SUMMER TRAINING PROJECT REPORT

ON

TO STUDY CUSTOMER SATISFACTION LEVEL

OF LIC PRODUCTS IN SHAJAHANPUR
SUBMITTED TOWARDS THE PARTIAL FULFILLMENT
OF THE REQUIREMENT FOR THE DEGREE OF
MASTER OF BUSINESS ADMINISTRATION
Affiliated To: Uttar Pradesh Technical University,
Lucknow
(Academic Session: 2013-2015)

SUBMITTED TO:

SUBMITTED BY:

Ms. Priyadarshi
(H.O.D.)

Prince
MBA- 3rd Sem.
Roll No.:1379770101

ADHUNIK INSTITUTE OF PRODUCTIVITY

MANAGEMENT & RESEARCH, GHAZIABAD

DECLARATION

I, Prince a student of MBA of AIPMR, Ghaziabad. I hereby declare that the project
report titled Customer Satisfaction of LIC Products is my own work and has been
carried out under the guidance of Ms. Priyadarshi (H.O.D.) AIPMR, and, Rajiv
Singhal (Development Officer).
All care has been taken to keep this report error free .and I sincerely regret for any
unintended discrepancies in this report. I shall be highly obliged if errors (if any) be
brought to my attention.

Thanking You.
Date:
Place:
Prince
Roll No.: 1379770101
MBA-3rd Sem.

ACKNOWLEDGEMENT

While making this project I have gained immense practical knowledge of how an
organization works day to day and how their policy regarding Financial conditions of
Share LIC marketing and sales of the products has been made and how they strive
continuously in today competitive environment to maintained and enhance their position
in the market. I have made my Project Report under my internal guidance
Ms. Priyadarshi (H.O.D) who always guide to me during my project preparing.

I would also like to thank Mr. Rajiv Singhal (Development Officer.) of the LIC for
giving his valuable time and cooperation in completing the summer training project
report.

(Prince)

TABLE OF CONTENTS
Page No.
1: INTRODUCTION

5-20

2. COMPANY PROFILE

21-27

3. LIC PLANS

28-51

4:INTRODUCTION TO THE TOPIC

52-58

5. SCOPE OF THE STUDY

59-60

6: OBJECTIVE OF THE STUDY

61-62

7 : RESEARCH METHODOLOGY

63-65

8: DATA ANALYSIS AND INTERPRETATION

66-76

9 : FINDINGS

77-79

10 : CONCLUSION

80-81

11: RECOMMENDATIONS

82-83

12: BIBLIOGRAPHY

84-85

13: QUESTIONNAIRE

86-89

INTRODUCTION
WHAT IS INSURANCE?

Insurance is a legal contract that protects people from the financial costs those results
from loss of life, loss of health, lawsuits, or property damage. Insurance provides a means
for individuals & society to cope up with some of the risks faced in everyday life by
everybody. People purchase contracts of insurance, called a Policy, from various
insurance companies.
Almost every person existing in this world is associated with insurance, directly or
indirectly. Directly, in the sense that he/she has insured his/her life by some kind of
insurance policy from any company. Indirectly, in the sense they must have insured the
assets of their own for example their house, car, or anything else.
Insurance can be divided into three categories.
1. Life Insurance
2. General Insurance
3. Health Insurance.
Life insurance is a contract for payment of a sum of money to the person assured (or
failing him/her, to the person entitled to receive the same) on the happening of the event
insured against. Usually the contract provides for the payment of an amount on the date
of maturity or at specified intervals or at unfortunate death. The contract also provides for
payment of premium periodically to the corporation by the assured.

General insurance includes many areas of insurance like marine, motor, engineering,
health, fire, etc. The contract provides for the payment of an amount on the happening of
some contingency. These types of contracts are annual in nature
REASON FOR INSURANCE
In life, losses are sometimes unavoidable. People may fall seriously sick or lose income
or savings to pay off medical bills. Individuals or their relatives may come across
untimely death, whatsoever the reason may be. The assets of people may get damaged
due to some heavenly act or by some nuisance creator.
No one knows in advance when a loss will occur or how serious that loss will be. The
uncertainty surrounding potential losses is known as Risk. Insurance offers a way for
people to replace risk with known costs- the costs of buying & maintaining insurance
policies.
Insurance pools risks shared by many people, thereby, reducing the risks faced by a
group. People pay to buy insurance coverage (protection from risk). In exchange, all
policy holders (people who own insurance policies) receive a promise that the group of
policy holders as represented by the insurance organization will pay when any policy
holder experience any kind of loss.

IMPORTANCE OF INSURANCE

Insurance benefits society by allowing individuals to share the risks faced by many
people. But it also serves many other important economic & societal functions. Insurance
provides the capital that communities need to quickly rebuild & recover economically
from natural disasters. Insurance itself has become a significant economic force in most
of the industrialized countries. Businessmen buy insurance to cover their employees
against work related injuries & health problems. They also insure their assets against any
kind of wear n tear by natural forces & forcibly.
Insurance companies perform a type of monetary redistribution- they collect premiums &
eventually redistribute that money as payments. Depending on the type of insurance,
redistribution can take place anywhere from a month to many decades. Because of this
delay between collecting & paying out funds, insurance companies invest their funds to
bring extra revenue. Such investments help business & government finance their
operations, & few profits from these investments support the operations of insurance
companies. With these investment earnings, insurance companies can keep rates much
lower than would otherwise be possible.

ADVANTAGES OF LIFE INSURANCE

1. It is a superior to an ordinary saving plan:

Unlike other saving plans, it affords full protection against risk of death. In case of
death,

the

full

sum

assured

is

made

available

life assurance policy; whereas under saving scheme the total accumulated

under

saving

alone will be available. The later will be considerably less than the sum assured, if death
occurs during early years.
2. Easy settlement & protection against creditors:
The life assured can name person(s) called Nominee to whom the policy money would
be payable in the event of his death. The proceeds of a life policy can be protected against
the claim of the creditors of the life assured by effecting a valid assignment of the policy.
3. Ready marketability & suitability for quick borrowing:
After an initial period, if the policy holder finds him unable to continue payment of
premiums, he can surrender the policy for a cash sum. Alternatively, he can tide over a
temporary difficulty by taking loan on the sole security of the policy without delay.
Further, a life insurance policy is sometimes acceptable as security for a commercial loan.

FUNCTIONS OF INSURANCE

The functions of Insurance can be bifurcated into two parts:

1. Primary Functions
2. Secondary Functions
3. Other Functions

The

primary

functions

of

insurance

include

the

following:

Provide Protection - The primary function of insurance is to provide protection against

future risk, accidents and uncertainty. Insurance cannot check the happening of the risk,
but can certainly provide for the losses of risk. Insurance is actually a protection against
economic loss, by sharing the risk with others.
Collective bearing of risk - Insurance is a device to share the financial loss of few among
many others. Insurance is a mean by which few losses are shared among
larger number of people. All the insured contribute the premiums
towards a fund and out of which the persons exposed to a particular risk
is paid.
Assessment of risk - Insurance determines the probable volume of risk by evaluating
various factors that give rise to risk. Risk is the basis for determining the
premium rate also.

10

Provide Certainty - Insurance is a device, which helps to change from uncertainty to

certainty. Insurance is device whereby the uncertain risks may be made
more certain.
The

secondary

functions

of

insurance

include

the

following:

Prevention of Losses - Insurance cautions individuals and businessmen

to adopt suitable device to prevent unfortunate consequences of risk by
observing safety instructions; installation of automatic sparkler or alarm
systems, etc. Prevention of losses causes lesser payment to the assured
by the insurer and this will encourage for more savings by way of
premium. Reduced rate of premiums stimulate for more business and
better protection to the insured.
Small capital to cover larger risks - Insurance relieves the businessmen from security
investments, by paying small amount of premium against larger risks and
uncertainty.
Contributes towards the development of larger industries - Insurance provides
development opportunity to those larger industries having more risks in
their setting up. Even the financial institutions may be prepared to give
credit to sick industrial units which have insured their assets including
plant and machinery.
The

other

functions

of

insurance

include

the

following:

Means of savings and investment - Insurance serves as savings and

11

investment, insurance is a compulsory way of savings and it restricts the

unnecessary expenses by the insured's For the purpose of availing
income-tax exemptions also, people invest in insurance.
Source of earning foreign exchange - Insurance is an international business. The country
can earn foreign exchange by way of issue of marine insurance policies
and various other ways.
Risk Free trade - Insurance promotes exports insurance, which makes the foreign trade
risk free with the help of different types of policies under marine
insurance cover.

12

OVERVIEW OF INDIAN INSURANCE MARKET

The Insurance sector in India governed by Insurance Act, 1938, the Life Insurance
Corporation Act, 1956 and General Insurance Business (Nationalization) Act, 1972,
Insurance Regulatory and Development Authority (IRDA) Act, 1999 and other related
Acts
The insurance landscape in India is undergoing a tectonic shift. Despite its more than
teeming one billion populations, India still has a low insurance penetration of 1.95
percent, 51st in the world. Although India boasts a saving rate of around 25 percent, less
than 5 percent is spent on insurance.
With the entry of competition, the rules of the game have begun to change. The market is
already beginning to witness a wide array of products from players whose number is set
to grow. In such a scenario, the differentiators among the different players s products,
pricing & service.

What really increases the appeal of insurance is the benefit of

protection of lives & assets from insurance products.

Only 22% of the insurable population possesses life insurance. Whats more, in a country
over billion people, life insurance premium forms only 1.8% of GDP indicate the extent
of underinsurance. Recognizing the huge potential of the market & the need to make
insurance, particularly the life insurance, available on a wider scale, the government
opened the industry to private players in 1999 and was flooded with applications. Major
international insures- Prudential & Standard life of UK, Sun Life of UK, Sun

13

life of Canada & AIG, MetLife & New York Life of the US, to name a few-tied up with
leading companies of India to reach out this vast market.
Today, the Indian Insurance industry has a dozen of private players, each of which are
making strides in raising awareness level, introducing innovative products & increasing
the penetration of life insurance in the vastly underinsured country. The success of effort
is noteworthy private insurers captured nearly 9 percent of new business premium
income in two years of operations.
The biggest beneficiary of the competition amongst the life insurers is the consumer. A
wide range of products, customer focused service & professional advice has become the
Main stay in the industry. It is seen a dramatic increase in customer awareness, with
penetration cutting across the socio-economic class & attracting people who have never
purchased insurance before. With the heightened awareness comes a willingness to
evaluate life insurance as an integral part of financial planning kit a significant change in
earlier attitude, where insurance is purchased as a tax saving pool.
Not only has there been shift in the perception of life insurance, but also the way t s sold.
From being a purely advisors driven business, the sector has seen the emergence of a
number of channels, including bank assurance, corporate agents & direct marketing.
These channels though very new, are quickly gaining importance because they present
customers multiple ways of approaching life insurers.
There is also a huge improvement in service attitude & delivery making a customer a
focus of each initiative. Technology has come to aid giving the platform, the reach & the
ability to service each customer seamlessly. Multiple touch points have emerged
contact centers, email, facsimile, websites, snail-mails etc.

14

The story of insurance is probably as old as the story of mankind. The same instinct that
prompts modern businessmen today to secure themselves against loss and disaster existed
in primitive men also. They too sought to avert the evil consequences of fire and flood
and loss of life and were willing to make some sort of sacrifice in order to achieve
security. Though the concept of insurance is largely a development of the recent past,
particularly after the industrial era past few centuries yet its beginnings date back
almost 6000 years.
Life Insurance in its modern form came to India from England in the year 1818. Oriental
Life Insurance Company started by Europeans in Calcutta was the first life insurance
company on Indian Soil. All the insurance companies established during that period were
brought up with the purpose of looking after the needs of European community and
Indian natives were not being insured by these companies. However, later with the efforts
of eminent people like Babu Muttylal Seal, the foreign life insurance companies started
insuring Indian lives. But Indian lives were being treated as sub-standard lives and heavy
extra premiums were being charged on them. Bombay Mutual Life Assurance Society
heralded the birth of first Indian life insurance company in the year 1870, and covered
Indian lives at normal rates. Starting as Indian enterprise with highly patriotic motives,
insurance companies came into existence to carry the message of insurance and social
security through insurance to various sectors of society. Bharat Insurance Company
(1896) was also one of such companies inspired by nationalism. The Swadeshi movement
of 1905-1907 gave rise to more insurance companies. The United India in Madras,
National Indian and National Insurance in Calcutta and the Co-operative Assurance at

15

Lahore were established in 1906. In 1907, Hindustan Co-operative Insurance Company

took its birth in one of the rooms of the Jorasanko, house of the great poet Rabindranath
Tagore, in Calcutta. The Indian Mercantile, General Assurance and Swadeshi Life (later
Bombay Life) were some of the companies established during the same period. Prior to
1912 India had no legislation to regulate insurance business. In the year 1912, the Life
Insurance Companies Act, and the Provident Fund Act were passed. The Life Insurance
Companies Act, 1912 made it necessary that the premium rate tables and periodical
valuations of companies should be certified by an actuary. But the Act discriminated
between foreign and Indian companies on many account, putting Indian companies at a
disadvantage.

The first two decades of the twentieth century saw lot of growth in insurance business.
From 44 companies with total business-in-force as Rs.22.44 crore, it rose to 176
companies with total business-in-force as Rs.298 crore in 1938. During the mushrooming
of insurance companies many financially unsound concerns were also floated which
failed miserably. The Insurance Act 1938 was the first legislation governing not only life
insurance but also non-life insurance to provide strict state control over insurance
business. The demand for nationalization of life insurance industry was made repeatedly
in the past but it gathered momentum in 1944 when a bill to amend the Life Insurance
Act 1938 was introduced in the Legislative Assembly. However, it was much later on the
19th of January, 1956, that life insurance in India was nationalized. About 154 Indian
insurance companies, 16 non-Indian companies and 75 provident were operating in India
at the time of nationalization. Nationalization was accomplished in two stages; initially
the management of the companies was taken over by means of an Ordinance, and later,

16

the ownership too by means of a comprehensive bill. The Parliament of India passed the
Life Insurance Corporation Act on the 19th of June 1956, and the Life Insurance
Corporation of India was created on 1st September, 1956, with the objective of spreading
life insurance much more widely and in particular to the rural areas with a view to reach
all insurable persons in the country, providing them adequate financial cover at a
reasonable cost.
LIC had 5 zonal offices, 33 divisional offices and 212 branch offices, apart from its
corporate office in the year 1956. Since life insurance contracts are long term contracts
and during the currency of the policy it requires a variety of services need was felt in the
later years to expand the operations and place a branch office at each district headquarter.
Re-organization of LIC took place and large numbers of new branch offices were opened.
As a result of re-organization servicing functions were transferred to the branches, and
branches were made accounting units. It worked wonders with the performance of the
corporation. It may be seen that from about 200.00 crores of New Business in 1957 the
corporation crossed 1000.00 crores only in the year 1969-70, and it took another 10 years
for LIC to cross 2000.00 crore mark of new business. But with re-organization happening
in the early eighties, by 1985-86 LIC had already crossed 7000.00 crore Sum Assured on
new policies.
Today LIC functions with 2048 fully computerized branch offices, 100 divisional offices,
7 zonal offices and the corporate office. LICs Wide Area Network covers 100 divisional
offices and connects all the branches through a Metro Area Network. LIC has tied up
with some Banks and Service providers to offer on-line premium collection facility in

17

selected cities. LICs ECS and ATM premium payment facility is an addition to customer
convenience. Apart from on-line Kiosks and IVRS, Info Centers have been
commissioned at Mumbai, Ahmadabad, Bangalore, Chennai, Hyderabad, Kolkata, New
Delhi, Pune and many other cities. With a vision of providing easy access to its
policyholders, LIC has launched its SATELLITE SAMPARK offices. The satellite offices
are smaller, leaner and closer to the customer. The digitalized records of the satellite
offices will facilitate anywhere servicing and many other conveniences in the future.
LIC continues to be the dominant life insurer even in the liberalized scenario of Indian
insurance and is moving fast on a new growth trajectory surpassing its own past records.
LIC has issued over one crore policies during the current year. It has crossed the
milestone of issuing 1,01,32,955 new policies by 15th Oct, 2005, posting a healthy
growth rate of 16.67% over the corresponding period of the previous year.
From then to now, LIC has crossed many milestones and has set unprecedented
performance records in various aspects of life insurance business. The same motives
which inspired our forefathers to bring insurance into existence in this country inspire us
at LIC to take this message of protection to light the lamps of security in as many homes
as possible and to help the people in providing security to their families
The insurance sector in India has come in a full circle from being an open competitive
market to nationalization and back to a liberalized market again.
Tracing the developments in the Indian insurance sector reveals the 360-degree turn
witnessed over a period of almost 190 years.

18

The business of life insurance in India in its existing form started in India in the year
1818 with the establishment of the Oriental Life Insurance Company in Calcutta.
IRDA has so far granted registration to 12 private life insurance companies and 9 general
insurance companies. If the existing public sector insurance companies are included,
there are currently 13 insurance companies in the life side and 13 companies operating in
general insurance business. General Insurance Corporation has been approved as the
"Indian reinsure" for underwriting only reinsurance business. Particulars of the Indian
Insurance companies including both life insurance companies and general insurance
companies are given below:

19

LIFE INSURERS
Public sector
Life Insurance Corporation of India

Private sector
Allianz Bajaj Life Insurance Company Limited
Birla Sun-Life Insurance Company Limited
HDFC Standard Life Insurance Co. Limited
ICICI Prudential Life Insurance Co. Limited
ING Vysya Life Insurance Company Limited
Max New York Life Insurance Co. Limited
MetLife Insurance Company Limited
Om Kotak Mahindra Life Insurance Co. Ltd.
SBI Life Insurance Company Limited
TATA AIG Life Insurance Company Limited
AMP Sanmar Assurance Company Limited
Dabur CGU Life Insurance Co. Pvt. Limited

20

COMPANY PROFILE

21

COMPANY PROFILE

The Life Insurance Corporation of India (LICI) is the largest life insurance company
in India; it is fully owned by the Government of India. It was founded in 1956.
Headquartered in Mumbai, which is considered the financial capital of India, the Life
Insurance Corporation of India currently has 7 zonal Offices and 100 divisional offices
located in different parts of India, at least 2048 branches located in different cities and
towns of India, and has a network of around one million agents for soliciting life
insurance business from the public
Life Insurance Corporation of India (LIC) was established on 1 September 1956 to spread
the message of life insurance in the country and mobilize peoples savings for nationbuilding activities. LIC with its central office in Mumbai and seven zonal offices at
Mumbai, Calcutta, Delhi, Chennai, Hyderabad, Kanpur and Bhopal, operates through 100
divisional offices in
Important cities and 2,048 branch offices. LIC has 5.59 lakh active agents spread over the
country. The Corporation also transacts business abroad and has offices in Fiji, Mauritius
and United Kingdom. LIC is associated with joint ventures abroad in the field of
insurance, namely, Ken-India Assurance Company Limited, Nairobi; United Oriental
Assurance Company Limited,
22

Kuala Lumpur, and Life Insurance Corporation (International), E.C. Bahrain. It has also
entered into an agreement with the Sun Life (UK) for marketing unit linked life insurance
and pension policies in U.K. The total new business of the Corporation during 1998-99
was Rs 75,316 crore of sum assured under 148.43 lakh policies. LICs group insurance
business up to 31 March 1999 was Rs 66,085 crore (provisional) providing cover to 219
lakh people.

23

SOCIAL SECURITY GROUP SCHEME

A Social Security Fund (SSF) administered by the LIC was set up in 1989-90 to meet the
insurance requirements of the weaker and vulnerable sections of the society. As on 31
March 1999, about 49 lakh people belonging to 24 occupational groups/areas have been
covered under various social security group schemes financed from the SSF. Under these
schemes people in the age group of 18-60 years are covered for a sum of Rs 5,000 on
death due to natural causes, and Rs 25,000 on death caused by accident. While the SSF
subsidises 50 per cent of the premium, the beneficiary has to pay the remaining 50 per
cent. Under Landless Agricultural Laborers Group Insurance Scheme (LALGI) in
operation since 1987, the heads of the families in the age group of 18 to 60 years and not
appearing as a land holder in the revenue records and not having inheritable right in
agricultural land are eligible to be covered for an insurance cover of Rs 2,000 payable
only on death before 60 years. Up to 1 April 1990, it was operated by LIC on behalf of
the Central government which used to reimburse to LIC the premium payable by the
beneficiaries. However, with affect from 1 April 1990 the entire premium payable by the
beneficiaries is being met out of the SSF. At present, about 1.2 crore landless agricultural
laborers are covered under the Scheme. During 1998-99, 47,122 claims Were settled. All
over the country, the Integrated Rural Development Programmed (IRDP) beneficiaries
Between the age group of 18 to 60 years are covered under a Group Life Insurance
Scheme being operated by the LIC for which the entire premium is paid by the Central
government. An amount of Rs 5,000 is payable to the beneficiary in case of normal death
and Rs 10,000 in case of accidental death. During 1998-99, 5,896 claims were settled.

24

The Rural Group Life Insurance Scheme (RGLIS), announced on 15 August 1995, is a
group insurance scheme which provides a life cover of Rs 5,000 for persons in rural
areas. The premium payable is Rs 60 per year for those who enroll up to the age of 40
years and Rs 70 per year for those who enroll beyond40 years and up to 50 years. The
entry age is restricted to 20 years (minimum) and 50years (maximum). Deaths occurring
after 60 years are not covered. Nor is there any saving element in the Scheme. There are
two types of scheme: (i) General Scheme - for persons between the age 20 and 50 years
where premiums are to be paid by the members in full and (ii) Subsidized Scheme - for
persons between the age of 20 and 50 years who belong to a household below- poverty
line. Only one member of such a household is eligible under the scheme where 50 per
cent of the premium is shared by the Central government and State government in equal
proportions. Intermediate Level Pantheist is designated as the nodal agencies for its
implementation. LIC provides incentives to village level workers of Rs six for enrolment
of a new member and Rs three on renewal of insurance cover for an existing member in
the subsequent year. From 15 August 1997 to 14 August 1998, 3,09,252 persons were
enrolled and 73,925 persons renewed their membership. Among them 2, 98,917 and
70,183 persons were under subsidized category respectively 5,047 claims were settled up
to 31March 1999.

The end of the year 2000 marks a significant change and growth of India Insurance'
industry scenario. Monopoly of Public Sector Insurance company marks an end and
Private companies makes inroad. Foreign companies, both Life and General flocked,
collaborated and helped astronomical growth of 'Insurance Industry in India.

25

'India Insurance' growth was long overdue. Within 1st 12 months of liberation of 'Indian
Insurance Industry' 10 licenses for selling life insurance products and 6 licenses for
selling non-life products were issued to private companies. The Public sector giant LIC
started losing its market share at the cost of stupendous growth of private players. Now
'India Insurance' industry has more than a dozen private life insurance players and 9
private general insurance companies. Aggressive and penetrative marketing strategy
coupled with wide product bandwidth was an instant success among the ignorant masses.
Most of the private companies registered more than 100% growth till then and are still
continuing with such monstrous growth figures. Although, 'Insurance in India' is not
regarded as a basic need but it is getting popular among semi urban to rural masses. Top
rank private companies like ICICI Prudential Life Insurance, Tata AIG, and Bajaj Allianz
etc are aggressively researching and innovating products for huge untapped rural 'India
Insurance' market. Collaboration with micro finance companies, post offices, rural banks
and village management authorities for selling insurance is doing wonders.
Life insurance products cover risk for the insurer against eventualities like death or
disability. Non-life insurance products cover risks against natural calamities, burglary,
etc. They are not as popular as life products in the ' Insurance India's' portfolio. Until very
recently it had only corporate buyers, but with natural disasters like, earth quakes,
tsunamis, storms and floods becoming more frequent and damaging there has been a
sudden spurt in sales of general insurance amongst individuals. Consumerism of life style
goods and modern amenities has also contributed to its growth. With more awareness and
wide bandwidth of insurance product portfolio the growth for 'India Insurance' story will
only get more competitive and more affordable to all sections of Indian society.

26

Today LIC functions with 2048 fully computerized branch offices, 100 divisional offices,
7 zonal offices and the corporate office. LICs Wide Area Network covers 100 divisional
offices and connects all the branches through a Metro Area Network. LIC has tied up
with some Banks and Service providers to offer on-line premium collection facility in
selected cities. LICs ECS and ATM premium payment facility is an addition to customer
convenience. Apart from on-line Kiosks and IVRS, Info Centres have been
commissioned at Mumbai, Ahmedabad, Bangalore, Chennai, Hyderabad, Kolkata, New
Delhi, Pune and many other cities. With a vision of providing easy access to its
policyholders, LIC has launched its SATELLITE SAMPARK offices. The satellite offices
are smaller, leaner and closer to the customer. The digitalized records of the satellite
offices will facilitate anywhere servicing and many other conveniences in the future.
LIC continues to be the dominant life insurer even in the liberalized scenario of Indian
insurance and is moving fast on a new growth trajectory surpassing its own past records.
LIC has issued over one crore policies during the current year. It has crossed the
milestone of issuing 1,01,32,955 new policies by 15th Oct, 2005, posting a healthy
growth rate of 16.67% over the corresponding period of the previous year.
From then to now, LIC has crossed many milestones and has set unprecedented
performance records in various aspects of life insurance business. The same motives
which inspired our forefathers to bring insurance into existence in this country inspire us
at LIC to take this message of protection to light the lamps of security in as many homes
as possible and to help the people in providing security to their families.

27

LIC PLANS

28

LIC PLANS

Insurance plans

Pension Plans

Unit Plans

Special Plans

Group Scheme

Jeevan Anurag
Jeevan Kishore

Child Career Plan

Komal Jeevan

Marriage Endowment

29

 Educational Annuity Plan

Jeevan Chhaya

Child Future Plan

Jeevan Aadhar
JeevanVishwas

The Endowment Assurance Policy

The Endowment Assurance Policy-Limited Payment
Jeevan Mitra(Double Cover Endowment Plan)
Jeevan Mitra(Triple Cover Endowment Plan)
Jeevan Anand
New Janaraksha Plan

30

 Jeevan Amrit

Jeevan Shree-I
Jeevan Pramukh

The Money Back Policy-20 Years

The Money Back Policy-25 Years
Jeevan Surabhi-15 Years
Jeevan Surabhi-20 Years
Jeevan Surabhi-25 Years
Bima Bachat

31

 Jeevan Bharati

The Whole Life Policy

The Whole Life Policy- Limited Payment
The Whole Life Policy- Single Premium
Jeevan Anand
Jeevan Tarang

Two Year Temporary Assurance Policy

32

 The Convertible Term Assurance Policy

Anmol Jeevan-I
Amulya Jeevan

Jeevan Saathi

Pension Plans are Individual Plans that gaze into your future and foresee financial
stability during your old age. These policies are most suited for senior citizens and those
planning a secure future, so that you never give up on the best things in life.

Jeevan Nidhi
Jeevan Akshay-V
New Jeevan Dhara-I
New Jeevan Suraksha-I

33

Unit plans are investment plans for those who realize the worth of hard-earned money.
These plans help you see your savings yield rich benefits and help you save tax even if
you dont have consistent income.

Market Plus
Profit Plus
Fortune Plus

LICs Special Plans are not plans but opportunities that knock on your door once in a
lifetime. These plans are a perfect blend of insurance, investment and a lifetime of
happiness!

34

 New Bima Gold

Bima Nivesh 2005

Jeevan Saral
Jeevan Madhur

Group Insurance Scheme is life insurance protection to groups of people. This scheme is
ideal for employers, associations, societies etc. and allows you to enjoy group benefits at
really low costs.

Group Term Insurance Schemes

Group Insurance Scheme in Lieu Of EDLI

35

 Group Gratuity Scheme

Group Super Annuation Scheme
Group Savings Linked Insurance Scheme
Group Leave Encashment Scheme
Group Mortgage Redemption Assurance Scheme
Gratuity Plus

JanaShree Bima Yojana (JBY)

Shiksha Sahayog Yojana

36

ICICI Prudential Life Insurance Company Limited was incorporated on 20July 2000. The
authorized capital of the company is Rs.2300 Million and the paid up capital is Rs. 1650
Million. The Company is a joint venture of ICICI (74%) and prudential plc UK (26%).
The Company was granted Certificate of Registration for carrying out Life Insurance
business, by the Insurance Regulatory and Development Authority on November 24,
2000. It commenced commercial operations on December 19, 2000, becoming one of the
first few private sector players to enter the liberalized arena.

Savings Solutions

Save n Protect is a traditional endowment savings plan that offers life protection
along with adequate returns.

Secure Plus is a transparent & featured-packed savings plan that offers 3 levels of
protection.

Cash Plus is a transparent, featured-packed savings plan that offers 3 levels of

protection as well as liquidity option.

37

Cash Back is an anticipated endowment policy Ideal for meeting milestone

expenses like a childs marriage, expenses for a childs higher education or
purchase of an asset.

Protection Solutions

Life Guard is a protection plan, which offers life cover at very low cost. It
is available in 3 options - level term assurance, level term assurance with
return of premium and single premium.

Child Solutions

Smart Kid provides guaranteed educational benefits to a child along with

life insurance cover for the parent who purchases the policy. The policy is
designed to provide money at important milestones in the childs life.

Market-linked Solutions

Life Link is a single premium Market Linked Insurance

Plan, which combines life insurance cover with the opportunity to stay, invested in the
stock market.

Life Time offers customers the flexibility and control to

customize the policy to meet the changing needs at different life stages. It offers 3
investment options - Growth Plan, Income Plan and Balanced Plan.
Market-linked retirement products

Life Time Pension is a regular premium market-linked

pension plan

Life Link Pension is a single premium market-linked

pension

plan.
38

ICICI Prudential also launched ''Salaam Zindagi'', a social sector group insurance
policy targeted at the economically underprivileged sections of the society.

39

SMARTKID
With

this

policy

you

can

invest

your

money

in

unit-linked

funds

allow you to withdraw money, to meet the educational expenses of your child.
Additionally, the life insurance cover offered under this policy ensures that your loved
ones stay financially secured in your absence.
Key benefits of the policy

Lump sum payment on sum assured plus Company contributes future premiums
in the unfortunate event of death of parent (life assured).

With income benefit rider the child (beneficiary) would receive an annual
allowance every year till maturity, in unfortunate event of death of a parent.

Withdrawal facility to provide money for key educational expenses of the child.

Potentially higher returns over the long term by investing in unit-linked funds.

Cover continuance option to ensure continuance of life insurance cover even if

you take a contemporary break in premium payment.

Tax benefits on premiums paid and benefits received under the policy, as per the
prevailing Income Tax Laws.

40

Bajaj Allianz Life Insurance Co. Ltd.

Bajaj Allianz Life Insurance Co. Ltd. is a joint venture between two leading
conglomerates- Allianz AG, one of the world's largest insurance companies, and Bajaj
Auto, one of the biggest 2 and 3 wheeler manufacturers in the world.
Bajaj Allianz Life Insurance
Over 40, 00,000 satisfied customers.
A country wide network of 876 offices.
Assets under management Rs.5, 500 cr.
Shareholder capital base of Rs. 700 cr.
Allianz Group is one of the world's leading insurers and financial services providers.
Founded in 1890 in Berlin, Allianz is now present in over 70 countries with almost
174,000 employees. Bajaj group is the largest manufacturer of two-wheelers and threewheelers in India and one of the largest in the world.
Today, Bajaj Allianz is one of India's leading and fastest growing insurance companies.
Currently, it has presence in more than 550 locations with over 60,000 Insurance
Consultants.

41

BIRLA SUN LIFE INSURANCE COMPANY LIMITED

Birla Sun Life Insurance Company Limited is a joint venture between Aditya Birla Group
and Sun Life Financial of Canada. Aditya Birla Group is an Indian multinational
conglomerate with presence in India, Thailand, Indonesia, Malaysia, Philippines, Egypt,
Canada, Australia and China.
Sun Life Assurance, Sun Life Financial's primary insurance business, is one of the
leading insurance companies of the world and ranks amongst the largest international
financial services organisations in the world. The Group has presence in several countries
such as Canada, United States, Philippines, Japan, Indonesia, India and Bermuda.

42

Birla Sun Life Insurance pioneered the unique Unit Linked Life Insurance
Solutions in India.

Within 4 years of its launch, BSLI has cemented its position as a leading
player in the Private Life Insurance Industry

There has been focus on Investment Linked Insurance Products, supported

with protection products to maintain leadership in product innovation.

Multi Distribution Channels- Direct Sales Force, Alternate Channels and

Group offering convenient channels of purchase to customers.

Web-enabled IT systems for superior customer services.

First to have issued policies over the Internet.

Corporate governance and a high degree of transparency in all business

practices and procedures.

43

HDFC STANDARD LIFE INSURANCE COMPANY LTD

HDFC Standard Life Insurance Co. Ltd. is a joint venture between HDFC Ltd., India's
largest housing finance institution and Standard Life Assurance Company, Europe's
largest mutual life company. It was the first life insurance company to be granted a
certificate of registration by the IRDA on the 23rd of October 2000.
HDFC Standard Life's cumulative premium income, including the first year premiums
and renewal premiums is Rs. 672.3 Crores for the financial year, Apr-Nov 2005. So far
the company has covered over 11,00,000 individuals and has declared 5th consecutive
bonus in as many years for its 'with profit' policyholders.
At HDFC Standard Life, we offer a bouquet of insurance solutions to meet every need.
We cater to both, individuals as well as to companies looking to provide benefits to their
employees. This section gives you details of all our products. We have incorporated
various downloadable forms and product details so that you can make an informed choice
about buying a policy.
For individuals, we have a range of protection, investment, pension and savings plans that
assist and nurture dreams apart from providing protection. You can choose from a range
of products to suit your life-stage and needs.
For organizations we have a host of customized solutions that range from Group Term
Insurance, Gratuity, Leave Encashment and Superannuation Products. These affordable
plans apart from providing long term value to the employees help in enhancing goodwill
of the company.

44

MAX NEW YORK LIFE INSURANCE COMPANY LTD

Max New York Life Insurance Company Ltd. is a joint venture between New York Life, a
Fortune 100 company and Max India Limited, one of India's leading multi-business
corporations. The company has positioned itself on the quality platform. In line with its
vision to be the most admired life insurance company in India, it has developed a strong
corporate governance model based on the core values of excellence, honesty, knowledge,
caring, integrity and teamwork. The strategy is to establish itself as a trusted life
insurance specialist through a quality approach to business.
In line with its values of financial responsibility, Max New York Life has adopted prudent
financial practices to ensure safety of policyholder's funds. The Company's paid up
capital is Rs. 807 crore, which is more than the norm laid down by IRDA.
Max New York Life has identified individual agents as its primary channel of
distribution. The Company places a lot of emphasis on its selection process, which
comprises four stages - screening, psychometric test, career seminar and final interview.
The agent advisors are trained in-house to ensure optimal control on quality of training.

45

METROPOLITAN LIFE INSURANCE COMPANY (METLIFE)

The origins of Metropolitan Life Insurance Company (MetLife) go back to 1863, when a
group of New York City businessmen raised $100,000 to found the National Union Life
and Limb Insurance Company.
The new company insured Civil War sailors and soldiers against disabilities due to
wartime wounds, accidents, and sickness. In 1868, after several reorganizations and five
difficult years, the company decided to focus on the life insurance business. A new
company was chartered to sell "ordinary" insurance to the middle class. The founders
chose the name because they had been most successful in New York City, or the
"Metropolitan" District.
This new venture also faced difficulties. A severe business depression that began in the
early 1870s rapidly put half of the 70 life insurance companies operating in New York
State out of business. Only very large, long-established ordinary life insurance companies
remained strong. Policy lapses over successive years forced the company to contract until
it reached its lowest point in the late 1870s.
In 1879, MetLife President Joseph F. Knapp turned his attention to England, where
"industrial" or "workingmen's" insurance programs were widely successful. American
companies had not bothered to pursue industrial insurance up to that time because of the
expense involved in building and sustaining an agency force to sell policies door to door
and to make the weekly collection of five- or ten-cent premiums.

46

AVIVA LIFE INSURANCE, INDIA

Aviva Life Insurance Company India Pvt. Ltd. is a joint venture between Aviva of UK
and Dabur, one of India's leading producers of traditional healthcare products. Aviva
holds a 26 per cent stake in the joint venture and the Dabur group holds the balance 74
per cent share.
Aviva is UK's largest and the world's sixth largest insurance Group. It is one of the
leading providers of life and pensions products to Europe and has substantial businesses
elsewhere around the world.
Aviva pioneered the concept of Banc assurance in India. Currently, Aviva has Banc
assurance tie-ups with ABN Amro Bank, American Express Bank, Canara Bank,
Centurion Bank of Punjab, The Lakshmi Vilas Bank Ltd. and Punjab & Sind Bank, 11
Co-operative Banks in Gujarat, Rajasthan, Jammu & Kashmir and Maharashtra and one
regional Bank in Sikkim.

47

TATA AIG LIFE INSURANCE

Tata AIG Life Insurance Company Limited is a joint venture between Tata Group and
American International Group, Inc. (AIG). Tata Group is one of the oldest and leading
business groups of India. Tata Group has had a long association with India's insurance
sector having been the largest insurance company in India prior to the nationalisation of
insurance. The Late Sir Dorab Tata, was the founder Chairman of New India Assurance
Co. Ltd., a group company incorporated way back in 1919.
American International Group, Inc is the leading U.S. based international insurance and
financial services organization and the largest underwriter of commercial and industrial
insurance in the United States. AIG has one of the most extensive life insurance networks
in the world.

48

SBI LIFE INSURANCE

SBI Life Insurance is a joint venture between the State Bank of India and Cardif SA of
France. SBI Life Insurance is registered with an authorised capital of Rs 500 crore and a
paid up capital of Rs 350 crores.
State Bank of India is the largest banking franchise in India. Along with its 7 Associate
Banks, SBI Group has a network of over 14,000 branches across the country, the largest
in the world.
Cardif is a wholly owned subsidiary of BNP Paribas, which is The Euro Zone's leading
Bank. BNP is one of the oldest foreign banks with a presence in India dating back to
1860.

49

ING VYSYA LIFE INSURANCE

ING Vysya Life Insurance Company Limited is a joint venture between Vysya Bank and
ING Group of Holland, the world's 4th largest financial services group, with presence
across 50 countries, and a heritage of over 150 years.
ING Vysya Life Insurance Company Private Limited entered the private life insurance
industry in India in September 2001. With in a short span of time ING Vysya Life
Insurance has registered an impressive growth. The company currently has over 10,000
active advisors working from 75 branches (in 30 cities) across the country and over 2300
employees.

50

RELIANCE LIFE INSURANCE

Reliance Life Insurance Company Limited is a part of Reliance Capital Ltd. of the
Reliance - Anil Dhirubhai Ambani Group. The company acquired 100 per cent
shareholding in AMP Sanmar Life Insurance Company in August 2005. Taking over AMP
Sanmar Life provided Reliance Life Insurance a readymade infrastructure and a portfolio.
AMP Sanmar Life Insurance was a joint venture between AMP, Australia and the Sanmar
Group. Headquartered in Chennai, AMP Sanmar had over 90 offices across the country,
9,000 agents, and more than 900 employees.

51

KOTAK MAHINDRA OLD MUTUAL LIFE INSURANCE LIMITED

Kotak Mahindra Old Mutual Life Insurance Ltd. is a joint venture between Kotak
Mahindra Bank Ltd. (KMBL), and Old Mutual plc. Kotak Mahindra is one of India's
leading financial institutions and offers a range of financial services such as commercial
banking, stock broking, mutual funds, life insurance, and investment banking.
Old Mutual was established more than 150 years ago and offers a diverse range of
financial services in South Africa, the United States and the United Kingdom. The
company is listed on the London Stock Exchange with a market capitalization and has its
headquarters in London.

52

INTRODUCTION TO THE TOPIC

53

INTRODUCTION TO THE TOPIC

CUSTOMER PROFILE &
PARAMETERS FOR FINDING
The company divided the customer policy on the following basis
1. Based on the income level.
Lower income level customer (below 2 lakh per annum)
Middle income level customer (2-4 lakh per annum)
Higher income level customer (above 4 lakh per annum)
2. Based on the age group.
1-15years
15-20years
21-30years
31-50years
51-above
3. Based on occupation.
Businessmen
Govt. servant
Employee in private sector
4. Based on gender.
Male
Female
Children

54

5. Based on geographical.
Urban
Semi-urban
Rural
The company must have provided 2 month data regarding the policy sold.
1. Children policy sold by the company in jan-feb.
Age group
In years
1-5
6-10
11-15

policy sold
In number
15
10
5

In the period of jan-feb 15 policies were sold to the children between 1-5 years of
age group,10 policies were sold to the children between 6-10 years of age group
and 5 policies were sold to the children between 11-15 years of age group.
2. Pension policy sold by the company in jan-feb.

55

Age group
In years
51-above

policy sold
In number
15

In the period of jan-feb 15 pension policies were sold to the people above 51 years
of age group.

56

3. The Jeevan Sathi policy sold by the organization in jan-feb.

Income level of
Customer
Lower income

policy sold
In number
5

level (below 2 lakh

per annum)
Middle income

10

level(2-4 lakh per

annum)
Higher income

20

level(above 4 lakh
per annum)

In the period of jan-feb 5 jeevan policies were sold to the lower income level
people, 10 policies were sold to the middle income level people and 20 policies
were sold to the higher income level people.

57

4. Policy sold by the company in different areas.

Geographical

policy sold in

area

number

Urban area
Semi-urban area
Rural area

50
20
15

In the period of jan-feb 50 policies were sold to the people living in the urban
areas,20 policies were sold to the people living in semi-urban areas and 15 policies
were sold to the people living in the rural areas.

58

5. Policy sold by the company in jan-feb to different customer.

Occupation of

policy sold in

customer
Businessmen
Govt.servant
Employee in

number
25
20
15

private sector

In the period of jan-feb 25 policies were sold to the businessmen,20 policies were
sold to the govt.servants and 15 policies were sold to the employee in the private
sector.

59

60

SCOPE OF THE RESEARCH

Scope of the study is wider than just gaining the knowledge of customer satisfaction with
LIC product. The study will help to know that how many insurance companies actually
exist in the market and how these companies are competing with LIC, regarding their
product and service, as well it will help to know about their marketing strategies. The
study will surely help LIFE INSURANCE CORPORATION OF INDIA to improve in its
products and services.
The study can also be useful for LIC to know the buying behavior of the customer
regarding insurance product. As the study will performed by generating responses from
the existing beneficiaries of these insurance schemes. Through the study, LIC will come
to know the satisfaction level of insured customers.

61

OBJECTIVES OF THE RESEARCH

62

 Studying the life Insurance sector in Shahjshanpur.

Measuring customer satisfaction level of LIC products in Shahjshanpur.
To judge various parameters on which customer satisfaction can be
derived

63

64

RESEARCH DESIGN

RESEARCH PROBLEM:- customer satisfaction Level of LIC products.

RESEARCH DESIGN:
The research design which has been used in the Project report is descriptive research
design in particular.
This is rigid in nature and focuses attention on followings.
1.

Formulating the objective of the study

2.

Designing the method of data collection

3.

Selecting the sample

4.

Collecting the sample

5.

Processing and findings

6.

Reporting and findings

7.

Suggestions and modification if any

8.

Conclusion

65

SAMPLE DESIGN
TYPE OF UNIVERSE:
This is the first step in developing any sample design is to clearly define the set of objects
technically, called the universe, to be studied. Hear, finite, universe has been used for the
research purpose.
SAMPLING UNIT:
A decision has to taken concerning a sampling unit before selecting a number of sample it
may be geographical as well as individual. Here SHAHJSHANPUR has been taken as a
geographical area .
Sample Size: 100
Sample Area : Shahjshanpur
Methods of Sampling
I have used stratified random sampling technique.
NATURE OF DATA:
In this project report the data is collected through primary source.
DATA COLLECTION
Type

of

Data Method Adopted

collection
Primary/secondary

Mode of Communication

Questionnaire

Personal Interview

66

67

Q1. Do you have a life Insurance Policy?

YES
24

NO
36

60%
YES
NO
40%

Out of 60 Samples only 40% respondent have Insurance Policy.

68

Q2. If yes, then of which company?

LIC
15

ICICI Pru
4

16

MAX LIFE
3

SBI LIFE
1

BIRLA
1

15

14
LIC

12

ICICI Pru

10

MAX LIFE

8
6

SBI LIFE

BIRLA
1

2
0

Out of 24 respondents, 15 respondents have a LIC product, 4 respondents have an

ICICI Prudential product, and 3 respondents have a MAX LIFE product, 1
respondent have a SBI LIFE and 1also have a BIRLA LIFE product.

69

Q3. How many members are insured in your family?

ONE PERSON
20

TWO PERSON
3

MORE THAN
1

FAMILY MEMBERS HAVING LIC

4%

83%

ONE PERSON
TWO PERSON

13%

MORE THAN

Out of 24 respondents, 20 respondents says that he is the only person in the family
that insured, 3 respondent says that only 2 members are insured in his family, 1
respondent says that more than 2 persons are insured in his family.

70

Q.4 In Which Insurance Company, You have more faith?

LIC
16

ICICI Pru
4

MAX LIFE
1

SBI LIFE
2

BIRLA
1

16
14
12
10
8

16
Series1

6
4
4

2
0

1
LIC

ICICI Pru MAX LIFE SBI LIFE

1
BIRLA

70% respondents have a more faith on LIC, 16% respondent have faith on ICICI
Pru and 4% respondent faith on MAX LIFE,6% respondent says that they have
faith on SBI LIFE, and 4%resondents again says that they faith on BIRLA LFE.

71

Q.5 Are you Satisfied with the returns given by your organization?

YES
10

NO
14

Out of 24 respondents, 10 respondents say that they are satisfied with the return
which given by their organization. On the other hand 14 respondents say that they
are not satisfied with the return given by the organization.

72

Q.6 According to you, which is the most popular insurance company?

LIC
19

ICICI Pru
2

MAX LIFE
1

SBI LIFE
1

BIRLA
1

80%
LIC
ICICI Pru
MAX LIFE
SBI LIFE
4%

4%

4%

8%

BIRLA

80% respondents says that LIC is the most popular Insurance company in India,
8% respondents says that ICICI pru is the most popular Insurance company in
India and 4% respondents says that the MAX LIFE is the most popular company
in India. Again 4% respondents say that BIRLA LIFE is most popular insurance
company in India. On the other hand 4% respondent also says that SBI LIF is most
popular company.
Q.7 where do you rank your organization?

73

1-------POOR
8

2-------GOOD
12

3-------VERY GOOD
3

4----EXELENT
1

Out of 24 respondents, 8 respondent give poor rank to their organization and 12

respondents given good rank to their organization. On the other hand 3 respondent
given very good rank to their organization and only 1 respondent given excellent
rank to their organization.

74

Q.8 What attributes influenced you purchasing the present product?

HIGH RETURN
18

BRAND LOYALTY
4

GOOD SERVICE
2

75% respondents say that they purchased the present product that they believe that
they will get high return in future and 17% respondents say that they purchased the
product on the basis of Brand loyalty. On the other hand 8% respondents say that
they purchased the product only on the basis of organization good service.

75

Q.9 Are you Satisfied with your organization agent?

YES
8

NO
16

67% respondents are not satisfied with their organization agent only 33%
respondents are satisfied with their agent service.

76

Q.10 Main reason of dissatisfaction?

Unfriendly
service

Hidden facts about the Wrong

information
policy

problem

14

during

the claim

The main reason of dissatisfaction regarding their agent service is that they are not
providing proper information regarding to their client as well as they are not
helping the time of claim.

77

78

ANALYZING THE DATA

Out of 60 Samples only 40% respondent have Insurance Policy.
Out of 24 respondents, 15 respondents have a LIC product, 4 respondents have an
ICICI Prudential product, and 3 respondents have a MAX LIFE product, 1
respondent have a SBI LIFE and 1also have a BIRLA LIFE product.
Out of 24 respondents, 20 respondents says that he is the only person in the family
that insured, 3 respondent says that only 2 members are insured in his family, 1
respondent says that more than 2 persons are insured in his family.
70% respondents have a more faith on LIC, 16% respondent have faith on ICICI
Pru and 4% respondent faith on MAX LIFE,6% respondent says that they have
faith on SBI LIFE, and 4%resondents again says that they faith on BIRLA LFE.
Out of 24 respondents, 10 respondents say that they are satisfied with the return
which given by their organization. On the other hand 14 respondents say that they
are not satisfied with the return given by the organization.
80% respondents says that LIC is the most popular Insurance company in India,
8% respondents says that ICICI pru is the most popular Insurance company in
India and 4% respondents says that the MAX LIFE is the most popular company
in India. Again 4% respondents say that BIRLA LIFE is most popular insurance
company in India. On the other hand 4% respondent also says that SBI LIF is
most popular company.

79

 Out of 24 respondents, 8 respondent given poor rank to their organization and 12

respondents given good rank to their organization. On the other hand 3 respondent
given very good rank their organization and only 1 respondent given excellent
rank to their organization.
75% respondents say that they purchased the present product that they believe that
they will get high return in future and 17% respondents say that they purchased
the product on the basis of Brand loyalty. On the other hand 8% respondents say
that they purchased the product only on the basis of organization good service.
67% respondents are not satisfied with their organization agent only 33%
respondents are satisfied with their agent service.
The main reason of dissatisfaction regarding their agent service is that they are
not providing proper information regarding to their client as well as they are not
helping the time of claim.

80

81

CONCLUSION
The project customer satisfaction Level of LIC products in Shahjshanpur
Purpose of this study is to know about the customer satisfaction level of LIC products. In
this study I found that only 40% respondent have insurance policy mostly people avoid
the insurance policy. They say about the insurance policy it is a complicated process.70%
respondent has more faith on LIC products mostly people are not satisfied with the return
given by the organization.
The LIC products are more popular in India and people have more faith in LIC than other
insurance companies, but mostly people are not satisfied with the service provided by the
company agent.

82

RECOMMENDATIONS

83

Company should focus more in customer satisfaction and provide high returns to the
customers as customers are not satisfied with the returns they are getting and their major
concern is income return while purchasing an insurance policy.
Awareness in public should increased with the help of social media .Door to door service
should be provided to the customers.

84

BIBLIOGRAPHY
85

NAME OF FIVE BOOKS

# Kothari, C.R., Research Methodology, New Delhi, Wishwa Prakashan Pvt.

Ltd., 2003
# Kotler, Philip, Marketing Management, Delhi, Pearson Education Pvt. Ltd.,

2004
Websites
http://www.consumeronline.org
www.licindia.com
www.ComplianceOnline.com
www.marketresearch.com
www.economywatch.com
Search Engine:
www.google.com
www.gahooyoogle.com
www.wikipedia.com
MAGZINES:
# The Economics Times
# The Business Today
# The Hindustan Times

86

87

QUESTIONNAIRE

NameContact no...
AgeGender
Address.

Q1. Do you have a life Insurance Policy?

Ans. a) Yes

b) No

Q2. If yes, then of which company?

Ans. a) LIC
d) HDFC

b) ICICI Prudential

c) Max New York Life

e) Birla Sun Life

f) Bajaj Allianz

g) TATA AIG h) SBI Life Insurance

Q3. How many members are insured in your family?

Ans. a) one Person b) two Person c) more than

Q.4 In Which Insurance Company, You have more faith?

Ans. a) LIC
d) HDFC

b) ICICI Prudential

c) Max New York Life

e) Birla Sun Life

f) Bajaj Allianz
88

g) TATA AIG

h) SBI Life Insurance

Q.5 Are you Satisfied with the returns given by your organization?
Ans. a) Yes

b) No

Q.6 According to you, which is the most popular insurance company?

Ans. a) LIC
d) HDFC

b) ICICI Prudential

c) Max New York Life

e) Birla Sun Life

f) Bajaj Allianz

g) TATA AIG

h) SBI Life Insurance

Q.7 where do you rank your organization?

Ans a) 1----Poor b) 2----Good c) 3----Very good
d) 4----Excellent

Q.8 what attributes influenced you purchasing the present product?

Ans. a) High returns

b) Brand Loyalty

89

c) Good Service

Q.9 Are you Satisfied with your organization agent?

Ans.

a) Yes

b) No

Q.10 Main reasons of dissatisfaction?

Ans. a) Unfriendly service b) Hidden facts about the policy

b) Wrong information c) problem during the claim

90