30% respondents belongs to the employee
category, 12%Nrespondents belongs to housewife category, 13% respondents belongs to student
category, 16% respondents are belongs to business category, remaining 29% respondents are
belongs to retired category for Occupation of Respondents.
CHART 4.3

Occupation of respondents
70

60

50

40

30

20

10

0
Employees House wife Student Business Retired

Occupation of respondents

Source : Primary Data

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 TABLE 4.4

INCOME LEVEL OF RESPONDENTS

Particulars Respondents Percentage

0-25000 rupees 78 39
25000-40000 rupees 72 36
40000-60000 rupees 28 14
Above 60000 22 11
Total 200 100
Source : Primary Data

Interpretation
The above table and graph showing that 39% of customers income level is between 0-
25000 rupees, 36% income level between 250000-40000 rupees, 14% customers income level is
40000-60000 rupees and 11% customers income is above 60000 rupees for the income level of
respondents.
CHART 4.4

Income level of respondents

90
80
70
60
50
40
30
20
10
0
0-25000 rupees 25000-40000 rupees 40000-60000 rupees Above 60000

Income level of respondents

Source : Primary Data

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 TABLE 4.5

REASONS FOR INVESTING IN LIFE INSURANCE POLICIES

Particulars Respondents Percentage

Multiple benefits offer 58 29
Income tax returns 28 14
Scheme are good 36 18
Recommended by family and friends 52 26
Others 26 13
Total 200 100
Source : Primary Data
Interpretation
The above table and graph showing that customers reasons for investing their money in
LIC 29% people investing for multiple benefit offer, 26% people investing by recommended by
family and friends, 18% people investing by schemes are good, 14% people investing by income
tax returns and 13% people investing by others reasons with the reason for investing insurance
policies.
CHART 4.5

Reasons for investing in life policies

70
60
50
40
30
20
10
0
Multiple benefits Income tax Scheme are good Recommended by Others
offer returns family and friends

Reasons for investing in life policies

Source : Primary Data

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 TABLE 4.6

SATISFIED WITH INVESTING MONEY

Particulars Respondents Percentage

Highly satisfied 14 7
Satisfied 64 32
Average 94 47
Dissatisfied 24 12
Highly dissatisfied 4 2
Total 200 100
Source : Primary Data

Interpretation
The above the table and graph showing that the7% respondents are highly satisfied with
their investing money, 32% respondents were satisfied, 47% respondents were average, 12%
respondents are dissatisfied and 2% respondents are highly dissatisfied with the Satisfied with
investing money.
CHART 4.6

Satisfied with investing money

100
90
80
70
60
50
40
30
20
10
0
Highly satisfied Satisfied Average Dissatisfied Highly dissatisfied
Satisfied with investing money

Source : Primary Data

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 TABLE 4.7

FOLLOWING POLICIES HAVE

Particulars Respondents Percentage

Endowment policies 44 22
Children policies 74 37
Pension plan policies 22 11
Single premium policies 24 12
Money back policies 20 10
Others 16 8
Total 200 100
Source : Primary Data

Interpretation
The above table and graph showing that 37% people respondents are have children policy,
22% people have endowment policy,12% people have single premium policy, 11% respondents
have pension plan policy,10% people respondents have money back policy and 8% respondents
have others policy with the following policies.
CHART 4.7

Following policies have

80
70
60
50
40
30
20
10
0
Endowment Children Pension plan Single premium Money back Others
policies policies policies policies policies

Following policies have

Source : Primary Data

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 TABLE 4.8

TERM POLICIES

Particulars Respondents Percentage

Up to 5 years 22 11
6 to 10 years 42 21
11 to 15 years 44 22
16 to 20 years 48 24
Above 20 years 44 22
Total 200 100
Source : Primary Data

Interpretation
The above table and graphs showing that the 11% respondents term policy are up to 5
years,21% respondents are 6 to 10 years,22% respondents are 11 to 15 years term policy, 24%
respondents are 16 to 20 years and 22% respondents are have above 20 years term policy with the
term policies.
CHART 4.8

Term policies
60

50

40

30

20

10

0
Up to 5 years 6 to 10 years 11 to 15 years 16 to 20 years Above 20 years

Term policies

Source : Primary Data

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 TABLE 4.9

PERIOD PREMIUM INSURANCE

Particulars Respondents Percentage

Monthly 18 9
Quartely 28 14
Half yearly 52 26
Yearly 102 51
Total 200 100
Source : Primary Data

Interpretation
The above table and graphs showing that the 9% respondents are pay monthly premium,
14% respondents are pay quartely premium, 26% respondents are pay half yearly premium and
51% respondents are pay yearly premium with the period of premium insurance.
CHART 4.9

Premium insurance
120

100

80

60

40

20

0
Monthly Quartely Half yearly Yearly

Premium insurance

Source : Primary Data

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 TABLE 4.10

SATISFIED WITH THE RATES OF INSURANCE POLICIES

Particulars Respondents Percentage

Highly satisfied 28 14
Satisfied 64 32
Neutral 72 36
Unsatisfied 20 10
Utterly unsatisfied 16 8
Total 200 100
Source : Primary Data

Interpretation

The above table and graph showing that 14% respondents are highly satisfied by their
satisfied rates, 32% respondents are satisfied, 36% respondents are neutral, 10% respondents are
unsatisfied and 8% respondents are utterly unsatisfied with the rates of insurance policies.
CHART 4.10

Satisfied with the rates of insurance policies

80
70
60
50
40
30
20
10
0
Highly satisfied Satisfied Neutral Unsatisfied Utterly unsatisfied

Satisfied with the rates of insurance policies

Source : Primary Data

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 TABLE 4.11

AGENT RECOMMEND ABOUT INSURANCE

Particulars Respondents Percentage

Yes 164 82
No 36 18
Total 200 100
Source : Primary Data

Interpretation

The above table and graphs showing that 82% respondents are recommended by agent
about the life insurance and 18% respondents are not recommend by an agent recommend about
insurance.

CHART 4.11

Agent Recommend about insurance

180
160
140
120
100
80
60
40
20
0
Yes No

Agent Recommend about insurance

Source : Primary Data

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 TABLE 4.12

CORRECT INFORMATION IS PROVIDES BY AN AGENT REGARDING PRODUCTS

AND SERVICES

Particulars Respondents Percentage

Yes 124 62
No 76 38
Total 200 100
Source : Primary Data

Interpretation

The above table and graphs showing that 62% respondents are happy with their agent by
proving the correct information and 38% respondents are not happy with the agents with the correct
information is provide by an agent regarding products and services.

CHART 4.12

Correct information is provides by an agent

regarding products and services
140

120

100

80

60

40

20

0
Yes No
Correct information is provides by an agent regarding products and services

Source : Primary Data

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 TABLE 4.13

BROCHURE LANGUAGE

Particulars Respondents Percentage

Strongly agree 26 13
Agree 90 45
Neutral 62 31
Disagree 16 8
Strongly disagree 6 3
Total 200 100
Source : Primary Data

Interpretation
The above table and graphs showing that 45% respondents agree with the brochure
language, 31% respondents are neutral, 13% respondents are strongly agree with the brochure ,8%
respondents were disagree and 3% respondents are strongly disagree with the brochure language.
CHART 4.13

Brochure language
100
90
80
70
60
50
40
30
20
10
0
Strongly agree Agree Neutral Disagree Strongly disagree
Brochure language

Source : Primary Data

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 TABLE 4.14

AGENT DO NOT DISCLOSE NEGATIVE POINTS

Particulars Respondents Percentage

Strongly agree 10 5
Agree 120 60
Neutral 54 27
Disagree 10 5
Strongly disagree 6 3
Total 200 100
Source : Primary Data

Interpretation
The above table and graphs showing that 5% respondents are strongly agree with the agent
do not disclose the negative points of the scheme,60% respondents are agree with this points, 27%
respondents are neutral and 5% respondents were disagree or 3% respondents are strongly disagree
with the agent do not disclose negative points.
CHART 4.14

Agent do not disclose negative points

140

120

100

80

60

40

20

0
Strongly agree Agree Neutral Disagree Strongly disagree

Agent do not disclose negative points

Source : Primary Data

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 TABLE 4.15

EXPLAINED TERMS AND CONDITIONS OF LIC

Particulars Respondents Percentage

Strongly agree 12 6
Agree 70 35
Neutral 62 31
Disagree 36 18
Strongly disagree 20 10
Total 200 100
Source : Primary Data

Interpretation
The above table and graph showing that 6% respondents are strongly agree with the terms
and condition,35% respondents are agree ,31% respondents are neutral, 18% respondents are
disagree and 10% respondents are strongly disagree with explained terms and conditions.
CHART 4.15

Explained terms and conditions of LIC

80

70

60

50

40

30

20

10

0
Strongly agree Agree Neutral Disagree Strongly disagree
Explained terms and conditions

Source : Primary Data

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 TABLE 4.16

PROCEDURES SERVICES OF LIC

Particulars Respondents Percentage

Fully satisfied 18 9
Satisfied 62 31
Neutral 90 45
Unsatisfied 26 13
Utterly unsatisfied 4 2
Total 200 100
Source : Primary Data

Interpretation
The above table and graphs showing that 9% respondents are fully satisfied with services
procedure, 31% respondents are satisfied, 45% respondents are neutral, 13% respondents are un
satisfied and 2% respondents are utterly unsatisfied procedures and services for the LIC.
CHART 4.16

Procedures services of LIC

100
90
80
70
60
50
40
30
20
10
0
Fully satisfied Satisfied Neutral Unsatisfied Utterly unsatisfied
Procedures services

Source : Primary Data

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 TABLE 4.17

EASY TO CONTACT

Particulars Respondents Percentage

Yes 186 93
No 14 7
Total 200 100
Source : Primary Data

Interpretation

The above table and graph showing that 93% respondents are belongs to easily contact and
communicate with the insurance authority and 7% respondents are not belongs with the easy to
contact.

CHART 4.17

Easy to contact
200
180
160
140
120
100
80
60
40
20
0
Yes Easy to contact No

Source : Primary Data

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 TABLE 4.18

SATISFACTION OF PREMIUM INSURANCE

Particulars Respondents Percentage

Yes 130 65
No 70 35
Total 200 100
Source : Primary Data

Interpretation :

The above table and graph showing that 65% respondents are received insurance premium
and 35% respondents are not received insurance premium with the category of satisfaction on
premium insurance.

CHART 4.18

Satisfaction On Premium insurance

140

120

100

80

60

40

20

0
Yes No
Premium insurance

Source : Primary Data

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 TABLE 4.19

MORE IN INSURANCE POLICY

Particulars Respondents Percentage

More benefits 178 89
More security 14 7
Others please specify 8 4
Total 200 100
Source : Primary Data

Interpretation :

The above table and graph showing that 89% respondents are get more benefits
insurance,7% respondents are more security and 4% respondents are belongs to others with the
more in insurance policy of LIC.

CHART 4.19

200
More in insurance policy
180
160
140
120
100
80
60
40
20
0
More benefits More security Others please specify
More in insurance policy

Source : Primary Data

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 TABLE 4.20

RETURNS IN INSURANCE POLICIES

Particulars Respondents Percentage

Highly satisfied 6 3
Satisfied 34 17
Average 90 45
Dissatisfied 70 35
Highly dissatisfied 0 0
Total 200 100
Source : Primary Data

Interpretation
The above table and graph showing that 3% respondents are highly satisfied with the
returns in insurance policies, 17% respondents are satisfied ,45% respondents are average and 35%
respondents are dissatisfied with the returns in insurance policies.
CHART 4.20

Returns in insurance policies

100
90
80
70
60
50
40
30
20
10
0
Highly satisfied Satisfied Average Dissatisfied Highly dissatisfied
Returns in insurance policies

Source : Primary Data

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 CHAPTER -V
SUMMARY OF FINDINGS, SUGGESTIONS AND CONCLUSION

INTRODUCTION
The objective of this chapter is to present the summary, findings and suggestions of the
study. The chapter consists of three sections. The firstsection gives the summary of all the chapters
of the study. The summary includes a brief inference of the study. The second section gives the
findings of the study of the secondary and primary data collected, analyzed and interpreted, some
important findings are enlisted. The last section gives some suggestions to overcome problems that
have been identified from the study.

SUMMARY – FOCUS
The marketing is regarded as the pivotal force behind strategic planning and business
operations. The firm must be suitably staffed to enable it to perform marketing analysis, planning
and implementation. The marketing effectiveness is contingent upon the adeptness and adeptness
of managers to deliver profitable strategies from its philosophy, organization and information
resources. The issue of marketing effectiveness is particularly significant to those associated with
the management of financial services. The marketing service organization, should study the
market, recognize the numerous opportunities, select the most appropriate market segments, to
offer superior value and meet the selected customers' needs and wants.

The modern marketing seeks to attract new customers by promising superior value and to
keep current customers by delivering satisfaction. The sound marketing is critical to the success
of all organizations, whether large or small, profit or non-profit, and domestic or global. The people
mostly think of marketing as only selling or advertising. But marketing companies do many
activities like market research, product development, distribution, pricing, advertising, personal
selling. The research that links customer satisfaction to other business measures usually defines
satisfaction as a Customers overall evaluation of the consumption experience. The customer
satisfaction research demonstrates a positive impact of Satisfaction on both market value and
accounting returns. Because of a 'front loading" of customer costs and a 'back loading" of revenues
over the course of one's relationship with customers, satisfied and loyal customers are more
profitable. This predicts the framework that is the relationship from customer satisfaction to

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business results. The research study was carried out mainly to measure and evaluate the
effectiveness of marketing on the business performance.

FINDINGS OF THE STUDY

1. In the respect of gender basis majority 52% respondents belongs to the male category and
remaining 48% respondents belongs to female category. (Table 4.1)
2. The Customers age group that majority 36% respondents are belongs to the age of between
25-35 years, 33% respondents belongs to the age between 35-45 years, 24% respondents
belongs to the age between 45-55 and 7% respondents belongs to age of above 55 years.
(Table 4.2)
3. In the respect of studied type of family in their status analysis occupation of respondents.
In that majority 30% respondents belongs to the employee category, 12% respondents
belongs to housewife category, 13% respondents belongs to student category, 16%
respondents are belongs to business category, remaining 29% respondents are belongs to
retired category. (Table 4.3)
4. In the respect of studied type of family in their status analysis income level of respondents.
In that majority 39% of customers income level is between 0-25000 rupees, 36% income
level between 250000-40000 rupees, 14% customers income level is 40000-60000 rupees
and 11% customers income is above 60000 rupees. (Table 4.4)
5. In the respect of studied in their status analysis for investing their money in LIC In that
majority 29% people investing for multiple benefit offer, 26% people investing by
recommended by family and friends, 18% people investing by schemes are good, 14%
people investing by income tax returns and 13% people investing by others reasons. (Table
4.5)
6. In the respect of studied in that majority 47% respondents were average,7% respondents
are highly satisfied with their investing money, 32% respondents were satisfied, 12%
respondents are dissatisfied and 2% respondents are highly dissatisfied. (Table 4.6)
7. In the respect of studied in that majority 37% people respondents are have children policy,
22% people have endowment policy,12% people have single premium policy, 11%
respondents have pension plan policy,10% people respondents have money back policy
and 8% respondents have others policy. (Table 4.7)

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 8. In the respect of studied in that majority 24% respondents are 16 to 20 years, 11%
respondents term policy are up to 5 years,21% respondents are 6 to 10 years, 22%
respondents are 11 to 15 years term policy, and 22% respondents are have above 20 years
term policy. (Table 4.8)
9. In the respect of studied in that majority 51% respondents are pay yearly premium. 9%
respondents are pay monthly premium, 14% respondents are pay quarterly premium, 26%
respondents are pay half yearly premium. (Table 4.9)
10. In the respect of studied in that majority 14% respondents are highly satisfied by their
satisfied rates, 32% respondents are satisfied, 10% respondents are unsatisfied and 8%
respondents are utterly unsatisfied. (Table 4.10)
11. In the respect of studied in that majority 82% respondents are recommended by agent
about the life insurance and 18% respondents are not recommend by an agent. (Table 4.11)
12. In the respect of studied in that majority 62% respondents are happy with their agent by
proving the correct information and 38% respondents are not happy with the agents. (Table
4.12)
13. In the respect of studied in that majority 45% respondents agree with the brochure
language, 31% respondents are neutral, 13% respondents are strongly agree with the
brochure ,8% respondents were disagree and 3% respondents are strongly disagree. (Table
4.13)
14. In the respect of studied in that majority 60% respondents are agree with this points, 5%
respondents are strongly agree with the agent do not disclose the negative points of the
scheme, 27% respondents are neutral and 5% respondents were disagree or 3% respondents
are strongly disagree. (Table 4.14)
15. In the respect of studied in that majority 35% respondents are agree ,6% respondents are
strongly agree with the terms and condition ,31% respondents are neutral, 18% respondents
are disagree and 10% respondents are strongly disagree. (Table 4.15)
16. In the respect of studied in that majority 45% respondents are neutral, 9% respondents are
fully satisfied with service procedure, 31% respondents are satisfied, 13% respondents
are un satisfied and 2% respondents are utterly unsatisfied. (Table 4.16)

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 17. In the respect of studied in that majority 93% respondents are belongs to easily contact and
communicate with the insurance authority and 7% respondents are not belongs. (Table
4.17)
18. In the respect of studied in that majority 65% respondents are received insurance premium
and 35% respondents are not received insurance premium. (Table 4.18)
19. In the respect of studied in that majority 89% respondents are get more benefits
insurance,7% respondents are more security and 4% respondents are belongs to others.
(Table 4.19)
20. In the respect of studied in that majority 45% respondents are average and 3% respondents
are highly satisfied with the returns in insurance policies, 17% respondents are satisfied
and 35% respondents are dissatisfied. (Table 4.20)

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

 On the basis of the information obtained from the agents and policyholders,
the researcher feels that it is her duty to offer some salutary suggestions for
enhancing better customer service and more efficient functioning of the life
insurance companies. As policyholder’s awareness has been found to
influence their level of trust and commitment, the insurance company should
come forward to present advertisement in regional language.It will create
awareness in the minds of the public at large. It is also felt that thepamphlets
containing the details of the schemes be further improved with more
information, and the policies and other details may be printed and given in
vernacular to serve the purpose of the people who do not know English.
 The study suggests that the life insurance companies should takenecessary
precautionary measures at the time of scrutinizing the proposals and
processing the claims to reduce the amount of bogus claim. The company

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 should take necessary steps to settle the claim in time. The business hours
ofthe office could be extended up to 6 p.m. instead of 5 p.m. It is necessary to
simplify the claim procedure.
 It is suggested that the insurance companies should take the steps for
improving job satisfaction of the employees, which will be beneficial for the
managements, employees and policyholders. The job satisfaction among the
employees can be improved by way of providing adequate monetary and non-
monetary benefits.
 It is also suggested that the insurance companies have to chalk out
various social welfare schemes for their agents like arranging the health
check- up for the agents and their family members, establishing tie-ups with
themedical and educational institution for the benefit of the agents and their
family members. It will help them to enrich their social life even outside the
working hours and working place.
 The Life insurance companys should ensure effective marketinginformation
and communication facilities. The strategic planning should be adopted
deliberately to identify and satisfy the customer' needs and wants. The
insurance companies should educate their personnel for a pleasing behavior.
This can create a good image among the insurance customers about the
company. It will be appropriate to spend lot of money for promoting the
insurance services, when the offered services do not attract and satisfy the
customers' need.

 The service of insurance do not reach majority of the customers in the rural
areas. The rural mass should be exposed to the availability of insurance and
its benefits. This is possible by personal selling. Most of the customers of
insurance in general do not understand the clear and correct calculation of
premium, sum assured, benefits etc. So the Life insurance Corporation should
educate their customers clearly about the Benefits of insurance. The
Insurance Company, if possible should invest in advertising, conduct road
shows, and spend money on hoardings, so that it can propagate better
awareness about its various lesser known products.

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  All the hidden charges should clearly be stated in the form and explained by
the agent and LIC should provide better training to the agents. Claim
settlement process should be made fast and does not involve lengthy decision
making process. Some special focus should be laid on individual risk coverage
while designing the products.

CONCLUSION
This investigation broke down the information gathered from the protected and permitted
the desires for guaranteed people and their inclinations. He additionally recommended proposals
that could be actualized in light of a legitimate concern for the overall population and the
administration. In the wake of checking on the general circumstance that helped various Pvt.
Organizations related with the global protection part should contend well with the current LICs in
the open area. We reason that:

1) There is wild challenge between private insurance agencies for new publicizing
patterns to deny an extensive part of customers.
2) LIC isn't forgotten in the present race for promoting.

The 21st century insurer will hardly resemble its ancestor. For a field long known
for stability, a combination of technology, economic pressures, consumer demand and
deregulation are driving major players to reevaluate their core business practices,
alliances and partnerships, and the products and services that they offer. Information
technology is both driving and becoming a strategy for navigating the minefield of
change. In a nutshell, the Insurance industry is facing competitive challenges on many
fronts, including pricing pressure due to rising competition and escalating cost rations,
deregulation, eroding barriers among banking, brokerages and insurance; technology
innovations that promise to streamline and reinvent business processes, B2B
relationships, and product and service offerings; rising expectations for customer service;
and mass customization of products and services.There is no right and wrong in all this.
The success of marketing insurance depends on understanding the social and cultural
needs of the target population, and matching the market segment with the suitable

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intermediary segment.

SCOPE FOR FURTHER RESEARCH

1. The study can be further extended to investigate the causal relationship between
service quality, customer satisfaction, loyalty and retention with private Life
insurance industry. Such a study would enhance the level of understanding for
managers and academicians.
2. A study on marketing strategy of new modern technology in future,what
way applicable to Life insurance corporation of Indian and Private Life insurance
companies. The implications of proposed suggestions to improve the satisfaction
of policyholders.
3. The study of quality management and Model of the Perceived Service Quality
approach in sample Life insurance Corporation of India and Private sectors.

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 BIBLIOGRAPHY
BOOKS :
1. Principles of Insurance – Publisher : Insurance ins titute of India Universal
Insurance Building, Sir Pherozshah Mehta Road, Mumbai01,/2007
2. Insurance Business Environment : Publisher : Insurance institute of India
Universal Insurance Building, Sir Pherozshah Mehta Road, Mumbai 01,/2007
3. Practice of Life Assurance : Publisher : Insurance institute of India Universal
Insurance Building, Sir Pherozshah Mehta Road, Mumbai 01,/2006
4. Insurance Principles and Practice (2006) M. N. Mishra, S. Chand and Company
Ltd., New Delhi. Pp. 12-34.
5. Introduction to Insurance (2006) Marks S. Dorfman, Prentice hall, Inc, Engle
Wood Cliffs, N.J. 07632 pp. 124-254.
6. Indian Insurance Industry (2006)D.C. Srivastava and Shashank Srivastava, New
Century Publications, Delhi. Pp.256-275.
7. Fundamentals of Risk and Insurance – Emmett J. Vaug han and Therese Vaughan
– Ninth edition Publisher : Wiley India.
8. Insurance Theory and Practice – Nalini Prava Tripat hy and Prabir Pal – Third

JOURNALS
1. Alok Mittal, Senior faculty (Markeing) Shri RGP Gujarati Professional
institute, Indore and Akash Kumar Senior faculty, Alumnus, Prestige
Institute of Management Research, Indore.
2. Agarwal R.F “Role information technology in the insurance Industry”
charted secretary Aug 2001 pp 235-237.
3. Arthur, wyundham Tarn, “The students Guide to Life insurance in
theory and Practice”, Second edition McDonald and E van, London,
1926.
4. Anderson J.L and Dow J.B “Actuarial Statistics construction of
mortality”.
5. 1986 Volume VI, No. 3, February 2008 - Page No. 33.

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 6. Grönroos, C. (1982). Strategic management and marke ting in the
service sector. Helsinkis, Swedish School of Economics, Research
report 0357-5764.
7. Gronroos C. (1984) strategic management and marketing in service
sector, Chartwell- Bratt, Bromley.
8. Gronroos, C. (1982), “Strategic Management and Marketing in the
Service Sector” , Helsinki: Swedish School of Economics and Business
Administration.
9. Gireesh Kumar and Eldhose G.S, Lecturer senior scale, Post Graduate
&Research Department of commerce, Nirmala College, Muvattupuzha,
Kerela.
10. Hubner S.S. and Kenneth Black Jr. “Life Insurance” Prentice – Hall,
Insurance N.J. Tenth Edition 1982.
11. Hubner S.S “The Economic Life of Insurance applicat ion century Grofs
Insurance” New York 1944.
12. \Hofested, G., 1995. Insurance as a product of national value. Geneva
papers risk insurance, 20:423-429
13. James Volume P.C VI, No. 3 February 2008 “Planning for the Risk
Economy Role of the Individual” Page No. 10.
14. John P. Murray, Jr. John L. Lastovicka and Surendra N Singh (1992),
“Feeling and Liking responses to Television program s: An examination
of two explanations for Media Context Effects”, Journal of Consumer
Research, 18 (March), pp 441- 451.
15. Jampala, R. and Adilakshmi, P. (March, 2006). Emerging markets -
changing the land scope of insurance sector, Insurance Chronicle,
ICFAI, Hyderabad.
16. Parasuraman, A., Zeithaml, V.A. and Berry, L.L. (1985), “A conceptual
model of service quality and its implications for further research”,
Journal of Marketing, Vol. 48, Fall, pp. 41-50.

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IRDA PUBLICATIONS
a) Principles of insurance IC-01 Jan 2007
b) Life insurance IC-33 - 2007
c) Practice of Life assurance IC-02 2006

d) Life assurance IC -33 March 2007

e) Insurance business environment IC 12 - Jan 2007
REFERRED JOURNALS
* Southern Economist, March 1, 2004.
* Insurance Watch, August, 2004.
* Insurance Watch, September, 2004.
* Insurance Chronicle, February, 2005.
* Insurance Watch, March, 2005.
* Insurance Watch, July, 2005.
* Indian Journal of Marketing, July, 2005.
* Life Insurance Today, September, 2005.
* ICFAI Journal of Insurance Law Vol. VI No.1 Jan 2008
* ICFAI Journal of Insurance Law Vol. VI No.2 April 2008.
* The ICFAI university journal of insurance Vol. VI No. 3 July 2008.
WEBSITES
1. www.irdaindia.org
2. www.bimaonline.com
3. www.licindia.com
4. www.asiantradehub.com
5. http://www.invest-faq.com
6. http://www.infosecuritymag.com
7. http://www.financialshoppernetwork.com
8. http://www.economist.com
9. http://www.insurance.com
10. http://www.bollingerinsurance.com
11. http://www.actuary.net

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 (ANNEXURE)

QUESTIONNAIRE

Name__________________

1 Gender

a) Male

b) Female

2 Age

a) 25-35 years

b) 35-45 years

c) 45-55 years

d) Above 55 years

3 Occupation

a) Employee

b) Housewife

c) Student

d) Business

e) Retired

4 Income level (monthly bases):-

a) 0- 25000 rupees

b) 25000-40000 rupees

c) 40000-60000 rupees

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 d) Above 60000 rupees

5 Reason for investing in insurance plan?

a) Multiple benefits offer

b) Income tax returns

c) Schemes are good

d) Recommended by family and friends

e) Others

6 Are you satisfied investing your money in insurance policies?

a) Highly satisfied

b) Satisfied

c) Average

d) Dissatisfied

e) Highly dissatisfied

7 Which are the following policies you have?

a) Endowment policy

b) Children policy

c) Pension plan policy

d) Single premium policy

e) Money back policy

f) Any other

8 What’s the term of your policy?

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 a) Up to 5 years

b) 6 to 10 years

c) 11 to 15 years

d) 16 to 20 years

e) Above 20 years

9 How would you like to pay your premium?

a) Monthly

b) Quarterly

c) Half yearly

d) Yearly

10 Are you satisfied with the rates of insurance policies?

a) Fully satisfied

b) Satisfied to certain extent

c) Neutral

d) Unsatisfied

e) Utterly unsatisfied

11 Did the insurance agents or marketing executive recommend the insurance to you?

a) Yes

b) No

12 Do the agents provide you with correct information regarding their products and services?

a) Yes

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 b) No

13 Language of the brochure is easy, simple or understandable?

a) Strongly agree

b) Agree

c) Neutral

d) Disagree

e) Strongly disagree

14 Agents do not tell or disclose the negative points of the scheme or policies to the

consumers?

a) Strongly agree

b) Agree

c) Neutral

d) Disagree

e) Strongly disagree

15 While taking a policy all terms and conditions are explained to the consumer?

a) Strongly agree

b) Agree

c) Neutral

d) Disagree

e) Strongly disagree

16 How was the services in terms of procedures, duration, and meeting customer needs?

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 a) Fully satisfied

b) Satisfied to certain extent

c) Neutral

d) Unsatisfied

e) Utterly unsatisfied

17 Is it easy to contact and communicate with the insurance Authority’s ?

a) Yes
b) No
18 Have you received any incentive from insurance premium through agent?

a) Yes

b) No

19 What would you like to get more in insurance policies?

a) More benefits

b) More security

c) Others, please specify

20 How were the returns in insurance policies of LIC?

a) Highly satisfied

b) Satisfied

c) Average

d) Dissatisfied

e) Highly dissatisfied

21 Insurance company swiftly sort death claims?

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 a) Strongly agree

b) Agree

c) Neutral

d) Disagree

e) Strongly disagree

22 Entry of private insurance company has affected the LIC Company?

a) Strongly agree

b) Agree

c) Neutral

d) Disagree

e) Strongly disagree

23 Have you surrendered your insurance policies ever?

a) Yes

b) No

24 What is your level of satisfaction with the performance of LIC Company?

a) Excellent

b) Very good

c) Average

d) Bad

e) Very worst

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