PREFACE

I am pleased to present the project report on "INTERNSHIP TRAINING

PROGRAMME ON LIC” before my respected readers. It is a humble attempt

from my part to judge of Insurance. This study deals with a number of topics that

will help the reader understand and learn about the company.

The research starts with a short Introduction of Insurance followed by the

Primary and Secondary objective and research methodology and Employment

Opportunity for Management student in Insurance.

Then comes the suggestions limitations and conclusions of the search

reports.

Languages to report are sample lucid. Attempts have been made to arrange

the subject matter in a systematic and well knit style. Effort has also been made to

deal with all topics precisely and gently.

GOURAV CHOURASIYA

1
 Acknowledgement

Preparing a project of this nature is an arduous task and I was fortunate

enough to get support from large number of person .I wish to express my deep
sense of gratitude to all those who generously helped in successful completion of
this report by sharing their invaluable time and knowledge.

It is my proud and previledge to express my deep regard to respected DR.

NEERAJ TOPKHANE Department of business management Govt. Autonomous
Girls P.G college of excellence sagar for following me to undertake project.

I feel extremely exhilarated to have completed this project under the able
and inspiring guidance of Mr. Rajkumar Rai (Chief Advisor and DO) he
rendered me all possible help and guidance while reviewing the manuscript in
finalizing this report.

I also extend my deep regards to my teacher, family members, friend and all
those whose encouragement has infused courage in me to work successfully.

GOURAV CHOURASIYA
MBA VI SEM.

2
 Certificate

The project report titled ” INTERNSHIP TRANINING PROGRAMME ON

LIC” has been prepared by GOURAV CHOURASIYA, MBA IV SEM. under the

guidance and supervision of Mr. R.K. Rai (Chief ADvisor and DO) ,for the partial

fulfillment of the degree of MBA .

Signature of the Signature of the Signature of the

Supervisior: Head of the Examinar:
Department:

Declaration by the Candidate

3
I declare that the project report titled “ INTERNSHIP TRANINING

PROGRAMME ON LIC” is my own work conducted under the supervision of

MR. R.K.RAI (CHIEF ADVISOR AND DO) & guided By Mrs. Neha Dubey,

Department of buissness Management,. To the best of my knowledge the report

does not contain any work, Which has been submitted for the award of any degree,

anywhere.

ANKIT VISHWAKARMA

MBA IV Sem.

INTRODUCTION
LIFE INSURANCE IN INDIA

4
Life insurance in India made its debut well over 100 years ago. In our country, which is one of
the most populated in the world, the prominence of insurance is not as widely understood, as it
ought to be. What follows is an attempt to acquaint readers with some of the concepts of life
insurance, with special reference to LIC It should, however, be clearly understood that the
following content is by no means an exhaustive description of the terms and conditions of an LIC
policy or Its benefits or privileges. For more details, please contact our branch or divisional
office. Any LIC Agent will be glad to help you choose the life insurance plan to meet your needs
and render policy servicing.
What Is Life Insurance?

Life insurance is a contract that pledges payment of an amount to the person assured (or his
nominee) on the happening of the event insured against. The contract is valid for payment of the
insured amount during:
The date of maturity, or
Specified dates at periodic intervals, or
Unfortunate death, if it occurs earlier.
Among other things, the contract also provides for the payment of premium periodically to the
Corporation by the policyholder. Life insurance is universally acknowledged to be an institution,
which eliminates 'risk', substituting certainty for uncertainty and comes to the timely aid of the
family in the unfortunate event of death of the breadwinner. By and large, life insurance is
civilization’s partial solution to the problems caused by death. Life insurance, in short, is
concerned with two hazards that stand across the life-path of every person:
1. That of dying prematurely leaving a dependent family to fend for itself.
2. That of living till old age without visible means of support.
Customer satisfied with LIC service because the LIC totally concentrate customer relations and it
makes customers attract towards the LIC

Life Insurance Corporation of India (LIC) is embarking on a number of customer relationship

management initiatives to retain its foothold in the market, in the wake of private players inching
their way up in the life insurance sector.

The Insurance behemoth is planning to tie-up with a number of banks to enable a payment

5
gateway wherein the policyholders can make their premium payments via credit cards.

LIC is planning to start a new portal for its policyholders where a customer can log in, get details
on his/her policies, change the resident address when he/she shifts to a new place and even take a
printout of the income tax certificate. The portal is likely to be ready in a month’s time.

Besides, it has already started work on allotment of customer folio number to know each
customer's holding.
“The allotment of customer folio number for all our holders will still take a year’s time in this
zone,” H Nanda, regional manager, information technology, LIC (south-central zone), said.

ABOUT THE ORGANIZATION

Life Insurance in its modern form came to India from England in the year
1818. Oriental Life Insurance Company stated 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

6
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 changed 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 tito 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 natioalism. the
Swadeshi movement of 1905-1907 gavwe rise to more insurance companies. The United India in
Madras, National Indian and National Insurance in Calcutta and the 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 accounts, putting the 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, 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,

7
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. LIC’s 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-lint
premium collection facility in selected cities. LIC’s 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 theliberalized 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 ha crossed many milestones and has set unprecedented performance

8
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.

Some of the important milestones in the life insurance business in India are:
1818: Oriental Life Insurance Company, the first life insurance company on Indian
soil started functioning.
1870: Bombay Mutual Life Assurance Society, the first Indian life insurance company
started its business.
1912: The Indian Life Assurance Companies Act enacted as the first statute to
regulate the life insurance business.
1928: The Indian Insurance Companies Act enacted to enable the government to
collect statistical information about both life and non-life insurance businesses.
1938: Earlier legislation consolidated and amended to by the Insurance Act with the
objective of protecting the interests of the insuring public.
1956: 245 Indian and foreign insurers and provident societies are taken over by the
central government and nationalized. LIC formed by an Act of Parliament, viz. LIC
Act, 1956, with a capital contribution of Rs. 5 crore from the Government of India.
The General insurance business in India, on the other hand, can trace its roots
to the Triton Insurance Company Ltd., the first general insurance company
established in the year 1850 in Calcutta by the British.

Life insurance Corporation of India (LIC)

The Life insurance Corporation

was established about 44 years ago with a view to provide an insurance cover against various
risks in life. A monolith then, the corporation, enjoyed a monopoly status and become
synonymous with life insurance. Its main asset is its staff strength of 1.24 lakhs employed and
2,048 branches and over six-lakhs agency force. LIC has hundred divisional offices and has
established extensive training

9
facility at all levels. At the apex, is the Management Development Institute, seven zonal Training
Centre and 35 sales Training Centers. At the industry level, along with the Government and the
GIC, it has helped establish the National Insurance Academy. It presently transacts individual
Life Insurance business, group Insurance business, social security schemes and Pensions, grants
housing loans through its subsidiary. And the markets savings and Investment products through
its mutual fund. It pays off about Rs 6,000 crores annually to5.6 million policyholders

LIC OPERATES ALL OVER INDIA

10
Company profile

11
Type: Public limited company or Government-owned corporation

Founded: September 1, 1956

Headquarters: Headquarters in Mumbai, India (Various other locations in

India and abroad)

Key people: T. S. Vijayan (Chairman), D. K. Mehta and Thomas Mathew

(Managing Directors)

Industry: Life insurance

Products: Insurance and Pension Plans

Employees: Over 10,00,000

Parent: NIL

Subsidiaries: LIC Housing Finance Limited, etc.

Website: http://www.licindia.com

DETAILS OF PRODUCTS

12
 Products of LIC

LIC - Jeevan Anurag

Benefits

LIC’s Jeevan ANURAG is a with profits plan specifically designed to take care of the
educational needs of children. The plan can be taken by a parent on his or her wn life. Benefits
under the plan are payable at prespecified durations irrespective of whether the Life Assured
survives to the end of the policy term or dies during the term of the policy. In addition, this plan
also provides for an immediate payment of Basic Sum Assured amount on death of the Life
Assured during the term of the policy.
AssuredBenefit
Payment of 20% of the Basic Sum Assured at the start of every year during last 3 policy years
before maturity. At maturity, 40% of the Basic Sum Assured along with reversionary bonuses
declared from time to time on full Sum Assured for the full term and the Terminal bonus, if any
shall be payable. For example, if term of the policy is 20 years, 20% of the Sum assured will be
payable at the end of the 17th, 18th, 19th year and 40% of the Sum Assured along with the
reversionary bonuses and the terminal bonus, if any, at the end of the 20th year.

Death Benefit
Payment of an amount equal to Sum Assured under the basic plan immediately on the death of
the life assured.

LIC - Jeewan Kisore

Product summary:
This is an Endowment Assurance Plan available for children of less than 12 years of age. The
policy may be purchased by any of the parent/grand parent.
Commencement of risk cover:
The risk commences either after 2 years from the date of commencement of policy or from the

13
policy anniversary immediately following the completion of 7 years of age of child, whichever
is later.
Premiums:
Premiums are payable yearly, half-yearly, quarterly or monthly throughout the term of the
policy or till earlier death of child.

Bonuses:
This is a with-profits plan and participates in the profits of the Corporation’s life insurance
business. It gets a share of the profits in the form of bonuses. Simple Reversionary Bonuses are
declared per thousand Sum Assured annually at the end of each financial year. Once declared,
they form part of the guaranteed benefits of the plan. A Final (Additional) Bonus may also be
payable provided policy has run for certain minimum period.

LIC – Childs Career Plan

Introduction:
This plan is specially designed to meet the increasing educational and other needs of growing
children. It provides the risk cover on the life of child not only during the policy term but also
during the extended term (i.e. 7 years after the expiry of policy term). A number of Survival
benefits are payable on surviving by the life assured to the end of the specified durations.

Options:
You may choose Sum Assured (S.A.), Maturity Age, Policy Term, Mode of Premium payment
and Premium Waiver Benefit.

Payment of Premiums:
You may pay the premiums regularly at yearly, half-yearly, quarterly or through Salary
deductions over the term of policy. Premiums may be paid either for 6 years or up to 5 years
before the policy term.

LIC - Jeevan Chhaya

14
Product summary:
This is an Endowment Assurance plan that provides financial protection against death
throughout the term of the plan. Besides payment of Sum Assured immediately on death, one-
fourth of Sum Assured is payable at the end of each of last four years of policy term whether the
life assured dies or survives the term of the policy.
Premiums:
Premiums are payable yearly, half-yearly, quarterly, monthly or through salary deductions as
opted by you throughout the term of the policy or till the earlier death.

LIC - Child Future Plan

Introduction:
This plan is specially designed to meet the increasing educational, marriage and other needs of
growing children. It provides the risk cover on the life of child not only during the policy term
but also during the extended term (i.e. 7 years after the expiry of policy term). A number of
Survival benefits are payable on surviving by the life assured to the end of the specified
durations.

Options:
You may choose Sum Assured (S.A.), Maturity Age, Policy Term, Mode of Premium payment
and Premium Waiver Benefit.

Payment of Premiums:
You may pay the premiums regularly at yearly, half-yearly, quarterly or through Salary
deductions over the term of policy. Premiums may be paid either for 6 years or up to 5 years
before the policy term.

LIC - Jeevan Shree

Product summary:
This is an Endowment Assurance plan offering the choice of many convenient premium-paying

15
terms. It provides financial protection against death throughout the term of plan with the
payment of maturity amount on survival to the end of the policy term.

Premiums:
Premiums are payable yearly, half-yearly, quarterly, monthly or through Salary deductions, as
opted by you, throughout the premium paying term or till earlier death. Alternatively premium
may be paid in one lump sum.
Guaranteed Additions:
The policy provides for the Guaranteed Additions at the rate of Rs. 50/- per thousand Sum
Assured for each completed year for first five years of the policy.

LIC - The Whole Life Policy

This plan is mainly devised to create an estate for the heirs of the policyholder as the plan
basically provides for payment of sum assured plus bonuses on the death of the policyholder.
However, considering the increased longevity of the Indian population, the Corporation has
amended the above provision, thereby providing for payment of sum assured plus bonuses in
the form of maturity claim on completion of age 80 years or on expiry of term of 40 years from
date of commencement of the policy whichever is later.
The premiums under the policy are payable up to age 80 years of the policyholder or for a term
of 35 years whichever is later.
If the payment of premium ceases after 3 years, a paid-up policy for such reduced sum assured
will be automatically secured provided the reduced sum assured exclusive of any attached bonus
is not less than Rs.250/-. Such reduced paid-up policy is not entitled to participate in the bonus
declared thereafter but the bonuses already declared on the policy will remain attach, provided
the policy is converted in to a paid-up policy after the premiums are paid for 5 years.
LIC – Amulya Jeevan : On Death during the Term of the Policy: Sum Assured

On Maturity: Nil

RESEARCH METHODOLOGY

16
DEFINITION OF RESEARCH

According to, the Advanced Learner’s Dictionary of Current English

“ A careful investigation or inquiry specially through search for new facts in any branch of
knowledge.”

 To gain familiarity with a phenomenon or to achieve new insights into it.

 To portray accuracy the characteristics of a particular individual, situation or a group.
 To determine the frequency with which something occurs or with which it is associated
with something else.
 To test a hypothesis of a casual relationship between variables.
TYPE OF RESEARCH

The research design for my research is descriptive in nature where the end objective is
predetermined and the objective of my research is to find out the solution of predetermine
problem.

Descriptive research is that research which is concern with describing the characteristic of a
particular individual or of a group. In descriptive research must be able to define clearly what we
want to measure and must find adequate method for measuring it along with a clear cut definition
of which he want to study. It includes surveys and fact findings enquiries of different kinds.

OBJECTIVES OF THE STUDY

17
The main objective of this study is to carry on brief study on “Customer satisfaction survey on
insurance products of LIC
Other objectives of this project are as follows:
 To identify the insurance needs of the Indian population with respect to their emotional,
physical and financial conditions.
 Comparative study of various insurance players in the market
 To study the varied reasons of availing life insurance plans
 To clearly understand the rationale behind the investment in policies of LIC and private
sector insurance companies
 To test the awareness of customers on various aspects of life insurance policies offered by
LIC and other private sector insurance companies and find whether there is any relation
between them.
 The prime objective of the study is to find out the level of satisfaction of a
customer (policy holders or beneficiary) so far as the settlement of claims.

 To find out the procedure of claim policy holder or the beneficiary

NEED OF THE STUDY

18
 To study the customer satisfaction of LIC of India.

 To study the selling mechanism and various technique involved in the LIC of India

 To understand the consumer perceptions regarding the LIC of India.

 To study the consumer behavior and reaction towards the LIC of India

 To study the investors behavior and perception towards LIC of India

SAMPLING METHOD

19
SAMPLE UNIT – The sample unit which is used for collecting data about the ICICI retirement
policy is customer having the LIC of India.

SAMPLE TECHNIQUE- Deliberate technique is used in this study. Deliberate samplings

involve purposive or deliberate selection of particular unit of the universe for constituting a
sample.

DIFFERENT TYPE OF SAMPLE DESIGN

There are different types of sample design based on two factors they are as follows:
A) On the basis of presentation
B) On the basis of selection of technique
On the basis of presentation it can be classified as follows
a) probability sampling
b) non-probability sampling
on the basis of element selection technique it can be classified as follow:
a) restricted selection technique
b) unrestricted selection technique

But the sample design are basically two types:

a) probability sampling
b) non probability sampling

In this study we have used the probability sampling technique i.e selecting randomly from the
large no of universe.

DATA COLLECTION

The data collection which is used in this project are as follow:

20
Primary data- this is the data collocated a fresh and for the first time. And thus happen to be
original in character for the purpose of research.
 investigation at hand there are various methods of collecting primary data such as –
 Observation methods
 Interview method
 Through schedules etc.
I have selected questionnaire method collection the primary data.
2- Secondary data—

This is the data collected usually start their investigation by examining secondary data to see
whether their problems could problems could partly or wholly is solved without collecting costly
primary data

Secondary data provide starting points for research and offers by advantage of low and ready
availability. Secondary data can be collected from various sourced like.

 Internal sources
 Govt. publications
 Periodical and journals
 Commercial data
 Books, magazine and newspapers
 Telephones & internet

LIMITATION OF STUDY

21
1. Only LIC of India have been studied

2. Only few customers were considered for the study

3. The study was carried out in sagar only, hence the results cannot be extended to

National level.

4. Few respondents are not cooperative enough owing to their busy

Schedule.

5. Time was not enough to study the all aspects of the project report

SCOPE OF STUDY

22
The various scope of study are as follows:

o The study was conducted at the macro level it can also be conducted at the national level

o The study was improvement LIC of India it can also be used to study other insurance
plans of LIC of India.

o The study can also be extended to study the market share of the different insurance
company

o The study can also be about the HR system of LIC of India

o The study can also be about the investors behavior towards LIC of India

ORGANISATION STRUCTURE OF LIC

23
Chairman

Managing Director

Executives Directors

Chiefs

Zonal Managers

Regional Managers

Divisional Managers

100 Seniors Divisional Managers

Marketing Managers

Sales Managers

Senior Branch Managers (Head of the Branch)

Assistant Branch Managers Sells

Development Officers

Different Agent

PUBLIC RELATION DEPARTMENT

24
The Public Relation Department in LIC is divided into three major
categories. Namely:

1. Communication Department
2. Crisis Management Department
3. Publicity Department

Chief Public Relation Officer

PRO (Communication Dept.)

PRO (Crisis Management Dept.)

PRO (Publicity Dept.)

25
CHAIRMAN OF LIC

PUBLIC RELATIONS

COMMUNICATION DEPARMENT

PUBLICITY DEPARMENT

CRISIS MANAGEMENT DEPATMENT

What is customer satisfaction?

Customer satisfaction refers to how satisfied customers are with the products or services they
receive from a particular agency. The level of satisfaction is determined not only by the quality
and type of customer experience but also by the customer’s expectations.
A customer may be defined as someone who:
• has a direct relationship with, or is directly affected by your agency and receives or relies on
one or more of your agency’s services or products. Customers in human services are commonly
referred to as service users, consumers or clients.
• An organisation with a strong customer service culture places the customer at the centre of
service design, planning and service delivery. Customer centric organisations will:
• determine the customers expectations when they plan
• listen to the customer as they design
• focus on the delivery of customer service activities
• Value customer feedback when they measure performance.

26
Why is it important?
There are a number of reasons why customer satisfaction is important in
Insurance Sector:
• Meeting the needs of the customer is the underlying rationale for the
existence of community service organizations. Customers have a right to
quality services that deliver outcomes.
• Organizations that strive beyond minimum standards and exceed the expectations of their
customers are likely to be leaders in their sector.
• Customers are recognized as key partners in shaping service development and assessing quality
of service delivery.

The process for measuring customer satisfaction and obtaining feedback on organizational
performance are valuable tools for quality and continuous service improvement.Customer
satisfaction, a sinebuss term, is a measure of how products and services supplied by a company
meet or surpass customer expectation. It is seen as a key performance indicator within business
and is part of the four of a Balanced Scorecard.

In a competitive marketplace where businesses compete for customers, customer satisfaction is

seen as a key differentiator and increasingly has become a key element of business strategy.[1]

There is a substantial body of empirical literature that establishes the benefits of customer
satisfaction for firms.

Organizations need to retain existing customers while targeting non-customers;[2]. Measuring

customer satisfaction provides an indication of how successful the organization is at providing
products and/or services to the marketplace.

Customer satisfaction is an abstract concept and the actual manifestation of the state of
satisfaction will vary from person to person and product/service to product/service. The state of
satisfaction depends on a number of both psychological and physical variables which correlate
with satisfaction behaviors such as return and recommend rate. The level of satisfaction can also
vary depending on other factors the customer, such as other products against which the customer
can compare the organization's products.

27
Customer Satisfaction in 7 Steps in LIC

28
It's a well known fact that no business can exist without customers. In the business of Website
design, it's important to work closely with your customers to make sure the site or system you
create for them is as close to their requirements as you can manage. Because it's critical that you
form a close working relationship with your client, customer service is of vital importance. What
follows are a selection of tips that will make your clients feel valued, wanted and loved.
1. Encourage Face-to-Face Dealings

This is the most daunting and downright scary part of interacting with a customer. If you're not
used to this sort of thing it can be a pretty nerve-wracking experience. Rest assured, though, it
does get easier over time. It's important to meet your customers face to face at least once or even
twice during the course of a project.

My experience has shown that a client finds it easier to relate to and work with someone they've
actually met in person, rather than a voice on the phone or someone typing into an email or
messenger program. When you do meet them, be calm, confident and above all, take time to ask

29
them what they need. I believe that if a potential client spends over half the meeting doing the
talking, you're well on your way to a sale.

2. Respond to Messages Promptly & Keep Your Clients Informed

This goes without saying really. We all know how annoying it is to wait days for a response to an
email or phone call. It might not always be practical to deal with all customers' queries within the
space of a few hours, but at least email or call them back and let them know you've received their
message and you'll contact them about it as soon as possible. Even if you're not able to solve a
problem right away, let the customer know you're working on it.

A good example of this is my Web host. They've had some trouble with server hardware which
has caused a fair bit of downtime lately. At every step along the way I was emailed and told
exactly what was going on, why things were going wrong, and how long it would be before they
were working again. They also apologised repeatedly, which was nice. Now if they server had
just gone down with no explanation I think I'd have been pretty annoyed and may have moved
my business elsewhere. But because they took time to keep me informed, it didn't seem so bad,
and I at least knew they were doing something about the problems. That to me is a prime
example of customer service.

3. Be Friendly and Approachable

A fellow SitePointer once told me that you can hear a smile through the phone. This is very true.
It's very important to be friendly, courteous and to make your clients feel like you're their friend
and you're there to help them out. There will be times when you want to beat your clients over
the head repeatedly with a blunt object - it happens to all of us. It's vital that you keep a clear
head, respond to your clients' wishes as best you can, and at all times remain polite and
courteous.

4. Have a Clearly-Defined Customer Service Policy

This may not be too important when you're just starting out, but a clearly defined customer
service policy is going to save you a lot of time and effort in the long run. If a customer has a
problem, what should they do? If the first option doesn't work, then what? Should they contact

30
different people for billing and technical enquiries? If they're not satisfied with any aspect of
your customer service, who should they tell?

There's nothing more annoying for a client than being passed from person to person, or not
knowing who to turn to. Making sure they know exactly what to do at each stage of their enquiry
should be of utmost importance. So make sure your customer service policy is present on your
site -- and anywhere else it may be useful.

5. Attention to Detail (also known as 'The Little Niceties')

Have you ever received a Happy Birthday email or card from a company you were a client of?
Have you ever had a personalised sign-up confirmation email for a service that you could tell
was typed from scratch? These little niceties can be time consuming and aren't always cost
effective, but remember to do them.

Even if it's as small as sending a Happy Holidays email to all your customers, it's something. It
shows you care; it shows there are real people on the other end of that screen or telephone; and
most importantly, it makes the customer feel welcomed, wanted and valued.

6. Anticipate Your Client's Needs & Go Out Of Your Way to Help Them Out

Sometimes this is easier said than done! However, achieving this supreme level of understanding
with your clients will do wonders for your working relationship.

Take this as an example: you're working on the front-end for your client's exciting new
ecommerce endeavour. You have all the images, originals and files backed up on your desktop
computer and the site is going really well. During a meeting with your client he/she happens to
mention a hard-copy brochure their internal marketing people are developing. As if by magic, a
couple of weeks later a CD-ROM arrives on their doorstep complete with high resolution
versions of all the images you've used on the site. A note accompanies it which reads:

"Hi, you mentioned a hard-copy brochure you were working on and I wanted to provide you

with large-scale copies of the graphics I've used on the site. Hopefully you'll be able to make

use of some in your brochure."

31
Your client is heartily impressed, and remarks to his colleagues and friends how very helpful and
considerate his Web designers are. Meanwhile, in your office, you lay back in your chair
drinking your 7th cup of coffee that morning, safe in the knowledge this happy customer will
send several referrals your way.

7. Honour Your Promises

It's possible this is the most important point in this article. The simple message: when you
promise something, deliver. The most common example here is project delivery dates.

Clients don't like to be disappointed. Sometimes, something may not get done, or you might miss
a deadline through no fault of your own. Projects can be late, technology can fail and sub-
contractors don't always deliver on time. In this case a quick apology and assurance it'll be ready
ASAP wouldn't go amiss.

Conclusion

Customer service, like any aspect of business, is a practiced art that takes time and effort to
master. All you need to do to achieve this is to stop and switch roles with the customer. What
would you want from your business if you were the client? How would you want to be treated?
Treat your customers like your friends and they'll always come back.

32
33
 DATA ANALYSIS AND INTERPRETATION

 DATA GIVES PREFERENCE OF RESPONDENTS OF INSURANCE COMPANIES

COMPANY’S NAME NO.OF RESPONDENT SHARE (%)

L.I.C. 78 78

RELIANCE LIFE INSURANCE 3 3

ICICI PRUDENTIAL 10 10

SBI LIFE 7 7

HDFC 2 2
TOTAL 100 100

INTERPRETATION

78% of the people contacted prefer LIC policy to any other and therefore it is ranked no.1 by that percent
of respondents.

DATA GIVES BENEFITS OF INSURANCE PERCEIVED BY RESPONDENTS

34
 NO.OF
BENEFITS SHARE (%)
RESPONDENTS

Cover Future Uncertainty 55 55

Tax Deductions 20 20

Future Investment 25 25

TOTAL 100 100

INTERPRETATION

55% of the respondents believe that covering future uncertainty is the biggest benefit of an insurance
policy.

Whereas, 20% and 25% of them believe that the other benefits are Tax deduction and future investments
respectively.

DATA PROVIDES FEATURES OF INSURANCE POLICY THAT ATTRACTED RESPONDENTS

35
FEATURE NO.OF SHARE (%)
RESPONDENTS
Money Back Guarantee 15 15
Larger Risk Coverance 37 37
Easy Access to Agents 7 7
Low Premium 30 30
Company’s Reputation 11 11
TOTAL 100 100

INTERPRETATION

Majority of the respondent (37%) found Larger risk coverance as the most attracted feature of the all.

36
 DATA PROVIDES NUMBER OF INSURANCE POLICY TYPE RESPONDENTS

POLICY TYPE NO. OF SHARE (%)

RESPONDENTS

LIFE POLICY 75 75

NON LIFE POLICY 25 25

BOTH 45 45

37
INTERPRETATION

75% of the respondents have Life Insurance Policy while 45% have both. (The % is calculated out of 280
positive response)

38
 DATA GIVES PEOPLE PERCEPTION ABOUT INSURANCE

RESPONSE NO. OF SHARE (%)

RESPONDENTS

A saving tool 81 81%

A tax saving device 74 74%

A tool to protect your family 100 100%

INTERPRETATION

81% of the respondents have perception of Insurance being a saving tool.

And 74% of the respondents have perception of Insurance being a tax saving device.

But 100% of the respondents are with the view that Insurance is a tool to protect your family.

Findings

39
1) Perception of most of the respondents i.e., 42% is good, 32% is very good, 19%

excellent and only 7% have a poor perception about LIC.

2) 33% the respondents came to know about LIC products from friends, 29% from

various advertisement, 21% from family members and 17% from other sources.

3) Majority of the customers are satisfied with the service of the company. 39% say the

service is very good, 32% say its good, 17% say its excellent and only 12 are not

satisfied.

4) Majority of the customers are satisfied with the beneficial schemes the company. 67%

say that LIC is giving beneficial schemes to its customers, 24% they are not getting

any such schemes and 9% cant sat about these things

5) 83% of respondents say that the charges are reasonable and only 17% are not happy

with the service charges

6) .93% of respondents prefer to pay by cheque, 7% by draft and non of the respondents

prefer cash for paying premium.

7) 87% of respondents say that they are satisfied with the company’s service and only

13% are not happy with the service.

8) 76% of respondents say that they are satisfied with the product’s surrender value and

only 24% are not happy.

9) 92% of respondents say that they are satisfied with the online facility and only 8% are

not satisfied.

10) 94% of respondents say that they are satisfied with the promotional schemes and only

8% are not satisfied.

40
 CONCLUSION

Working with LIC Life Insurance for two months was a very nice and a good

learning experience. It has helped me a lot learning about different kinds of investments and the

pros-corns of its. It has also helped me to know about how works in a corporate world is done.

Though we had a very nice experience but we had to face some problems even,

like we were not given any identity card by the company so sometime it became very difficult for

us to convince people that we are from the company and not an agent.Mostly small investors are

not satisfied with the charges of the LIC.

1. Customers are much more relying upon LIC.

2. People don‘t rely upon private insurance sector.

3. All products are not attractive to the customers so that kind of products are very hard to

sale.

4. Less number of traditional plans that’s why people who really need traditional plans are

still not satisfied.

5. Majority of the customers are satisfied with the beneficial schemes the company.

6. Majority of the customers are satisfied with the service of the company

41
 REFERENCE

Books:

Marketing Management : Philip Kotler

Marketing Research : C.R.Kothari

Websites:

www.hdfcinsurance.com

www.iciciprulife.com

www.licindia.com

QUESTIONNAIRE

42
Name:……………….… Address:…………………….
Profession……………… ………………………………
Age:…………………… ………………………………
Contact No:……………..

1)What do you think about LIC product ?

A)Excellent
B)Very Good
C)Good
D)Poor
2) From where did you got information of LIC products ?
A)Friends
B)Family members
C)Advetisements
D)Others
3) Whether LIC giving eficient service to its customers ?
A)Excellent
B)Very Good
C)Good
D)Poor
4) Whether LIC gives beneficial schemes to its existing customers ?
A)Yes
B)No
C)Cant say
5) Is the maintenance charges & fees are reasonable?
A)Yes
B)No

43
6) Which mode of payment do you prefer to pay your premium ?
A)Draft
B)Cheque
C)Cash
7) Are you satisfied with the service of LIC ?
A)Yes
B)No
8) Are you satisfied with the product’s surrender value ?
A)Yes
B)No
9) Whether LIC offering additional online facilities ?
A)Yes
B)No
10) Whether LIC offering effective promotional schemes ?
A)Yes
B)No
11) Any furher suggession to serve you better ?

44
45
46
47