A

PROJECT REPORT
ON
“A Study on Customer Satisfaction Towards LIC Products
and Services”

SUBMITTED TO
Pt. Ravishankar Shukla University, Raipur (C.G)
In Partial fulfillment for the degree course of

BACHELOR OF BUSINESS ADMINISTRATION (BBA)

FOR THE ACADEMIC SESSION
2022 – 2023

Guided by: Submitted by:

Mr Mallikarjaun Rao Prerna Bhojwani
Asst. Professor BBA VI Semester
Department of Management Roll No. 2013023088
MAIC, RAIPUR

Department of Management
MAHARAJA AGRASEN INTERNATIONAL COLLEGE
Samta Colony, Raipur (C.G)
 A
PROJECT REPORT
ON
“A Study on Customer Satisfaction Towards LIC
Products and Services”

SUBMITTED TO
Pt. Ravishankar Shukla University, Raipur (C.G.)
In partial fulfillment for the degree course of

BACHELOR OF BUSINESS ADMINISTRATION (BBA)

FOR THE ACADEMIC SESSION
2022-23

Approved by: Submitted by:

Dr. Ila Dixit Mam Prerna Bhojwani
H.O.D. BBA VI Semester
Department of Management Roll No: 2013023088
MAIC, RAIPUR

Department Of Management
MAHARAJA AGRASEN INTERNATIONAL COLLEGE
Samta colony, Raipur (C.G.)
 CERTIFICATE

This is to certify that Ms. Prerna Bhojwani a bonafide student of Maharaja Agrasen
International College, Raipur (C.G.) studying in B.B.A VI Semester has successfully
completed his project entitled “A Study on Customer Satisfaction Towards LIC

Products and Services”.

I wish him all success in every endeavour of life.

Dr. Ila Dixit Dr. M.S. Mishra

HOD Principal
Maharaja Agrasen International College Maharaja Agrasen International College
 CERTIFICATE

This is to certify that the Project Work entitled “A Study on Customer Satisfaction

Towards LIC Products and Services” submitted by Prerna Bhojwani for the partial
fulfillment of Degree of Bachelor of Business Administration from Pt. Ravishankar Shukla
University, Raipur (C.G.) is an authentic work performed by the student.

This work has been submitted for the sole purpose of academic interest.

Internal Examiner/Guide External Examiner

 DECLARATION

I, Ms. Prerna Bhojwani hereby declare that this report is the record of authentic work carried
out by me during the academic year 2022-23 in “A Study on Customer Satisfaction

Towards LIC Products and Services”

( )
Signature of the student

Place : Raipur (C.G.)

Date :

( )
Name of the student
 ACKNOWLEDGMENT
On the very outset of this report, I would like to extend my sincere & heartfelt obligation
towards all the personages who have helped me in this endeavour. Without their active
guidance, help, cooperation & encouragement, I would not have made headway in the
project.
I am ineffably indebted to Dr. Ila Dixit (H.O.D) for conscientious guidance and
encouragement to accomplish this assignment.
I am extremely thankful and pay my gratitude to my teacher guide Mr. Mallikarjaun Rao Sir
for his valuable guidance and support on completion of this project.
I extend my gratitude to Mr. Shailesh Yadav for his help and support in internship. I also
acknowledge with a deep sense of reverence, my gratitude towards the MAIC for providing
me the opportunity. At last, but not least my courtesy for parents and member of my family,
who has always supported me morally as well as economically. Any omission in this brief
acknowledgement does not mean lack of gratitude.

Prerna Bhojwani
BBA – VI Sem
 INDEX

Chapter No. Name of Chapters Page No.

Chapter 1 Introduction 2- 5

Chapter 2 Company Profile 6 - 21

Chapter 3 Research Methodology 22 - 28

Chapter 4 Data Analysis and Interpretation 29 - 64

Chapter 5 Findings and Suggestion
65 - 69
Chapter 6 Recommendations & Limitations
70 - 72

Chapter 7 Conclusion 73

Annexure:
Bibliography

Questionnaire

1
 CHAPTER 1

INTRODUCTION

2
My temporary position company "A study on customer satisfaction towards LIC products
andservices in India". Prior to my entry level position there were many inquiries and disarrays in
mybrain yet amid temporary position it helped me to clear every one of those confusions. It is doneto
know whether clients are happy with the advantages they get with their separate approaches ornot.

In India market of LIC is a rising industry here the clients areever unique in nature and theywere
not happy with similar items and administrations. They generally need to update their itemsand
administrations to new and propelled ones so the client maintenance is a Hercules
tasktowardstheorganization.In thisway, theygivemoresignificanceto theconsumer loyalty.

I had picked LIC for my examination principal objective is to think about consumer
loyaltytowardstheitems and administrations.

LIC helped me know my promoting, how to approach the client? Also, how to interface with
aclient to realize their prerequisites in regards to LIC? I had loads of new involvement with
theseason of mytemporaryposition as a specialist.

Asanassistanttheassociationlearned:

• Workingcondition
• Tothefieldwork
• Tostartanexamination
• Todealwiththeclients
• Toconducts theexamination
Life Insurance Corporation of India was established in 1956, after the reception by the
IndianParliamentoftheLifeInsuranceActwhichnationalizestheprivateprotectionpartin India.
Inexcess of 245 insurance agencies and provident social orders were converged to make
thecondition of theextrasecurityorganization.

Oriental LifeInsuranceCompanyistheprincipal organizationinIndiato

offerdisasterprotection

spread, it was made in Calcutta in 1818 by Anita Bhavsar and others. Its principal
targetshowcasewasEuropeanssituatedin
India.SurendranathTagore(childofSatyendranathTagore)established the Hindustan Insurance

3
Society, which later progressed toward becoming LifeCorporation.

TheMumbaiMutualLife
InsuranceSociety,builtupin1870,wasthemainsupplierofAboriginalprotection.
Otherinsuranceagenciesset upbeforeautonomyand including

• Postal Life Insurance(PLI),presentedFebruary1,1884

• Bharat InsuranceCompany(1896)

• UnitedIndia(1906)

• Indiannational(1906)

• NationalInsurance(1906)

• CooperativeInsurance(1906)

• CooperativesofHindustan(1907)

• IndianMercantile

• GeneralInsurance

• SwedishLife(laterBombayLife)

• SahayadriInsurance(convergedwith LIC,1986)

4
The initial 150 years are primarily set apart by monetary choppiness. It saw India's first war
ofautonomy,theunfavorableimpactsoftheFirst andSecondWorldWarson
India'seconomy,andbetween them the worldwide monetary emergency realized by the financial
emergency. Theprincipal 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 disasterprotection organizations in India. This had cheapened the open's trust in
the utility of acquiringlifeinclusion.

INTRODUCTIONABOUTTHEINTERNSHIP

• Internshipisadecentopendoorforunderstudyexcessivelylean,topickupunderstandingand
furthermoreto decide.
• Bydoingmyentrylevelpositionitisagenuineworkplace,iturgesmetoknowandendupfrom
different focuses.
• CustomerfulfillmentofLICisaprimaryfactorthatcausesnumerousreasonsitwillbeinfluenceth
e deals and futuredevelopment.

5
 CHAPTER 2

COMPANY PROFILE

6
 INDUSTRYPROFILE
Initscutting-edge structure,extra security originatedfromEnglandtoIndia
in1818.TheprincipalIndianlifecoverageorganizationonIndiansoilwasanEasternlifecoverageorgani
zation, which was set up by Europeans in Calcutta. Nearly the insurance agencies were setup that
periods that were broughtup inrequesttoaddressthe issuesofthe European peoplegroup and Indian
locals were not protected by these organizations. Indian life started to beguaranteed by the
unacceptable outside disaster protection organization lives and the
additionaloverwhelmingrewards werechanged on them.

The principal Indian extra security organization was conceived in 1870, is the Mutual
LifeInsurance CompanyofBombay,whichcovers thelivesof Indiansatanordinaryrate. AnIndian.

organization was made for profoundly devoted reasons. The insurance agency was destined
toconveythemessageofprotectionandgovernmentmanagedsavingsindifferentpartsofsociety.

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

In1905-1907, swadeshidevelopment of Gavwe ascends to more insurance agencies.India,joined

with Madras, the national and Indian national insurance agency, was conceived in one ofthe
corridors of Jorasanko, Calcutta, home of the incredible artist Rabindranath Tagore. Amid asimilar
period, a portion of the organizations were made: the exchanging organization,
generalprotectionandswadeshilife(laterBombay)inIndia.Indianhadnoenactmenttocontrolbusinessp
rotection.

In 1912, the law on life coverage organizations and the law on provident assets were embraced.The
law on extra security organizations made it important to guarantee the excellent rate tablesand the
intermittentvaluation of organizationsby a statistician.In any case, the law oppressedthe Indian and
remote organizations from multiple points of view by disadvantaging Indianorganizations. The initial
too many years of twentieth century saw a ton of development inbusiness protection. The 44
organizations with an all-out deals power of approx. 22 billion rupeeshave achieved 176
organizations with the all-out deals power of Rs. 298 million crores in 1938.Amid the flood of
insurance agencies, numerous budgetary concerns have additionally beenpropelled, which flopped
wretchedly. The Insurance Act of 1938 was the primary enactmentadministering disaster protection,
yet in addition non-extra security to give a severe power overprotection exercises.The interestfor
7
nationalization of disasterprotection industry hasbeenmade a few times before, however it developed
in 1944 when the Bill to alter the Life InsuranceActwas passed exhibited to the council.organization
was made for profoundly devoted reasons. The insurance agency was destined
toconveythemessageofprotectionandgovernmentmanagedsavingsindifferentpartsofsociety.

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

In1905-1907, swadeshidevelopment of Gavwe ascends to more insurance agencies.India,joined

with Madras, the national and Indian national insurance agency, was conceived in one ofthe
corridors of Jorasanko, Calcutta, home of the incredible artist Rabindranath Tagore. Amid asimilar
period, a portion of the organizations were made: the exchanging organization,
generalprotectionandswadeshilife(laterBombay)inIndia.Indianhadnoenactmenttocontrolbusinessp
rotection.

In 1912, the law on life coverage organizations and the law on provident assets were embraced.The
law on extra security organizations made it important to guarantee the excellent rate tablesand the
intermittentvaluation of organizationsby a statistician.In any case, the law oppressedthe Indian and
remote organizations from multiple points of view by disadvantaging Indianorganizations. The
initial too many years of twentieth century saw a ton of development inbusiness protection. The
44 organizations with an all-out deals power of approx 22 billion rupeeshave achieved 176
organizations with the all-out deals power of Rs. 298 million crores in 1938.Amid the flood of
insurance agencies, numerous budgetary concerns have additionally beenpropelled, which flopped
wretchedly. The Insurance Act of 1938 was the primary enactmentadministering disaster
protection, yet in addition non-extra security to give a severe power overprotection exercises.The
interestfor nationalization of disasterprotection industry hasbeenmade a few times before, however
it developed in 1944 when the Bill to alter the Life InsuranceActwas passed exhibited to the
council.
In any case, a lotlater, on January 19, 1956, inIndia disaster protection was nationalized.Around 154
Indian insurance agencies, 16 non-Indian organizations and 75 provident socialorders worked in India at
the season of nationalization, which was done in two phases; theadministration of the organizations was
first endowed to a request and after that to the propertyadditionally by methodsfor a point-by-point
bill.InIndia, the Parliamentpassed theLifeInsurance CompaniesActonJune
19,1956.TheIndianLifeInsurance Companywasbuiltupon

8
September 1, 1956 with the point of expanding the life coverage industry considerably morebroadly.
disaster protection in rustic zones to achieve every guaranteed nation by giving themsatisfactory
money related inclusion at a sensible expense. LIC had 5 zone
workplaces,33divisionworkplacesand212branches.Itshomeofficewasin1956.Sinceextrasecuritycontr
acts are long haul contracts and require a wide assortment of administrations,
numerousadministrationsare required.Asof late toextendtasksandsetup a branchinthe
centralcommand of each region, the LIC revamping occurred and countless branches were
opened.Because of the rearrangement, the administration capacities were exchanged to the branches
andthebookkeepingunitswerechanged.Itworkedflawlesslywiththeorganization'sexecution.

It very well may be seen that the 200,000 crores of new business made in 1957 were just broughtby
1,000.00 crores up in 1969 and that it took LIC 10 years to break the 2,000 characteristics ofnew
business. However, with the redesign that occurred in the mid-eighties, the low-pay nationsof
1985-1986 had just passed the 7,000.00 crores of credits ensured by the new strategy. Today,the
LIC works with 2,048 completely automated branches, 100 divisional workplaces, 7
zoneworkplaces and focal workplaces. LIC has the broad system that covers 100 division
workplacesand interfaces with all branches by means of a metropolitan system. LIC has built up
connectionswith certain banks and specialist organizations to offer premium accumulation
usefulness inchose urban areas. The simplicity of installment of ECS and ATM premiums by the
LIC is anadditional favorable position for the client. Notwithstanding the online stands and the
IVRS,
datafocuseshavebeendispatchedinMumbai,Ahmadabad,Bangalore,Chennai,Hyderabad,Kolkata,
New Delhi, Pune and numerous differenturban areas.With the vision ofgiving asimple surplus to
its policyholders, LIC has opened its SATELLITE SAMPARK
workplaces.Thesesatelliteworkplaces arelittler,morestudentand closertotheclient.

The digitized satellite office accounts will encourage support at any area and numerous
differentconveniences later on. LIC keeps on being the prevailing quick on another direction
developmentsurpassing its very own records. LIC issued strategies of a higher crore amid the
present year.Since October 15, 2005, 1,01,32,955 new arrangements have been crossed, with a
continueddevelopment rate of 16.67% contrasted with the comparing times of the earlier year.
From thatpointforward,the
LIChasachievednumerousachievementsandaccomplisheduncommonexecutionrecordsindifferentp
9
artsofthelifecoverageindustry.Similarthoughtprocesseshave

10
enlivened our precursors to guarantee that protection exists in this nation by instigating us, in
theLIC, to transmit this message of insurance to light the security lights in numerous homes and
tohelpindividuals byguaranteeingthewellbeingfamilies.Amongthe mostimperative stridesin
thedisaster protectionindustryinIndia are:

1818:TheOrientalextrasecurityorganizationistheprincipalinsuranceagencyonIndiansoiltohavebeg
un working.

1870:TheMumbaiMutualLifeInsuranceSocietyisthemainIndianextrasecurityorganizationtodispatc
h.

1912:TheIndianLifeInsuranceCompaniesActisdeclaredasthemainlawmanagingtheextrasecurityar
ea.

1928:TheIndianInsuranceCompaniesActisproclaimedtoenablethelegislaturetocollectstatisticalinf
o on lifeand non-lifeactivities.

COMPANYPROFILE
Type:Crown-possessedcompanyandstate-

claimedventuresEstablished:September 1, 1956

Basecamp: India(differentdestinationsin

Indiaandabroad),headquarteredinMumbaiKeyindividuals: Hemant Bhargava(President

andCEO)

Industry:LifeInsuranceFinancialServices

Items:LifeInsurance,Health

Insurance,InvestmentManagementandMutualFundsNumber ofworkers: 114773

Complete resources: Rs

2,529,390Proprietor:Government

of India
11
Auxiliaries:LIClodgingmoney,LICLtdannuitysupport,LICInternational,LICcardadministrations,LI
C speculation reserves

12
VISION,MISSIONANDQUALITYPOLICY

VISION

Agloballyfocusedbudgetarycombinationfororganizationsand PRIDE OFINDIA.

MISSION

Guaranteeing and improving individuals' personal satisfaction through money related security
byfurnishing tried qualities items and administrations with focused returns and compensation
ofassets formonetaryimprovement.

QUALITYPOLICY

Plantopickupanoteworthypieceoftheoverallindustrybyofferingqualityitemsandadministrations.
This was made conceivable by a reasonable comprehension among customersandtheirclients,
theirprerequisites,powerful administrationand afittinghelp structure.

OBJECTIVESOFLIC
Comprehensively expand extra security in certain rustic regions and monetarily in reverse
classesto contact every guaranteed individual in the nation and give them satisfactory money
relatedinclusionin caseof death at asensible expense

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

fundsconnectedto protection.

13
• Keepasaprimaryconcerntheventureofassets,theprincipalcommitmenttowardstheguaranteed, the
protection of cash in trust, without dismissing the enthusiasm of the network
ingeneral;theassetstobeutilizedadvantagefinancialspecialistsandthenetworkoverall,consideringnat
ional needs and appealingreturn commitments.

• Do business with the greatest economy and with the full acknowledgment that the cash has
aplacewith thesupporters.

• Goaboutas operatorsof theopenguaranteedseparatelyandall inall.

• Respondtothedifferentdisasterprotectionneedsthatthenetworkwouldrequireinthechangingsocial
and monetarycondition.

• Involve each one of those working in low-pay nations who utilize their capacities to
advancethesafeguarder’sadvantages outin theopen bygivingeffective and obligingadministrations.

RIVALSINTHEMARKET
1. Extrasecurityorganization

2. ICICIPrudentialLifeInsurance

3. SBIextrasecurity

4. HDFClife

5. ExtrasecurityMax

6. ExtrasecurityBajaj Allianz

7. ExtrasecurityBirla sun

8. RelianceNippon LifeInsurance

9. Extrasecurity9TataAIA

10. GNPputs extrasecurityinIndia

14
 SWOTANALYSIS
Extra security Corporation of India is known as the administration possessed protection
andspeculation organization. The head office in Mumbai, LIC, is credited with the biggest
protectionsupplier in India, with resources of around 240 billion USD. LIC's all out life reserves
areassessedatUSD 143billion andtheorganizationkeeps onsellingapproaches eachyear.

A mind-blowing acknowledgment protection law in 1965 and the Indian government chose tomake
their very own extra security organization, which brought about the production of LIC ofIndia.
These developments additionally prompted the nationalization of the protection area inIndia, while
it was a gathering of privately owned businesses. In excess of 240 private insuranceagencies and
providentsocial orders converged toframealifecoverageorganization.

STRENGTH

The qualities are characterized by what each organization accomplishes best, which can give
itthehighgroundover itsrivals. Theaccompanying resourcesofLIC are:

• The biggest protection supplier in India:LIC as of now oversees skillet India tasks with2048
completely automated PCs in branches, 8 region workplaces in 113 division
workplaces,2048branches,1381satelliteworkplacesandfocalworkplaces..Theentirenationischaract
erizedinthe54clientzonesandthe25metropolitanterritorieswithadministrationfocuses dependent on
a few urban communities and having a place with India. Right now,
LIChas1,337,064individualoperators,242organizationspecialists,89referralspecialists,98merchant
sand42 banksforthe clearanceof disaster protection totheoverall population.

• Branding: LIC has solid brand picture in India. The motto is Yogakshemam
Mahamyaham,which implies that the prosperity of everything is great perceived. The Time of
Brand Equityoverviewoftheyear2015hasassignedLICasthe
mostdependableprotectionsupplierinIndia.

• Funding Base: LIC has an expansive base reserve of roughly $ 150 billion. It is likewise
thebiggestfinancialspecialistinIndia,makingitanincrediblyground-breakingnationinthefieldoffund
inIndia.

15
• Asystemofspecialists:LIChasaround1,337,064individualoperators,242corporatespecialists,89r
eferenceoperators,98representativesand42banksinIndia,coveringallpiecesofthe nation.

WEAKNESS

Shortcomings are utilized to distinguish zones in which the organization or brand should
beimproved.Theprincipalshortcomings ofLICare:

• Culture: Low-pay nations have been intently connected with the administration and have
anextremely moderate and moderate work culture. It fills in as a shortcoming when contrasted
withcurrentprivate insuranceagencies thataredevotees of thesystem.

• Poor publicizing procedure: Compared to its private partners, LIC does not spend a lot
onpromoting,and the natureof theads it publicizes mirrorsthis.

• Toonumerouslimitations:theorganizationhasnumerousconfinementstoforceasanadministration
substance and there are dependably issues of organization. To back off basicleadershipatLIC.

• Overhead expenses: LIC has an immense workforce of representatives and the vastmajorityof
them work from their very own offices. Their installment and the executives are frequently
amajortestforthe organization.

OPPORTUNITIES

Openingsalludetocircumstancesintheearthencompassingabusinessthatcanprofitbyexpandedreturns
. A portion ofthe open doors include:

• Cyber security: the numerous instances of PC dangers and security framework infringement.In
this way, the age when digital security is the danger Insurance strategies against this can turnoutto
beacolossal chance.

16
• Online Services: As online administrations developed, clients started to look for an ever-
increasingnumberofchoices,forexample,protectionandmindfulnesslevels.Themostnoteworthy as
the main days. This is an open door for providers like LIC, which utilize a greatdealof work, to
decreasecosts bysupplantingclients with innovation.

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

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

THREATS

Dangers arethenaturalfactorsthatcandecidethe developmentofthebusiness.Dangersinclude:

• Competition: With the privatization of protection, LIC has lost its previous greatness
andappearanceswildchallenge fromprivateprotectionthathasconveyedmore glorytothebusiness.

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

• Technology: Today, most money related administrations make innovation an essential piece
oftheir business through web-based banking and online monetary financier administrations. Be
thatasit may,LIC stillhas agreat dealto do to stayawareofthe innovation.

17
 CHAPTER 3

CONCEPTUALBACKGROUND AND LITERATUREREVIEW

18
TheoreticalBackgroundofTheStudy

Whatistheconsumerloyalty?

Definition: Customer fulfillment demonstrates that consumer loyalty originates from workingwith
an organization. As such, it's the means by which fulfilled clients are with their exchangeand,byand
large, theirinvolvement with the organization.

Whatdoesconsumerloyaltymean?

Clients get fulfillment from an item or administration as indicated by the fulfillment of theirneeds,
in a pragmatic way and devoted to the organization. Therefore, consumer loyalty is
animperativeadvancein structurefaithfulness.

AssociationscomputetheCustomerSatisfactionScore(CSAT),which isthenormalclientreaction
score, the Net Developer Score (NPS), showing the probability of a client restoring abrand to
someone else, and the client exertion score, which demonstrates how simple it is for aclient to
work with an organization. Consumer loyalty measurements are then used to
evaluatebuyerconduct.

Lifecoverage

Given the key standards of protection, it would hypothetically be conceivable to assess

andguarantee any dangers related with legal movement. Nonetheless, this article centers
arounddisaster protection and the related financial dangers of life and demise. Disaster protection
isbasically an agreement to make explicit installments upon the demise of the individual whose
lifeis guaranteed. As it were, disaster protection ensures the aggregate of cash to the
assignedrecipients at the passing of the safeguarded or potentially to the guaranteed in the event
that helivespastaspecificage.The performersassociatedwiththeextra securitystrategyother thanthe

19
backup plan are: The arrangement proprietor, the individual whose life is guaranteed and
therecipients, the individuals who are paid under the approach. The Policyowner has the ability
tochoose or change the recipient, the privilege to appoint the approach, money it for its
moneysurrender esteem or use it as security to acquire an advance, and for the commitment to pay
thepremiums. A similar individual may fill every one of the three positions by assigning
theirprogression as recipient, or every one of the three positions might be involved by a
differentindividual.

Similarly,asprotectionisseparatedintoafewclassifications,disasterprotectionlikewisecontainsdiffer
ent sub-classifications.

Somenormaltypesofdisasterprotectionarrangementsare:

• Allthelife

• Lifetime

• StaffingLifeInsurance

• Industriallifecoverage

• Mutuallifecoverage

• Collectiveprotection

• Annuities

• Universallifecoverage.

Every one of these approaches is intended to address a specific situation that individuals
mayexperience.

20
All thelife

As the inclusion of a whole extra security arrangement is planned to endure forever of theprotected.
The returns are paid upon the demise of the guaranteed and the returns are as sure asthe passing
itself, except if the approach is dropped by the proprietor or omissions for non-installment of
premiums. What's more, the entire disaster protection arrangement has a moneyesteem choice,
which is commonly accessible whenever after the approach becomes effective
foralongtimeandbeforethedemiseofthesafeguarded.Sincetheextrasecurityapproachaggregatesa
money surrenderesteemandtheconvictionof a lastinstallment,itis both amethod for speculation and
protection. Furthermore, the money esteem that can be acquiredwhen recovered or utilized as
insurance for a credit, the entire life approach gives a fixed lifetimepremium. Since extra security
premiums depend on the danger of death, they can be restrictive asthe individual ages. All of life
will in general lighten this issue with fixed and uniform premiumsfor the span of the approach. As
a speculation procedure, disaster protection organizations for themost part contribute premiums
judiciously, in view of a differentiated portfolio, to guarantee
thatreservesareversatiletomonetaryemergencies.Thismethodologycangivesecurityandsignificantse
renityfortheapproach proprietor (Stevick, 2006).

Termprotection

In contrast to life coverage, term extra security endures just a specific measure of time,
forexample,a month,10 years or 20years. Thesafety netprovider paysthe measure of
thepredetermined item just if the guaranteed passes on in due time. Not at all like the entire
extrasecurity arrangement, the term disaster protection strategy does not by and large amass
moneyesteem when the approach is reclaimed or relinquished. In this manner, it isn't sure that the
safetynet provider will be required to pay anything under the strategy in light of the fact that
theprotected can endure its term. Since the installment under term life coverage is dubious, it
doesexcludeanyventurecomponent.Nowandagain,termprotectionarrangementsbecomeprogressive
ly attractive by making them sustainable for an extra term. This
reestablishmenthighlightiscommonlyaccessiblepayinglittlerespecttotheguarantee’swellbeingstatu

21
satthe

22
season of recharging. Be that as it may, rates for ensuing periods are commonly a lot higher
thanforthe underlyingtime frame inlight of the fact that theguaranteed has matured.

StaffingLifeInsurance

Blessing disaster protection is like entire life coverage in two different ways: your
arrangementpremiums spread bothan advantage segmentand a venture part, anda base payout to
therecipient is ensured. The enormous distinction is that the expression "staffing approach"
isn'tidentifiedwithyour normallifeand installmentcan bemadeinyour lifetime.

Times are characterized for various years, frequently somewhere in the range of ten and twenty.In
the event that you bite the dust before the finish of the period, your recipient will get theGuaranteed
Benefit ina similar way asyou would with some other life coverage arrangement.On the off chance
that you live past the term of the agreement, you get the all-out esteem, whichmight be more
noteworthy than the ensured benefit, contingent upon the sort of agreement andthearrivalearned
on theventuredivide.

The demise advantage is tax-exempt for the recipient since premium installments are in after-
charge dollars. Assessments will be expected on the rewards paid (estimation of the
venturehigherthan the ostensibleesteem).

Staffingprotectioniscommonlyusedtoamasscashtoaccomplishaspecificbudgetaryobjective, for
example, a store on a retirement home/second home or to fund a tyke's schoolinstruction, while
includingextrasecuritysegment.

Modernextrasecurity

Modern extra security premiums are paid on a week by week or month to month premise.
Whenallissaidindone,theassumedworthofmoderndisasterprotectionapproachesdoesnotsurpass
$10,000.Thissumisextensivelylowerthandifferentsortsoflifecoveragearrangements,which

23
by and large have an ostensible estimation of several thousands. Modern life coverage is a
decentalternative for individuals who need to purchase life coverage yet cannot stand to pay
highpremiums.

Commonextrasecurity

A common extra security organization is the endorsers. A shared insurance agency's sole reasonfor
existing is to give protection inclusion to its individuals and supporters, who likewise reservethe
privilege to pick their chiefs. Government law, as opposed to state law, decides if a backupplancan
qualifyas a common insuranceagency.

Aggregateprotection

Gathering protection gave to gatherings of individuals. It includes the substitution of

gatheringdetermination, the utilization of experience rating and the utilization of a structure
protectioncontract. These parts of gathering protection produce lower managerial expenses than
individualstrategiesforgatheringindividuals.Gatheringprotectionisregularlyusedtofurnishrepresent
ativesandindividualsfromrelationshipwithlife,wellbeing,inability,dentalanddifferentkinds
ofassurance.

Annuities

1. An agreement sold by an insurance agency to give installments to the proprietor at

indicatedinterims,asaruleafterretirement.Theproprietorisburdenedjustintheeventthathestartstoget
circulations or pulls back assets from the record. All annuities are charge conceded,
whichimpliesthatpayfrominterestsintheserecordsincrementswithconcededchargeuntilwithdrawal.
Sinceannuity pay isadditionally conceded,itcannotbepulledbackwithoutpunishment before a
specific age. Fixed annuities ensure a specific measure of installment,
whilevariableannuitiesdon't,howevercanconceivablycreatebetterreturns.Botharegenerallysheltere
dandlowreturnventures.Anannuityhasapassingadvantageequivalenttothemore

24
noteworthy of the present estimation of the annuity or the sum paid by the buyer. On the offchance
that the proprietor bites the dust amid the amassing stage, his beneficiaries will get
thesumcollectedintheannuity.Thiscashisliabletocustomarypayimposesnotwithstandinglegacychar
ge.

2. All the more for the most part, a progression of installments of a predetermined size
andrecurrence,regularlyto aresigned individual.

Generalextrasecurity

General extra security is a perpetual life coverage with a venture funds part and low premiums,for
example, term disaster protection. Most widespread extra security approaches contain anadaptable
premium alternative. Be that as it may, some require a solitary premium (single levelratepremium)
orfixed premiums (fixed level premiums).

25
 LITERATUREREVIEW

AUTHOR/RES TITLE OF OBJECTIVES, GAPIDENTI

EARCHER THEARTI OUTCOME FIED
CLE/STUDY OR
FIDINGS
Gera,R.(2011) Astudyonconsumersatis Achieve customer Intheseresearchpap
factiontowardsthelifein loyaltytokeepthemsatisfier
surancecorporationofIn edwithbusinessprogresse theresearcherismai
dia xpansion nlyfocusing
onthecusto
mersatisfactionbutt
hecustomer is
notknown
about
theproduct
information
Ranjit singh, Perception of To understand the Samplinggap
Mousumichoudhury(2015) customers towards impact of various

26
 responsiveness demographicvariableson
of customer
Bancassurancechannel responsiveness,
thestudyis
basedonprimarydatacoll
ectedfrom
customers
purchasing life
insurancepolicies.
Massood, H Analyzing customer Identify the most Areaofoperationgap
siddiqui,(201 satisfaction criticalissueofwhethercu
0) with stomerfocusisreflectedin
servicequalityinlifeinsur theirstrategies
anceservices

MinHan, C.(1990). AstudyonattitudeofIndi Findthisstudyoninsuranc Poorinformationispr

an consumer ecompaniesintheIndian ovided by
towards markettoframe theinsur
insurance marketing ancecompanies
services strategiesbasedonsocio- or
demographicandeconom consumers
icvariables face
authenticationabou
tqualityofthe
insuranceservices.
DRandallBrandt,Kevinlreff Focusingoncustomerpr Establishthetypesandubi To resolve
ett(1989) oblemstoimproveservic quityofcustomerproblem thesubjectivit
equality s to assess y and
eachone'seffectivenesso ambiguity
ncustomersatisfaction. of
customersatisfactio
n.
Mandeep Customer Analyzefactorsthataffect Mainlyanalysisofthe
Kaur satisfaction customer sevenfactorsofcusto
,Dalwinderkaur(2014) towardslifeinsurance satisfactionasithelpscom mersatisfaction
panies
beatcom
petitions
A B Sogunro, Measuringcustomersati Measure Policyholdersarenot
BAbiola (2014) sfactiononlifeinsurance buyers' satisfiedwiththe LIC
products compromisesinmulti-
award-
winningproductsandservi
ceswithpurchases

27
Woodsideetal (1989) customerjudgmentofse FoundationalResearchSt Timegap,researchme
rvicequalityandsatisfact udyonthePositiveLink to thodologygap
ionwiththeserviceenco OverallSatisfac
unter tion with ServiceDelivery

28
Ching-chowyang(2003) Themeasureofcustomer Improvement of Suggestiongap
satisfactionhighlightsth productquality or search
estrengthofquality for
products thebestqualityofproducts

Pothasetal(2001) Unconventionalwayofm Identified Investigator

onitoring customer proposed fromthe
satisfaction unconventionalwayof frame of
monitoring reference
Day,R.L.(1977). Customer satisfaction To Analyze Expectationinfluenc
isan evaluative thecomparison ecustomersatisfacti
responseoftheproducts ofwhat on
purchase wasexpectedandwhatisr that
and eceived effectsthepositive,n
consumption egativeandnon
experience Existent
Taylor,C.,&Benger,J.R.(200 Studied Toanalyzeabouttherespo Samplinggap
4) various nsepertainstoaparticular
literatures consumption
andind experience
icated thatcustomer
satisfactionresponse
Berezina,K.,Cobanoglu,C., Theperceptionofthewor Identified Multipleexperience
Miller,B.L.,&Kwansa, d“satisfaction” customer s with
F.A. (2012) satisfactionasamulti- theserviceprovider
dimensionalinnature
Anderson,R.E.(1973) Relationshipbetweencu Todeterminecustomersat Area of
stomerexpectationandp isfactiontowardstherelati operationGap
roductsperceived onshipbetween
performance customerexpectation
Hernández- Satisfaction Analyzeabouttheconsum Judgmentitselfabou
Lobato,L.,Solis- as ption tfeatureofproducts
Radilla,M.M.,Moliner- pleasurablefulfilment thatprovi and
Tena,M.A.,&Sánchez- de services
García,J.(2006). outcomes
againstthestandardofple
asure
Kim,T.T.,Kim,W.G.,&Kim,H Servicerecoveryeffecto Identifytheleveloforganiz Highorganizationrec
.B.(2009) n ation recovery overy that
purchaser onsatisfaction affectsthedissatisfa
satisfaction and ctionlevelofsatisfact
purchaseobjectives ion

29
Zeithaml,V.A.,Berry,L.L.,& Theimpactsofassociatio To identify Deterrent of
Parasuraman,A.(1996) n quality servicequality surveyisnotedbyapo
andintervening responsibility stalsurvey
some with impact
segmentofclient onrepurchasin
gby client

30
HSSandhu,NeetuBala(2011) Customerperceptionto Aimstomeasuretheperce Relationshipbetwee
wards service ptionofthecustomer on n
qualityofLIC the eachg
qualityofserviceoflifeinsu enerated
rance service
qualitydimension

Rashad Theimpactofgreenmark To analyze Usingcomprehensiv

Yazdanifard, eting on thesustainable eliterature
LgbazuaErdoo customersatisfaction developmentofnaturalph reviewth
Mercy(2011 and enomenon e
) environmentsafety customer
satisfaction is
onmarke
tingstrategies

31
 CHAPTER 4

RESEARCH&METHODOLOGY

32
ObjectiveOfthe Study

• Determineconsumerloyaltyinlifecoveragearrangements.

• Providedataonthecustomer'sprotectionarrangementiftherearemotivationstolegitimizetheapproac
hbeingreferred to.

• Knowthemostfavoredstrategy.

• Understandthe affectabilityof clientsto thecostsof itemsandadministrations.

• Studytheorganizations,thehelpandthedimensionofcorrespondencefortheafter-
dealsadministrations.

33
StatementOftheProblems

• LICkeepsonbeingthemainlifebackupplan,eveninthechangedIndianprotectionsituation,and is
quicklypushingahead on new development past its veryownreputation.
• Intheregionheldforitsrivals,theorganizationhasjoinedIT-
basedadministrationsinitsuniversalimprovement and manageabilitydiary.
• Partofhisorganizationhasfuseddatainnovation-
b a s e d administrationsintoitsdifferentactivitiesto improveclient administration and comfort.

ScopeOftheStudy

• Theprotectionbusinesshasasoflatedevelopedsignificantly.
• Anextensivenumberofnewplayersenteredthemarketandimmediatelypickeduppieceofthe overall
industrybyimprovingthe market.
• Theexaminationproceedsbyassessingandinvestigatingtheoutcomestogive
anunmistakablepictureof patterns in theprotection business.

HypothesisFramework

H0:Thereisnohugeconnectionbetweenfulfillmentlevelandadministration system
H1:Thereisahugeconnectionbetweenthedimensionoffulfillmentandtheadministrationmethodology

34
Limitations

Like the examinationfinished withessentialandauxiliaryresearch,therearea few

restrictionstotheinvestigation to note.
1. Theprimaryconstraintoftheinvestigationwasthetimeaccessibletofinishit,whichinfluencedthe
preparingand examination ofthe information.
2. AnadequatenumberofrespondentsfromallLICadministrationswhocouldn'tbeincorporated.
3. Theinvestigationisrestrictedagreeabletopolicyholderswithpolicyholdersandotherrelatedissuesp
ast the extent ofthis examination.
4. Becauseoftimerequirements,thespecialistsecuredjusttheexaminationtimeframefrom2005-
2006to 2009-2010.
5. Theexampleestimateisconstrainedto100individualsasitwere.Theexamplesizemaynotspeakto
thewholemarket effectively.
6. Itishardtorealizethatallrespondentsgaveexactdata.afewrespondentswillingeneralgivedeceivingd
ata.

TypeofResearchandresearchDesign

The universe of the investigation incorporates the LIC supporters of the Thanjavur division.
Theexample,thepolicyholderswerelookedoverthetestingoutline,itisrecordedbythethreebranch
directors and thefive operators. The example was gathered into urban and
countrybunches.Ineachgathering,anexampleof150,7endorsersweredrawnnearerattheaccommodati
onofthe scientist and supporters.
Theessentialinformationwasgatheredfrom100endorsers.Thescientistutilizedtheaccommodation of
Descriptive Research Design to contemplate nature of administration as far asmindfulness,
fulfillment and key measurements in the disaster protection industry. Poll
criteria,forexample,pay,age,occupation,dimensionoftraining,andsoforth.Respondentsweresolicite
dtoratethedimensionfrommindfulness,fulfillment,andnatureofadministrationmeasurementssignifi
cantto thePFR protection item ona 5-point scale.
Specifically, these parts of nature of administration were distinguished through the point-by-
pointexploratoryrecognizableproofprocedure.Thisincorporatesbunchdiscourseswith100disasters

35
protection policyholders (country and urban) and eight top to bottom meetings, three
branchsupervisors and five with LIC operators). Content Analysis Group discourses and top to
bottommeetingsweredirected.

Needforstudy

1 The components affecting the decision of strategy don't contrast between the country and
urbanpoliceman.
2. TheleveloffulfillmentwithLIC'scustomerportrayalexercisesbytheyearlysalaryofthepolicyholder
.It doesn't contrast altogether.
3. Thedimensionofconsumerloyaltyamongcountryandurbanclientsdoesnotcontrastessentially.
4. Itis fundamental tofulfill theclient bygivingqualityclient administration.

ResearchMethodology

Researchconfigurationisthestrategyandprocedureofdirectingaspecificreport.Generally,itverywell
maybeassembled into threeprimaryclasses: exploratory, spellbindingandcausal.

Kindof plan

"Theexaminationplanisthestrategyandprocedureofdirectingaspecificreport,inageneralway;It
canbeassembledintothreefundamentalclassifications:exploratory,distinctandcausal.

Descriptive

• The descriptive study is utilized when the scientist is keen on knowing the attributes of
specificgatherings,for example, age,sex, dimension oftraining, working,andso on.
• This exploration is directedas aspellbinding pursuit. This is distinct in nature because the
examination centers around accurate request in an all-around organized structure anddependson
essential information.

36
TwoSourcesforinformationgatheringare:

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

respondents were picked in a down to earth way, the poll was planned by the goals of
myexamination.

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

pastrecords, sites and related logs. The information was gathered from the books, the
organization'ssite,Googleand otherrelated records.

chapterscheme
This research titled “customer satisfaction towards LIC products and services” is total
dividedinto5chapterswhichconsiststhe introduction,background of study andliterature
review,researchmethods, dataanalysis and theirinterpretation.

The5 chapter includesthe followinginformation:

Chapter 1 –This chapter consist the basic information about the research in LIC,
introductionabout the internship, industry profile, thecompany profile.We also talk about
thevision,mission, and quality policy of the company, objectives of the LIC, competitors in the
market andSWOTanalysis of thecompany.

Chapter 2 – In this chapter gives information about the theoretical background of study
alongwithliteraturereviews.

Chapter3–Thischaptergivesinformationaboutthestatementofproblems,objectivesofstudy,
limitation of study, types of research and the research design, need of the study,
researchmethodologyandalso chapterschemes.

Chapter4– Thedataanalysis andinterpretationofvariousdatawascollected.

37
Chapter5–Inthischapteritincludestheconclusionaboutresearch,findingsofthefactorsandthe
suggestions for thecompanyfor improve.

38
 CHAPTER5
ANALYSISOF DATA

39
Table5.1 Gender

Particulars Respondents Percentage

Male 52 52
Female 48 48
Total 100 100

Interpretation
Above the table and chart showing that 52% respondents belong to the male category
andremaining48%respondents belongs to femalecategory.

Chart5.1

40
Table5.2 AgeFrequencyofrespondents

Particulars Respondents Percentage

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

Interpretation
Above the table and chart depicts the 36%respondents are belongs to the age ofbetween 25-
35years, 33% respondents belong to the age between 35-45 years, 24% respondents belongs to
theagebetween 45-55and 7%respondents belongs to ageofabove55years.

Chart5.2

41
Table5.3Occupationofrespondents

Particulars Respondents Percentage

EmployeesHou 30 30
sewifeStudentB 12 12
usinessRetired 13 13
Total 16 16
29 29
100 100

Interpretation

Abovethetable
andchartdepictsthat30%respondentsbelongstotheemployeecategory,12%respondents belong to
housewife category, 13% respondents belongs to student category, 16%respondents are belongs
to business category, remaining 29% respondents are belongs to retiredcategory.

Chart5.3

42
Table5.4Incomelevelofrespondents

Particulars Respondents Percentage

0-25000rupees 39 39
25000-40000rupees 36 36
40000-60000rupees 14 14
Above60000 11 11
Total 100 100

Interpretation
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-
60000rupeesand11%customers income is above60000rupees.

Chart5.4

43
Table5.5Reasonsforinvestinginlifepolicies

Particulars Respondents Percentage

Multiple benefits 29 29
offerIncometaxreturnsSc 14 14
heme are 18 18
goodRecommended by 26 26
familyandfriends
Others 13 13
Total 100 100

Interpretation

The above table and graph showing that customers reasons for investing their money in LIC
29%people investingformultiple benefit offer, 26%people investingbyrecommended
byfamilyandfriends, 18% people investing by schemes are good, 14% people investing by income
tax returnsand 13%people investingbyothers reasons.

Chart5.5

44
Table5.6Satisfiedwithinvestingmoney

Particulars Respondents Percentage

Highly 7 7
satisfiedSatisfie 32 32
dAverageDissat 47 47
isfied 12 12
Highlydissatisfied 2 2
Total 100 100

Interpretation
Abovethe table andgraphshowingthat the7% respondentsarehighlysatisfiedwith
theirinvesting money, 32% respondents were satisfied, 47% respondents were average,
12%respondentsaredissatisfied and 2%respondents arehighlydissatisfied.

Chart5.6

45
Table5.7Followingpolicieshave

Particulars Respondents Percentage

Endowment 22 22
policiesChildren 37 37
policiesPension plan 11 11
policiesSinglepremiump 12 12
oliciesMoney back 10 10
policiesOthers 8 8
Total 100 100

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
havepension plan policy,10% people respondents have money back policy and 8% respondents
haveotherspolicy.

Chart5.7

46
Table5.8 Termpolicies

Particulars Respondents Percentage

Upto5years6 11 11
to10years 21 21
11to15 years 22 22
16to20 years 24 24
Above20years 22 22
Total 100 100

Interpretation
Theabovetableandgraphsshowingthatthe 11% respondentstermpolicyareup to5years
,21% respondents are 6 to 10 years,22% respondents are 11 to 15years term policy,
24%respondentsare16to 20yearsand 22%respondents arehavingabove20years termpolicy.

Chart5.8

47
Table5.9 Premiuminsurance
Particulars Respondents Percentage
MonthlyQ 9 9
uarterlyHal 14 14
fYearlyYe 26 26
arly 51 51
Total 100 100

Interpretation
The above table and graphs showing that the 9% respondents are pay monthly premium,
14%respondents arepayquarterlypremium,26% respondents arepayhalfyearlypremium and
51%respondentsarepayyearlypremium.

Chart5.9

48
Table5.10Satisfiedwith theratesofinsurancepolicies

Particulars Respondents Percentage

Highly 14 14
satisfiedSatisfie 32 32
dNeutralUnsati 36 36
sfied 10 10
Utterlyunsatisfied 8 8
Total 100 100

Interpretation
Theabovetableandgraph showingthat 14%respondents arehighlysatisfied bytheir satisfiedrates,
32% respondents are satisfied, 36% respondents are neutral, 10% respondents
areunsatisfiedand 8% respondents areutterlyunsatisfied.

Chart5.10

49
Table5.11AgentRecommendaboutinsurance

Particulars Respondents Percentage

Yes 82 82
No 18 12
Total 100 100

Interpretation
Theabovetableandgraphsshowingthat82%respondentsarerecommended
by agent about the life insurance and 18% respondentsarenot
recommend byanagent.

Chart5.11

50
Table 5.12 Correct information is provided by an
agentregarding productsandservices

Particulars Respondents Percentage

Yes 62 62
NoT 38 38
otal 100 100

Interpretation
Theabovetableandgraphsshowingthat62%respondentsarehappy with
their agent by proving the correct information and 38%respondents
arenot happywith theagents.

Chart5.12

51
Table5.13 Brochurelanguage

Particulars Respondents Percentage

Strongly 13 13
agreeAgree 45 45
Neutral 31 31
Disagree 8 8
Stronglydisagree 3 3
Total 100 100

Interpretation
Theabovetableandgraphs showingthat 45%respondents agreewith the
brochurelanguage,31%respondents are neutral, 13% respondents are strongly agreeing with
the brochure ,8%respondentsweredisagreeand 3%respondents are stronglydisagree.

Chart5.13

52
Table5.14Agentdonotdisclosenegativepoints

Particulars Respondents Percentage

Strongly 5 5
agreeAgree 60 60
Neutral 27 27
Disagree 5 5
Stronglydisagree 3 3
Total 100 100

Interpretation
The above table and graphs showing that 5% respondents are strongly agree with the agent
donot disclose the negative points of the scheme,60% respondents are agreeing with this
points, 27%respondents are neutral and 5% respondents were disagree or 3% respondents are
stronglydisagree.
Chart5.14

53
Table5.15Explainedtermsandconditions

Particulars Respondents Percentage

Strongly 6 6
agreeAgree 35 35
Neutral 31 31
Disagree 18 18
Stronglydisagree 10 10
Total 100 100

Interpretation
Theabovetableandgraph showingthat 6% respondents arestronglyagreewith
thetermsandcondition,35% respondents are agreed ,31% respondents are neutral, 18%
respondents aredisagree and 10%respondents arestronglydisagree.

Chart5.15

54
Table5.16Proceduresservices

Particulars Respondents Percentage

Fully 9 9
satisfiedSatisf 31 31
iedNeutralUn 45 45
satisfied 13 13
Utterlyunsatisfied 2 2
Total 100 100

Interpretation
The above table and graphs showing that 9% respondents are fully satisfied with
servicesprocedure, 31% respondents are satisfied, 45% respondents are neutral, 13%
respondents areunsatisfiedand 2%respondents areutterlyunsatisfied

Chart5.16

55
Table5.17Easytocontact

Particulars Respondents Percentage

Yes 93 93
NoT 7 7
otal 100 100

Interpretation
Theabovetableandgraphshowingthat 93%respondents arebelongs to
easilycontactandcommunicatewith theinsuranceauthorityand7%respondents arenot
belongs.

Chart4.17

56
Table5.18Premiuminsurance

Particulars Respondents Percentage

Yes 65 65
NoT 35 35
otal 100 100

Interpretation
The above table and graph showing that 65% respondents are received insurance premium
and35%respondents arenotreceived insurancepremium.

Chart5.18

57
Table5.19Moreininsurancepolicy

Particulars Respondents Percentage

More 89 89
benefitsMore 7 7
securityOther 4 4
s
pleasespecify 100 100
Total

Interpretation
The above table and graph showing that 89% respondents
areget more benefits insurance,7% respondents are more
securityand4%respondents arebelonging to others.

Chart5.19

58
Table5.20Returnsininsurancepolicies

Particulars Respondents Percentage

Highly 3 3
satisfiedSatisfie 17 17
dAverageDissat 45 45
isfied 35 35
Highlydissatisfied 0 0
Total 100 100

Interpretation
Theabovetableandgraph showingthat 3%respondents arehighlysatisfied with thereturns
ininsurance policies, 17% respondents are satisfied ,45% respondents are average and
35%respondentsaredissatisfied

Chart4.20

59
Table5.21Deathclaims

Particulars Respondents Percentage

Stronglyagree 2 2
Agree 11 11
Neutral 37 37
Disagree 47 47
Stronglydisagree 3 3
Total 100 100

Interpretation
Theabovetableandgraphshowingthat 2%respondents arestronglyagreewith thedeathclaim,11%
respondents are agreed,37% respondents are neutral, 47% respondents are disagree and
3%respondentsarestronglydisagree.

Chart5.21

60
Table5.22 Affectedby privateinsurancecompany

Particulars Respondents Percentage

Strongly 11 11
agreeAgree 22 22
Neutral 36 36
disagree 25 25
Stronglydisagree 6 6
Total 100 100

Interpretation
Theabovetableandgraph showingthat 11%respondents arestronglyagreewith
theprivatecompanies has affected the LIC company,22% respondents are agreed, 36%
respondents areneutral,25% respondentsaredisagree and 6%respondents arestronglydisagree.
Chart5.22

61
Table5.23Surrenderedpolices

Particulars Respondents Percentage

Yes 18 18
No 82 82
Total 100 100

Interpretation
Theabovetables and graph
showingthat18%respondentsaresurrenderedtheirinsurancepoliciesand 82%respondents
arenotsurrenderedtheirpolices.

Chart5.23

62
Table5.24Levelofsatisfaction

Particulars Respondents Percentage

Excellent 8 8
Verygood 43 43
Average 29 29
BadWors 14 14
e 6 6
Total 100 100

Interpretation
Abovetableandgraph showingthat8%respondentsareexcellentwith
theirsatisfaction,43%respondents are very good, 29% respondents level are average, 14%
respondents level are badand6%respondents level areworse.
Chart5.24

63
HYPOTHESISTESTING:

Table5.25

Correlations
Satisfaction Procedure

PearsonCorrelation 1 .274**

Satisfaction Sig.(2-tailed) .006

N 100 100
PearsonCorrelation .274** 1

Procedure Sig.(2-tailed) .006

N 100 100

**.Correlationissignificantatthe0.01level(2-tailed).

64
 CHAPTER6

FINDINGS,AND INTERPRETATION

65
FINDINGS

Asindicatedbyoneinvestigation,mostrespondentsaremen,whichdemonstratesthattheyareprogressivelyi
nspired byLICinsurance.

• Themostrespondent’soccupationarefrom worker.
• Theiragebetweenthe25-35yearsandtheirmonth- t o - m o n t h salarylevelwasaround25000
everymonth.
• Theyallwereputtingtheircashin protectionarrangementsbyvariousadvantagesoffer.
• Aspertheinvestigationthemostrespondentsarenormalhappywiththecontributingtheircash.
• Themostrespondentshaveyoungsters’arrangementsfortheirfuturepremise.
• Theyhaveterm strategiesbetween the 16-20years andtheywearpayingyearlywith
theirfulfilledrates.
• Mostlytheoperatorhassuggestedaboutthedisasterprotectionandtheitemsandadministrationst
o the respondents.
• Respondentsareconcurringtowardstheoperatorswerenotunveilthenegativefocusespastthecli
ents.
• Butthespecialistsclarifiedeveryoneofthetermsandconditionsabouttheprotectionapproaches.
• Accordingtorespondentstheyarecontentwiththestrategiesadministrationsandtheyeffectivel
ycontactwith them.
• Respondentshavenumerousmotivatingforcesthrough protectionbyspecialist.
• Butinprotection thepassingcases arequicklyarranged.
• Accordingtorespondents,theprivateinsuranceagencyhaddoledoutLICduetotheirrepresentati
veswho were constantlyoccupied
• Customerpolicyholders.
• Mostofclientsfeelprotectedandgladwhentheymanage LIC.
• IthasbeendiscoveredthattheirrelevantbitofLICrepresentativesdoesnotgiveindividualregard
for client issues.

66
• Itwasdiscoveredthatrespondentsdidnotseeallarrangementsanddidnotknowthestrategies
oflow-salarynations.
• Mostrespondentsstatethattheorganizationandspecialistrespondentspromptlybywithrespectt
o theirtakingcareof issues.
• Returnsfromthe venture areemphaticallynormalthatthought aboutstrategies.
• Themostrespondentshavenotsurrenderedtheirarrangementstheyarehappywiththeterms
andstates ofLICand theyarecontent withprotection.
• Theirfulfillmentlevelwasgreatwhencontrasted withotherprotectionarrangements.

67
Interpretations
• Themostrespondentsarefrommale candidates.

• Themost ofrespondents arefromagebetween25-35years

• Asper thesurveythe most respondents arefrom theemployees
• Asper thesurveythemost respondent’s income levelisbased on0-25000rupees
• Asper thesurveythemost respondents aretakenpoliciesduetomultiple benefits offer.
• As per the survey the 47% respondents are average satisfied with their investing money
ininsurancepolicies.
• Asper thesurveythe most respondents haveterm policies with16 to 20years
• As perthesurveythe most respondentsarepaytheir premiuminyearlybasis.
• Asper thesurveythemost respondents areneutralwith thesatisfied rates.
• As per thesurveythe most respondents were agreeing about theagent was recommend
bytheinsurance
•
• Asperthesurveythemostrespondentsareagreeing withtheagentbecause he provide correct
information regarding products andservices
• Asper thesurveythe most respondents areagreeingwith thebrochurelanguageis
easyandunderstandable
• Asper thesurveythe most respondents areagreeingabout theagentsdo not disclose
thenegativepoints
• As per the survey the most respondents are agreeing with the terms and conditions are
explain whiletakingapolicies
• Asperthesurveytherespondents areneutralwiththeserviceswhile
meetingcustomerneedsandprocedures
• As per thesurveythe 93%respondents are easilycontact to the insuranceauthority
• Asper thesurveythe 89%respondents arewantmorebenefits ininsurancepolicies
• Asper thesurveythe 45%respondents areaveragetowardsthereturns ininsurancepolicies
• Asper thesurveythe 47%respondents aredisagreewith thesort ofdeathclaims
ininsurancecompany
• As per thesurvey36%respondents areneutral withthe affected ofprivate insurancecompany
• As per thesurvey36%respondents areneutral withthe affected ofprivate insurancecompany
• As per thesurvey36%respondents areneutral withthe affected ofprivate insurancecompany
• Asper thesurveythe most 82% respondents havenot surrendered theirpolicies
68
• Asper thesurveythe most 43% respondents verygood with theirsatisfaction level
inperformanceofLIC
•
• Asperthesurveythe65%respondentsarereceivedpremium insuranceincentives
• It is interpreted that the association between the satisfaction level and the service procedure
arepositively correlated and the significant value is .006 which is less than 0.05. It means
there is arelationbetween satisfaction level and theservice procedure.

69
 CHAPTER 7

CONCLUSION, LIMITATION AND RECOMMENDATIONS

70
Recommendations

In the modernized very much propelled property, every single imaginable office
andeveryconceivableexertiontobuildthecertaintyofthesafeguardedinexpandingoppositetheinsuran
ce agencies, never again supplement one another. Be that as it may, a few suggestions
areincrediblyfelt andemphaticallyrequiredforprotection to stayavailable.

Theseareas perthefollowing:
a) Moreandmorestraightforwardnessoughttobefoundamongsafetynetprovidersandinsured.
b) specifically,intherisingblastofinsuranceagencies,eachinsuranceagencymustbecustomerdrivena
nd verymuch awareofthetreatment ofpolicyholderissuesandclaims.
c) Eachitemhasbeenpropelledbytheinsuranceagencyforthedevelopingneedsoftheguaranteed.

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

guidelines. It ought to be obligatory for all safety net providers to make
increasinglycapableandresponsivenesstoendorserswiththegoalthatallsupporterscanbuildupaworld
widecomprehension. This can begainfulforthe two sides.

71
 LIMITATION OF STUDY

1.Insurance Has Many Terms and Conditions

Insurance covers not all losses in a person's life or business situation. Insurance plans' terms and
conditions give consumers financial assistance solely in accordance with those conditions.
Therefore, one must carefully study and comprehend the terms and circumstances before
purchasing any insurance.

2. Long and Costly Legal Procedures

The legal process to receive a claim submitted by an individual may be drawn out. As a result, it
occasionally may become problematic in an emergency. The cost of an insurance plan can
frequently fluctuate based on the type of policy a person chooses as well as other
considerations; occasionally, this cost may be higher than the Insurance guaranteed. Therefore,
people need to be conscious of the price.

3. Fraud Agency

The market is filled with a variety of fraud agencies. People who choose to purchase Insurance
before purchasing it must be capable of handling themselves and the issue or seek professional
assistance when choosing insurance firms.

4. Not for all People

It might be an issue for certain people that some insurance, such as life and health insurance,
typically does not provide coverage for sick and elderly folks.

5. Potential Criminal Activity

Policyholders may be persuaded to engage in fraud or other criminal activity to receive the
promised insurance money, which may result in civil offenses.

72
Conclusions

This investigation broke down the information gathered from the protected and permitted
thedesires for guaranteed people and their inclinations. He additionally recommended proposals
thatcouldbeactualizedinlightofalegitimateconcernfortheoverallpopulationandtheadministration.
In the wake of checking on the general circumstance that helped various Pvt.
OrganizationsrelatedwiththeglobalprotectionpartshouldcontendwellwiththecurrentLICsintheopen
area.Wereason that:
1) There is wild challenge between private insurance agencies for new publicizing patterns
todenyan extensivepart ofcustomers.
2) LICisn'tforgotteninthepresentraceforpromoting.

73
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 ANNEXURE

QUESTIONNAIRE: -

Name: -

Contact no:-

Gender:-

a) Male
b) Female

Age: -

a) 25-35years
b) 35-45years
c) 45-55years
d) Above55years

Occupation: -

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

Incomelevel(monthlybases): -

a)0-25000rupees
b)25000-40000rupees
c)40000-60000rupees
d)Above60000rupees
1 Reasonforinvestingin insuranceplan?
a) Multiplebenefitsoffer
b) Incometax returns
c) Schemesaregood
d) Recommended byfamilyand friends
e) Others

2 Areyousatisfied investingyour moneyin insurancepolicies?

a) Highlysatisfied
b) Satisfied
c) Average
d) Dissatisfied
e) Highlydissatisfied

3 Whicharethefollowing policiesyouhave?
a) Endowment policy
b) Childrenpolicy
c) Pensionplan policy
d) Single premiumpolicy
e) Moneybackpolicy
f) Anyother

4 What’sthetermofyourpolicy?
a) Upto5years
b) 6to10years
c) 11to15 years
d) 16to20 years
e) Above20years
5 Howwouldyouliketopayyour premium?
a) Monthly
b) Quarterly
c) Halfyearly
d) Yearly

6 Areyousatisfiedwiththeratesofinsurancepolicies?
a) Fullysatisfied
b) Satisfiedtocertainextent
c) Neutral
d) Unsatisfied
e) Utterlyunsatisfied

7 Didtheinsurance agentsormarketingexecutiverecommendtheinsurancetoyou?
a) Yes
b) No

8 Dotheagentsprovideyouwithcorrectinformationregardingtheirproductsandservices?
a) Yes
b) No

9 Languageof thebrochureis easy, simpleorunderstandable?

a) Stronglyagree
b) Agree
c) Neutral
d) Disagree
e) Stronglydisagree
10 Agentsdonottellordisclosethenegativepointsoftheschemeorpoliciestotheconsumers?
a) Stronglyagree
b) Agree
c) Neutral
d) Disagree
e) Stronglydisagree

11 Whiletakingapolicyallterms and conditions areexplained to theconsumer?

a) Stronglyagree
b) Agree
c) Neutral
d) Disagree
e) Stronglydisagree

12 Howweretheservices intermsof procedures,duration,andmeeting customerneeds?

a) Fullysatisfied
b) Satisfiedtocertainextent
c) Neutral
d) Unsatisfied
e) Utterlyunsatisfied

13 Isit easytocontactandcommunicatewiththeinsuranceAuthority’s?
a) Yes
b) No

14 Haveyoureceived anyincentivefrominsurancepremium throughagent?

a) Yes
b) No
15 Whatwouldyouliketoget morein insurancepolicies?
a) Morebenefits
b) Moresecurity
c) Others,pleasespecify

16 Howwerethe returns in insurancepolicies ofLIC?

a) Highlysatisfied
b) Satisfied
c) Average
d) Dissatisfied
e) Highlydissatisfied

17 Insurancecompanyswiftlysort deathclaims?
a) Stronglyagree
b) Agree
c) Neutral
d) Disagree
e) Stronglydisagree

18 EntryofprivateinsurancecompanyhasaffectedtheLICCompany?
a) Stronglyagree
b) Agree
c) Neutral
d) Disagree
e) Stronglydisagree
19 Haveyousurrenderedyourinsurancepoliciesever?
a) Yes
b) No

20 WhatisyourlevelofsatisfactionwiththeperformanceofLICCompany?
a) Excellent
b) Verygood
c) Average
d) Bad
e) Veryworse