Project Report

“A Study on Customer Satisfaction Towards LIC Products and

Services”
By
PARTH PUNATAR (SAP ID: 77118558856)71
Submitted to

In partial fulfillment of the requirements for the award of the degree of

Post Graduate Diploma in Business Management
18
558856

•
 TABLE OF CONTENTS

CHAPTERS TITLES PAGE

NO.
1 INTRODUCTION 3-14

2 CONCEPTUAL BACKGROUND AND 14-23

LITERATURE REVIEW

3 RESEARCH DESIGN 24-28

4 ANAYSIS AND INTERPRETATION 28-54

5 FINDINGS, CONCLUSION AND SUGGESTIONS 55-58

BIBLIOGRAPHY 59-60

ANNEXTURE-1 QUESTIONNAIRE 61-66

 CHAPTER 1
INTRODUCTION
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

• 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.

1.1 INDUSTRY PROFILE

In its cutting edge structure, extra security originated from England to India in 1818. The
principal Indian life coverage organization on Indian soil was an Eastern life coverage
organization, which was set up by Europeans in Calcutta. Nearly the insurance agencies
were set up that periods that were brought up in request to address the issues of the
European people group and Indian locals were not protected by these organizations. Indian
life started to be guaranteed by the unacceptable outside disaster protection organization
lives and the additional overwhelming rewards were changed on them.

The principal Indian extra security organization was conceived in 1870, is the Mutual Life
Insurance Company of Bombay, which covers the lives of Indians at an ordinary rates. An
Indian organization was made for profoundly devoted reasons. The insurance agency was
destined to convey the message of protection and government managed savings in different
parts of society.

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

In 1905-1907, swadeshi development of Gavwe ascends to more insurance agencies. India,

joined with Madras, the national and Indian national insurance agency, was conceived in
one of the corridors of Jorasanko, Calcutta, home of the incredible artist Rabindranath
Tagore. Amid a similar period, a portion of the organizations were made: the exchanging
organization, general protection and swadeshi life (later Bombay) in India. Indian had no
enactment to control business protection.

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 tables and the intermittent valuation of organizations by a statistician. In any
case, the law oppressed the Indian and remote organizations from multiple points of view
by disadvantaging Indian organizations. The initial two many years of twentieth century
saw a ton of development in business protection. The 44 organizations with an all out deals
power of approx 22 billion rupees have achieved 176 organizations with the all out deals
power of Rs. 298 million crore in 1938. Amid the flood of insurance agencies, numerous
budgetary concerns have additionally been propelled, which flopped wretchedly. The
Insurance Act of 1938 was the primary enactment administering disaster protection, yet in
addition non-extra security to give a severe power over protection exercises. The interest
for nationalization of disaster protection industry has been made a few times before,
however it developed in 1944 when the Bill to alter the Life Insurance Act was passed
exhibited to the council.

In any case, a lot later, on January 19, 1956, in India disaster protection was nationalized.
Around 154 Indian insurance agencies, 16 non-Indian organizations and 75 provident
social orders worked in India at the season of nationalization, which was done in two
phases; the administration of the organizations was first endowed to a request and after that
to the property additionally by methods for a point-by-point bill. In India, the Parliament
passed the Life Insurance Companies Act on June 19, 1956. The Indian Life Insurance
Company was built up on September 1, 1956 with the point of expanding the life coverage
industry considerably more broadly. disaster protection in rustic zones to achieve every
guaranteed nation by giving them satisfactory money related inclusion at a sensible
expense. LIC had 5 zone workplaces, 33 division workplaces and 212 branches. Its home
office was in 1956. Since extra security contracts are long haul contracts and require a wide
assortment of administrations, numerous administrations are required. As of late to extend
tasks and set up a branch in the central command of each region, the LIC revamping
occurred and countless branches were opened. Because of the rearrangement, the
administration capacities were exchanged to the branches and the bookkeeping units were
changed. It worked flawlessly with the organization's execution.

It very well may be seen that the 200,000 crores of new business made in 1957 were just
brought by 1,000.00 crores up in 1969 and that it took LIC 10 years to break the 2,000
characteristics of new business. However, with the redesign that occurred in the mid eighty,
the low-pay nations of 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 zone workplaces and focal workplaces. LIC has the broad system
that covers 100 division workplaces and interfaces with all branches by means of a
metropolitan system. LIC has built up connections with certain banks and specialist
organizations to offer premium accumulation usefulness in chose urban areas. The
simplicity of installment of ECS and ATM premiums by the LIC is an additional favorable
position for the client. Notwithstanding the online stands and the IVRS, data focuses have
been dispatched in Mumbai, Ahmadabad, Bangalore, Chennai, Hyderabad, Kolkata, New
Delhi, Pune and numerous different urban areas. With the vision of giving a simple surplus
to its policyholders, LIC has opened its SATELLITE SAMPARK workplaces. These
satellite workplaces are littler, more student and closer to the client.

The digitized satellite office accounts will encourage support at any area and numerous
different conveniences later on. LIC keeps on being the prevailing quick on another
direction development surpassing 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 continued development rate of 16.67% contrasted with the comparing
times of the earlier year. From that point forward, the LIC has achieved numerous
achievements and accomplished uncommon execution records in different parts of the life
coverage industry. Similar thought processes have enlivened our precursors to guarantee
that protection exists in this nation by instigating us, in the LIC, to transmit this message
of insurance to light the security lights in numerous homes and to help individuals by
guaranteeing the wellbeing families.
Among the most imperative strides in the disaster protection industry in India are:

1818: The Oriental extra security organization is the principal insurance agency on Indian
soil to have begun working.

1870: The Mumbai Mutual Life Insurance Society is the main Indian extra security
organization to dispatch.

1912: The Indian Life Insurance Companies Act is declared as the main law managing
the extra security area.

1928: The Indian Insurance Companies Act is proclaimed to enable the legislature to
collect statistical info on life and non-life activities.

1.2 COMPANY PROFILE

Type: Crown-possessed company and state-claimed

ventures Established: September 1, 1956

Base camp: India (different destinations in India and abroad), headquartered in

Mumbai Key individuals: Hemant Bhargava (President and CEO)

Industry: Life Insurance Financial Services

Items: Life Insurance, Health Insurance, Investment Management and Mutual

Funds Number of workers: 114773

Resources: Rs 2,529,390

Proprietor: Govt of India

Auxiliaries: LIC lodging money, LIC Ltd annuity support, LIC International, LIC card
administrations, LIC speculation reserves

Sites: www.licindia.in

1.3 VISION, MISSION AND QUALITY POLICY

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.

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.

1.4 OBJECTIVES OF LIC

Comprehensively expand extra security in certain rustic regions and monetarily in reverse
classes to contact every guaranteed individual in the nation and give them satisfactory
money related inclusion in case of death at a sensible expense
• Maximize the activation of individuals' reserve funds by making appealing investment
funds connected to protection.

• Keep as a primary concern the venture of assets, the principle commitment towards the
guaranteed, the protection of cash in trust, without dismissing the enthusiasm of the
network in general; the assets to be utilized advantage financial specialists and the network
overall, considering national needs and appealing return commitments.

• Do business with the greatest economy and with the full acknowledgment that the cash
has a place with the supporters.

• Go about as operators of the open guaranteed separately and all in all.

• Respond to the different disaster protection needs that the network would require in the
changing social and monetary condition.

• Involve each one of those working in low-pay nations who utilize their capacities to
advance the safe guarded's advantages out in the open by giving effective and obliging
administrations.

1.5 RIVALS IN THE MARKET

1. Extra security organization

2. ICICI Prudential Life Insurance

3. SBI extra security

4. HDFC life

5. Extra security Max

6. Extra security Bajaj Allianz

7. Extra security Birla sun

8. Reliance Nippon Life Insurance

 9. Extra security 9 Tata AIA

10. GNP puts extra security in India

1.6 SWOT ANALYSIS

Extra security Corporation of India is known as the administration possessed protection

and speculation organization. The head office in Mumbai, LIC, is credited with the biggest
protection supplier in India, with resources of around 240 billion USD. LIC's all out life
reserves are assessed at USD 143 billion and the organization keeps on selling approaches
each year.

A mind-blowing acknowledgment protection law in 1965 and the Indian government chose
to make their very own extra security organization, which brought about the production of
LIC of India. These developments additionally prompted the nationalization of the
protection area in India, while it was a gathering of privately owned businesses. In excess
of 240 private insurance agencies and provident social orders converged to frame a life
coverage organization.

STRENGTH

The qualities are characterized by what each organization accomplishes best, which can
give it the high ground over its rivals. The accompanying resources of LIC are:

• The biggest protection supplier in India: LIC as of now oversees skillet India tasks
with 2048 completely automated PCs in branches, 8 region workplaces in 113 division
workplaces, 2048 branches, 1381 satellite workplaces and focal workplaces. . The entire
nation is characterized in the 54 client zones and the 25 metropolitan territories with
administration focuses dependent on a few urban communities and having a place with
India. Right now, LIC has 1,337,064 individual operators, 242 organization specialists, 89
referral specialists, 98 merchants and 42 banks for the clearance of disaster protection to
the overall 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 Equity overview of the year 2015 has assigned LIC as the most dependable
protection supplier in India.

• Funding Base: LIC has an expansive base reserve of roughly $ 150 billion. It is likewise
the biggest financial specialist in India, making it an incredibly ground-breaking nation in
the field of fund in India.

• A system of specialists: LIC has around 1,337,064 individual operators, 242 corporate
specialists, 89 reference operators, 98 representatives and 42 banks in India, covering all
pieces of the nation.

WEAKNESS

Shortcomings are utilized to distinguish zones in which the organization or brand should
be improved. The principle shortcomings of LIC are:

• Culture: Low-pay nations have been intently connected with the administration and have
an extremely moderate and moderate work culture. It fills in as a shortcoming when
contrasted with current private insurance agencies that are devotees of the system.

• Poor publicizing procedure: Compared to its private partners, LIC does not spend a lot
on promoting, and the nature of the ads it publicizes mirrors this.

• Too numerous limitations: the organization has numerous confinements to force as an

administration substance and there are dependably issues of organization. To back off basic
leadership at LIC.

• Overhead expenses: LIC has an immense workforce of representatives and the vast
majority of them work from their very own offices. Their installment and the executives
are frequently a major test for the organization.
OPPORTUNITIES

Openings allude to circumstances in the earth encompassing a business that can profit by
expanded returns. A portion of the 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 turn out to be a colossal chance.

• Online Services: As online administrations developed, clients started to look for an ever
increasing number of choices, for example, protection and mindfulness levels. The most
noteworthy as the main days. This is an open door for providers like LIC, which utilize a
great deal of work, to decrease costs by supplanting clients with innovation.

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

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

THREATS

Dangers are the natural factors that can decide the development of the business. Dangers
include:

• Competition: With the privatization of protection, LIC has lost its previous greatness
and appearances wild challenge from private protection that has conveyed more glory to
the business.

• Change of government: With each new government, financial and money related
strategies change, with the outcome that approaches must be reformulated as needs be. This
makes a great deal of stresses.
• Technology: Today, most money related administrations make innovation an essential
piece of their business through web based banking and online monetary financier
administrations. Be that as it may, LIC still has a great deal to do to stay aware of the
innovation.
 CHAPTER 2

CONCEPTUAL BACKGROUND AND LITERATURE REVIEW

2.1Theoretical Background of The Study

What is the consumer loyalty?

Definition: Customer fulfillment demonstrates that consumer loyalty originates from

working with an organization. As such, it's the means by which fulfilled clients are with
their exchange and, by and large, their involvement with the organization.

What does consumer loyalty mean?

Clients get fulfillment from an item or administration as indicated by the fulfillment of

their needs, in a pragmatic way and devoted to the organization. Therefore, consumer
loyalty is an imperative advance in structure faithfulness.

Associations compute the Customer Satisfaction Score (CSAT), which is the normal client
reaction score, the Net Developer Score (NPS), showing the probability of a client restoring
a brand to someone else, and the client exertion score, which demonstrates how simple it
is for a client to work with an organization. Consumer loyalty measurements are then used
to evaluate buyer conduct.

Life coverage

Given the key standards of protection, it would hypothetically be conceivable to assess and
guarantee any dangers related with legal movement. Nonetheless, this article centers
around disaster protection and the related financial dangers of life and demise. Disaster
protection is basically an agreement to make explicit installments upon the demise of the
individual whose life is guaranteed. As it were, disaster protection ensures the aggregate
of cash to the assigned recipients at the passing of the safeguarded or potentially to the
guaranteed in the event that he lives past a specific age. The performers associated with the
extra security strategy other than the back up plan are: The arrangement proprietor, the
 individual whose life is guaranteed and the recipients, the individuals who are paid under
the approach. The Policyowner has the ability to choose or change the recipient, the
privilege to appoint the approach, money it for its money surrender esteem or use it as
security to acquire an advance, and for the commitment to pay the premiums. A similar
individual may fill every one of the three positions by assigning their progression as
recipient, or every one of the three positions might be involved by a different individual.

Similarly as protection is separated into a few classifications, disaster protection likewise

contains different sub-classifications.

Some normal types of disaster protection arrangements are:

• All the life

• Lifetime

• Staffing Life Insurance

• Industrial life coverage

• Mutual life coverage

• Collective protection

• Annuities

• Universal life coverage.

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

All the life

As the inclusion of a whole extra security arrangement is planned to endure forever of the
protected. The returns are paid upon the demise of the guaranteed and the returns are as
sure as the 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 money esteem choice, which is commonly accessible whenever after the approach
becomes effective for a long time and before the demise of the safeguarded. Since the extra
security approach aggregates a money surrender esteem and the conviction of a last
installment, it is both a methods for speculation and protection. Furthermore, the money
esteem that can be acquired when recovered or utilized as insurance for a credit, the entire
life approach gives a fixed lifetime premium. Since extra security premiums depend on the
danger of death, they can be restrictive as the individual ages. All of life will in general
lighten this issue with fixed and uniform premiums for the span of the approach. As a
speculation procedure, disaster protection organizations for the most part contribute
premiums judiciously, in view of a differentiated portfolio, to guarantee that reserves are
versatile to monetary emergencies. This methodology can give security and significant
serenity for the approach proprietor (Stevick, 2006).

Term protection

In contrast to life coverage, term extra security endures just a specific measure of time, for
example, a month, 10 years or 20 years. The safety net provider pays the measure of the
predetermined item just if the guaranteed passes on in due time. Not at all like the entire
extra security arrangement, the term disaster protection strategy does not by and large
amass money esteem when the approach is reclaimed or relinquished. In this manner, it
isn't sure that the safety net provider will be required to pay anything under the strategy in
light of the fact that the protected can endure its term. Since the installment under term life
coverage is dubious, it does exclude any venture component. Now and again, term
protection arrangements become progressively attractive by making them sustainable for
an extra term. This reestablishment highlight is commonly accessible paying little respect
to the guarantee’s wellbeing status at the season of recharging. Be that as it may, rates for
ensuing periods are commonly a lot higher than for the underlying time frame in light of
the fact that the guaranteed has matured.

Staffing Life Insurance

Blessing disaster protection is like entire life coverage in two different ways: your
 arrangement premiums spread both an advantage segment and a venture part, and a base
payout to the recipient is ensured. The enormous distinction is that the expression "staffing
approach" isn't identified with your normal life and installment can be made in your
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 the Guaranteed Benefit in a similar way as you 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, which might be more noteworthy than the ensured benefit, contingent upon
the sort of agreement and the arrival earned on the venture divide.

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
venture higher than the ostensible esteem).

Staffing protection is commonly used to amass cash to accomplish a specific budgetary

objective, for example, a store on a retirement home/second home or to fund a tyke's school
instruction, while including extra security segment.

Modern extra security

Modern extra security premiums are paid on a week by week or month to month premise.
When all is said in done, the assumed worth of modern disaster protection approaches
does not surpass
$ 10,000. This sum is extensively lower than different sorts of life coverage arrangements,
which by and large have an ostensible estimation of several thousands. Modern life coverage
is a decent alternative for individuals who need to purchase life coverage yet can not stand to
pay high premiums.

Common extra security

 A common extra security organization is the endorsers. A shared insurance agency's sole
reason for existing is to give protection inclusion to its individuals and supporters, who
likewise reserve the privilege to pick their chiefs. Government law, as opposed to state law,
decides if a back up plan can qualify as a common insurance agency.

Aggregate protection

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

gathering determination, the utilization of experience rating and the utilization of a
structure protection contract. These parts of gathering protection produce lower managerial
expenses than individual strategies for gathering individuals. Gathering protection is
regularly used to furnish representatives and individuals from relationship with life,
wellbeing, inability, dental and different kinds of assurance.

Annuities

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

indicated interims, as a rule after retirement. The proprietor is burdened just in the event
that he starts to get circulations or pulls back assets from the record. All annuities are charge
conceded, which implies that pay from interests in these records increments with conceded
charge until withdrawal. Since annuity pay is additionally conceded, it can not be pulled
back without punishment before a specific age. Fixed annuities ensure a specific measure
of installment, while variable annuities don't, however can conceivably create better
returns. Both are generally sheltered and low return ventures. An annuity has a passing
advantage equivalent to the more noteworthy of the present estimation of the annuity or
the sum paid by the buyer. On the off chance that the proprietor bites the dust amid the
amassing stage, his beneficiaries will get the sum collected in the annuity. This cash is
liable to customary pay imposes notwithstanding legacy charge.

2. All the more for the most part, a progression of installments of a predetermined size and
recurrence, regularly to a resigned individual.
General extra security

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 an adaptable premium alternative. Be that as it may, some require a solitary premium
(single level rate premium) or fixed premiums (fixed level premiums).

2.2LITERATURE REVIEW

AUTHOR/ TITLE OF THE OBJECTIVES, GAP

RESEARCHER ARTICLE/ STUDY OUTCOME OR IDENTIFIED
FIDINGS
Gera, R. (2011) A study on consumer Achieve customer loyalty
In these research
satisfaction towards the to keep them satisfied paper the
life insurance with business progress researcher is mainly
corporation of India expansion focusing on the
customer
satisfaction but the
customer is not
know about the
product
information
Ranjit singh, Perception of To understand the Sampling gap
Mousumichoudhury(2015) customers towards impact of various
 responsiveness of demographic variables on
Bancassurance channel customer
responsiveness, the
study is based on primary
data collected from
customers
purchasing life insurance
policies.

Massood, H siddiqui, Analyzing customer Identify the most critical Area of operation
(2010) satisfaction with issue of whether gap
service quality in life customer focus is
insurance services reflected in their
strategies

Min Han, C. (1990). A study on attitude of Find this study on Poor information is
Indian consumer insurance companies in provided by the
towards insurance the Indian market to insurance
services frame marketing companies or
strategies based on consumers faces
socio-demographic and authentification
economic variables about quality of the
insurance services.
D Randall brandt, Kevin l Focusing on customer Establish the types and To resolve the
reffett (1989) problems to improve ubiquity of customer subjectivity and
service quality problems to assess each ambiguity of
one's effectiveness on customer
customer satisfaction. satisfaction.

Mandeep kaur, Customer satisfaction Analyze factors that Mainly analysis of

Dalwinderkaur(2014) towards life insurance affect customer the seven factors of
satisfaction as it helps customer
companies beat satisfaction
competitions

A B Sogunro, B Measuring customer Measure buyers' Policyholders are

Abiola(2014) satisfaction on life compromises in multi- not satisfied with
insurance products award-winning products the LIC
and services with
purchases

Woodside et al(1989) customer judgment of Foundational Research Time gap, research

service quality and Study on the Positive Link methodology gap
satisfaction with the to Overall
service encounter Satisfaction with Service
Delivery
Ching-chow yang (2003) The measure of Improvement of product Suggestion gap
customer satisfaction quality or search for the
highlights the strength best quality of products
of quality products

Pothas et al (2001) Unconventional way of Identified proposed Investigator from

monitoring customer unconventional way of the frame of
satisfaction monitoring reference
Day, R. L. (1977). Customer satisfaction is To Analyze the Expectation
an evaluative response comparison of what was influence customer
of the products expected and what is satisfaction that
purchase and received effect the positive,
consumption negative and non
experience existent
Taylor, C., & Benger, J. R. Studied various To analyze about the Sampling gap
(2004) literatures and response pertains to a
indicated that customer particular consumption
satisfaction response experience
Berezina, K., Cobanoglu, The perception of the Identified customer Multiple
C., Miller, B. L., & Kwansa, word “satisfaction” satisfaction as a multi- experiences with
F. A. (2012) dimensional in nature the service provider
Anderson, R. E. (1973) Relationship between To determine customer Area of operation
customer expectation satisfaction towards the Gap
and products perceived relationship between
performance customer expectation
Hernández-Lobato, L., Satisfaction as Analyse about the Judgment itself
Solis-Radilla, M. M., pleasurable fulfilment consumption that about feature of
Moliner-Tena, M. A., & provide outcomes products and
Sánchez-García, J. (2006). against the standard of services
pleasure
Kim, T. T., Kim, W. G., & Service recovery effect Identify the level of High organisation
Kim, H. B. (2009) on purchaser organisation recovery on recovery that affect
satisfaction satisfaction and the dissatisfaction
purchase objectives level of satisfaction

Zeithaml, V. A., Berry, L. L., The impacts of To identify service Deterrent of survey
& Parasuraman, A. (1996) association quality and quality responsibility is noted by an postal
intervening some with impact on survey
segment of client repurchasing by client
HS Sandhu, Neetu Bala Customer perception Aims to measure the Relationship
(2011) towards service quality perception of the between each
of LIC customer on the quality generated service
of service of life quality dimension
insurance

Rashad Yazdanifard, The impact of green To analyse the Using

LgbazuaErdoo Mercy marketing on customer sustainable development comprehensive
(2011) satisfaction and of natural phenomenon literature review
environment safety the customer
satisfaction is on
marketing
strategies
 CHAPTER 3

RESEARCH DESIGN
3.1 Statement Of The Problems

• 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.

3.2 Objective Of The Study

• Determine consumer loyalty in life coverage arrangements.

• Provide data on the customer's protection arrangement if there are motivations to
legitimize the approach being referred to.
• Know the most favored strategy.
• Understand the affectability of clients to the costs of items and administrations.
• Study the organizations, the help and the dimension of correspondence for the after-
deals administrations.

3.3 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.
3.4 Hypothesis Framework

H0: There is no huge connection between fulfillment level and administration system
H1: There is a huge connection between the dimension of fulfillment and the
administration methodology
3.5 Limitations of Study

Like the examination finished with essential and auxiliary research, there are a few
restrictions to the investigation to note.
1. The primary constraint of the investigation was the time accessible to finish it, which
influenced the preparing and examination of the information.
2. An adequate number of respondents from all LIC administrations who couldn't be
incorporated.
3. The investigation is restricted agreeable to policyholders with policyholders and other
related issues past the extent of this examination.
4. Because of time requirements, the specialist secured just the examination time frame
from 2005-2006 to 2009-2010.
5. The example estimate is constrained to 100 individuals as it were. The example size
may not speak to the whole market effectively.
6. It is hard to realize that all respondents gave exact data. a few respondents will in
general give deceiving data.

3.6 Type of Research and research Design

The universe of the investigation incorporates the LIC supporters of the Thanjavur division.
The example, the policyholders were looked over the testing outline, it is recorded by the
three branch directors and the five operators. The example was gathered into urban and
country bunches. In each gathering, an example of 150, 7 endorsers were drawn nearer at
the accommodation of the scientist and supporters.
The essential information were gathered from 100 endorsers. The scientist utilized the
accommodation of Descriptive Research Design to contemplate nature of administration
as far as mindfulness, fulfillment and key measurements in the disaster protection industry.
Poll criteria, for example, pay, age, occupation, dimension of training, and so forth.
Respondents were solicited to rate the dimension from mindfulness, fulfillment, and nature
of administration measurements significant to the PFR protection item on a 5-point scale.
 Specifically, these parts of nature of administration were distinguished through the point
by point exploratory recognizable proof procedure. This incorporates bunch discourses
with 100 disaster protection policyholders (country and urban) and eight top to bottom
meetings, three branch supervisors and five with LIC operators). Content Analysis Group
discourses and top to bottom meetings were directed.

3.7 Need for study

1 The components affecting the decision of strategy don't contrast between the country
and urban policeman.
2. The level of fulfillment with LIC's customer portrayal exercises by the yearly salary of
the policyholder. It doesn't contrast altogether.
3. The dimension of consumer loyalty among country and urban clients does not contrast
essentially.
4. It is fundamental to fulfill the client by giving quality client administration.

3.8 Research Methodology

Research configuration is the strategy and procedure of directing a specific report.

Generally, it very well may be assembled into three primary classes: exploratory,
spellbinding and causal.

Kind of plan

"The examination plan is the strategy and procedure of directing a specific report, in a
general way; It can be assembled into three fundamental classifications: exploratory,
distinct and causal.

Descriptive

• The descriptive study is utilized when the scientist is keen on knowing the attributes of
specific gatherings, for example, age, sex, dimension of training, working, and so on.

• This exploration is directed as a spellbinding pursuit. This is distinct in nature in light of

the fact that the examination centers around accurate request in an all around organized
structure and depends on essential information.

Two Sources for information gathering are:

➢ 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 my examination.
➢ Secondary Data: This is information effectively gathered or existing in the
association as past records, sites and related logs. The information was gathered from the
books, the organization's site, Google and other related records.

3.9 Chapter Scheme

This research titled “customer satisfaction towards LIC products and services” is total
divided into 5 chapters which consists the introduction, background of study and literature
review, research methods, data analysis and their interpretation.
The 5 chapter includes the following information:

Chapter 1 –This chapter consist the basic information about the research in LIC,
introduction about the internship, industry profile, the company profile. We also talks about
the vision, mission, and quality policy of the company, objectives of the LIC, competitors
in the market and SWOT analysis of the company.

Chapter 2 – In this chapter gives information about the theoretical background of study
along with literature reviews.

Chapter 3 – This chapter gives information about the statement of problems, objectives of
study, limitation of study, types of research and the research design, need of the study,
research methodology and also chapter schemes.

Chapter 4 – The data analysis and interpretation of various data was collected.

Chapter 5 – In this chapter it includes the conclusion about research, findings of the factors
and the suggestions for the company for improve.
 CHAPTER 4
DATA ANALYSIS AND INTERPRETATION
Table 4.1 Gender

Particulars Respondents Percentage

Male 52 52
Female 48 48
Total 100 100

Analysis
Above the table and chart showing that 52% respondents belongs to the male
category and remaining 48% respondents belongs to female category.

Chart 4.1

Interpretation
The most respondents are from male candidates.
Table 4.2 Age Frequency of respondents

Particulars Respondents Percentage

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

Analysis
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.

Chart 4.2

Interpretation
The most of respondents are from age between 25-35 years
 Table 4.3 Occupation of respondents

Particulars Respondents Percentage

Employees 30 30
House wife 12 12
Student 13 13
Business 16 16
Retired 29 29
Total 100 100

Analysis

Above the table and chart depicts that 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.

Chart 4.3

Interpretation
As per the survey the most respondents are from the employees
Table 4.4 Income level of respondents

Particulars Respondents Percentage

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

Analysis
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.

Chart 4.4

Interpretation

As per the survey the most respondents income level are based on0-25000 rupees.
Table 4.5 Reasons for investing in life policies

Particulars Respondents Percentage

Multiple benefits offer 29 29
Income tax returns 14 14
Scheme are good 18 18
Recommended by 26 26
family and friends
Others 13 13
Total 100 100

Analysis

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.

Chart 4.5

Interpretation
As per the survey the most respondents are taken policies due to multiple benefits offer.
Table 4.6 Satisfied with investing money

Particulars Respondents Percentage

Highly satisfied 7 7
Satisfied 32 32
Average 47 47
Dissatisfied 12 12
Highly dissatisfied 2 2
Total 100 100
Analysis

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.

Chart 4.6

Interpretation
As per the survey the 47% respondents are average satisfied with their investing
money in insurance policies.
Table 4.7 Following policies have

Particulars Respondents Percentage

Endowment policies 22 22
Children policies 37 37
Pension plan policies 11 11
Single premium 12 12
policies Money back 10 10

policies Others 8 8

Total 100 100

Analysis
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.

Chart4.7

Interpretation

As per the survey the most respondents have the children policies
Table 4.8 Term policies

Particulars Respondents Percentage

Up to 5 years 11 11
6 to 10 years 21 21
11 to 15 years 22 22
16 to 20 years 24 24
Above 20 years 22 22
Total 100 100

Analysis
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.

Chart4.8

Interpretation

As per the survey the most respondents have term policies with 16 to 20 years.
Table 4.9 Premium insurance

Particulars Respondents Percentge

Monthly 9 9
Quartely 14 14
Half yearly 26 26
Yearly 51 51
Total 100 100

Analysis
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.

Chart4.9

Interpretation

As per the survey the most respondents are pay their premium in yearly basis.
 Table 4.10 Satisfied with the rates of insurance policies

Particulars Respondents Percentage

Highly satisfied 14 14
Satisfied 32 32
Neutral 36 36
Unsatisfied 10 10
Utterly unsatisfied 8 8
Total 100 100

Analysis
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.

Chart 4.10

Interpretation
As per the survey the most respondents are neutral with the satisfied rates.
Table 4.11 Agent Recommend about insurance

Particulars Respondents Percentage

Yes 82 82
No 18 12
Total 100 100

Analysis
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.

Chart4.11

Interpretation
As per the survey the most respondents were agree about the agent was recommend
by the insurance.
Table 4.12 Correct information is provides by an agent regarding
products and services

Particulars Respondents Percentage

Yes 62 62
No 38 38
Total 100 100

Analysis
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.

Chart 4.12

Interpretation
As per the survey the most respondents are agree with the
agent because he provide correct information regarding
products and services
Table 4.13 Brochure language

Particulars Respondents Percentage

Strongly agree 13 13
Agree 45 45
Neutral 31 31
Disagree 8 8
Strongly disagree 3 3
Total 100 100

Analysis
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.

Chart 4.13

Interpretation
As per the survey the most respondents are agree with the brochure language is easy and
understandable
Table 4.14 Agent do not disclose negative points

Particulars Respondents Percentage

Strongly agree 5 5
Agree 60 60
Neutral 27 27
Disagree 5 5
Strongly disagree 3 3
Total 100 100

Analysis
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.

Chart 4.14

Interpretation
As per the survey the most respondents are agree about the agents do not disclose the
negative points.
 Table 4.15 Explained terms and conditions

Particulars Respondents Percentage

Strongly agree 6 6
Agree 35 35
Neutral 31 31
Disagree 18 18
Strongly disagree 10 10
Total 100 100

Analysis
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.

Chart 4.15

Interpretation
As per the survey the most respondents are agree with the terms and conditions are
explain while taking a policies
Table 4.16 Procedures services

Particulars Respondents Percentage

Fully satisfied 9 9
Satisfied 31 31
Neutral 45 45
Unsatisfied 13 13
Utterly unsatisfied 2 2
Total 100 100

Analysis
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 unsatisfied and 2% respondents are utterly unsatisfied

Chart 4.16

Interpretation
As per the survey the respondents are neutral with the services while meeting customer
needs and procedures
Table 4.17 Easy to contact

Particulars Respondents Percentage

Yes 93 93
No 7 7
Tota 100 100
l

Analysis
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.

Chart 4.17

Interpretation
As per the survey the 93% respondents are easily contact to the insurance authority
Table 4.18 Premium insurance

Particulars Respondents Percentage

Yes 65 65
No 35 35
Total 100 100

Analysis
The above table and graph showing that 65% respondents are received insurance
premium and 35% respondents are not received insurance premium.

Chart 4.18

Interpretation
As per the survey the 65% respondents are received premium insurance incentives
Table 4.19 More in insurance policy

Particulars Respondents Percentage

More benefits 89 89
More security 7 7
Others please 4 4
specify
Total 100 100

Analysis
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.

Chart 4.19

Interpretation
As per the survey the 89% respondents are want more benefits in insurance policies
Table 4.20 Returns in insurance policies

Particulars Respondents Percentage

Highly satisfied 3 3
Satisfied 17 17
Average 45 45
Dissatisfied 35 35
Highly dissatisfied 0 0
Total 100 100

Analysis
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

Chart 4.20

Interpretation
As per the survey the 45% respondents are average towards the returns in insurance policies
Table 4.21 Death claims

Particulars Respondents Percentage

Strongly agree 2 2
Agree 11 11
Neutral 37 37
Disagree 47 47
Strongly disagree 3 3
Total 100 100

Analysis
The above table and graph showing that 2% respondents are strongly agree with the death
claim, 11% respondents are agree,37% respondents are neutral, 47% respondents are
disagree and 3% respondents are strongly disagree.

Chart 4.21

Interpretation
As per the survey the 47% respondents are disagree with the sort of death claims in
insurance company
Table 4.22 Affected by private insurance company

Particulars Respondents Percentage

Strongly agree 11 11
Agree 22 22
Neutral 36 36
disagree 25 25
Strongly disagree 6 6

Total 100 100

Analysis
The above table and graph showing that 11% respondents are strongly agree with the
private companies has affected the LIC company,22% respondents are agree, 36%
respondents are neutral, 25% respondents are disagree and 6% respondents are strongly
disagree.
Chart 4.22

Interpretation
As per the survey 36% respondents are neutral with the affected of private insurance
company
Table 4.23 Surrendered polices

Particulars Respondents Percentage

Ye 18 18
s 82 82
No 100 100
Total

Analysis
The above tables and graph showing that 18% respondents are surrendered their
insurance policies and 82% respondents are not surrendered their polices.

Chart 4.23

Interpretation
As per the survey the most 82% respondents have not surrendered their policies
Table 4.24 Level of satisfaction

Particulars Respondents Percentage

Excellent 8 8
Verygood 43 43
Average 29 29
Bad 14 14
Worse 6 6

Total 100 100

Analysis
Above table and graph showing that 8% respondents are excellent with their
satisfaction, 43% respondents are very good, 29% respondents level are average, 14%
respondents level are bad and 6% respondents level are worse.
Chart 4.24

Interpretation
As per the survey the most 43% respondents very good with their satisfaction
level in performance of LIC
HYPOTHESIS TESTING:

Table 4.25

Correlations
Satisfaction Procedure

Pearson Correlation 1 .274**

Satisfaction Sig. (2-tailed) .006

N 100 100
Pearson Correlation .274** 1

Procedure Sig. (2-tailed) .006

N 100 100

**. Correlation is significant at the 0.01 level (2-tailed).

Interpretation
It is interpreted that the association between the satisfaction level and the service
procedure are positively correlated and the significant value is .006 which is less than
0.05. It means there is a relation between satisfaction level and the service procedure.
 CHAPTER 5

FINDINGS , CONCLUSIONS AND SUGGESTIONS

5.1 Findings

As indicated by one investigation, most respondents are men, which demonstrates that
they are progressively inspired by LIC insurance.
• The most respondents occupation are from worker.
• Their age between the 25-35 years and their month to month salary level was
around 25000 every month.
• They all were putting their cash in protection arrangements by various advantages
offer.
• As per the investigation the most respondents are normal happy with the
contributing their cash.
• The most respondents have youngsters arrangements for their future premise.
• They have term strategies between the 16-20 years and they wear paying yearly
with their fulfilled rates.
• Mostly the operator has suggested about the disaster protection and the items and
administrations to the respondents.
• Respondents are concur towards the operators were not unveil the negative
focuses past the clients.
• But the specialists clarified every one of the terms and conditions about the
protection approaches.
• According to respondents they are content with the strategies administrations and
they effectively contact with them.
• Respondents have numerous motivating forces through protection by specialist.
• But in protection the passing cases are quickly arranged.
• According to respondents, the private insurance agency had doled out LIC due to
their representatives who were constantly occupied
• Customer policyholders.
• Most of clients feel protected and glad when they manage LIC.
• It has been discovered that the irrelevant bit of LIC representatives does not give
individual regard for client issues.
 • It was discovered that respondents did not see all arrangements and did not know
the strategies of low-salary nations.
• Most respondents state that the organization and specialist respondents promptly
by with respect to their taking care of issues.
• Returns from the venture are emphatically normal that thought about strategies.
• The most respondents have not surrendered their arrangements they are happy
with the terms and states of LIC and they are content with protection.
• Their fulfillment level was great when contrasted with other protection arrangements.

5.2 Recommendations/Suggestion

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.

These are as per the following:

a) More and more straightforwardness ought to be found among safety net providers and
insured's.
b) specifically, in the rising blast of insurance agencies, each insurance agency must be
customer driven and very much aware of the treatment of policyholder issues and claims.
c) Each item has been propelled by the insurance agency for the developing needs of the
guaranteed.

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

distinguishing certain guidelines. It ought to be obligatory for all safety net providers to
make increasingly capable and responsiveness to endorsers with the goal that all supporters
can build up a worldwide comprehension. This can be gainful for the two sides.
5.3 Conclusions

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.
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 ANNEXURE

QUESTIONNAIRE:-

Name:-

Contact no:-

Gender:-

a) Male
b) Female

Age:-

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

Occupation:-

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

Income level (monthly bases):-

a) 0- 25000 rupees
b) 25000-40000 rupees
c) 40000-60000 rupees
d) Above 60000 rupees
1 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

2 Are you satisfied investing your money in insurance policies?

a) Highly satisfied
b) Satisfied
c) Average
d) Dissatisfied
e) Highly dissatisfied

3 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

4 What’s the term of your policy?

a) Up to 5 years
b) 6 to 10 years
c) 11 to 15 years
d) 16 to 20 years
e) Above 20 years
5 How would you like to pay your premium?
a) Monthly
b) Quarterly
c) Half yearly
d) Yearly

6 Are you satisfied with the rates of insurance policies?

a) Fully satisfied
b) Satisfied to certain extent
c) Neutral
d) Unsatisfied
e) Utterly unsatisfied

7 Did the insurance agents or marketing executive recommend the insurance to you?
a) Yes
b) No

8 Do the agents provide you with correct information regarding their products and
services?
a) Yes
b) No

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

a) Strongly agree
b) Agree
c) Neutral
d) Disagree
e) Strongly disagree
10 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

11 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

12 How was the services in terms of procedures, duration, and meeting customer needs?
a) Fully satisfied
b) Satisfied to certain extent
c) Neutral
d) Unsatisfied
e) Utterly unsatisfied

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

a) Yes
b) No

14 Have you received any incentive from insurance premium through agent?
a) Yes
b) No
15 What would you like to get more in insurance policies?
a) More benefits
b) More security
c) Others, please specify

16 How were the returns in insurance policies of LIC?

a) Highly satisfied
b) Satisfied
c) Average
d) Dissatisfied
e) Highly dissatisfied

17 Insurance company swiftly sort death claims?

a) Strongly agree
b) Agree
c) Neutral
d) Disagree
e) Strongly disagree

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

a) Strongly agree
b) Agree
c) Neutral
d) Disagree
e) Strongly disagree
19 Have you surrendered your insurance policies ever?
a) Yes
b) No

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

a) Excellent
b) Very good
c) Average
d) Bad
e) Very worse