1

MARKETING STRATEGIES OF LIC IN KERALA

(Questionnaire for survey among the Life insurance policy holders of LIC in Kerala)
SECTION –I
GENERAL INFORMATION (DEMOGRAPHIC & PERSONAL DATA)
1. Name:

2. Area/Place of residence: 1) Rural 2) Urban

3. Gender: 1) Male 2) Female

4. Age: (Completed Years)

5. Marital Status: 1) Married 2) Unmarried 3) Others

6. Education:
1) Up to Primary 2) Secondary / Higher Secondary 3) Degree 4) Post Graduation 5) Others
7. Occupation:
1. Agriculture 2.Business and Self- employed 3.Govt. Service 4.Private Service 5.NRI/Foreign
Employed 6. Others
8. Family structure: 1. Nuclear 2.Extended 3.Joint

9. Number of earning members in family:

10.1 Monthly Income Gross (self):

1) Below `Rs 10000 2) Rs 10001 -20000 3). 20001-30000 4)30001-40000 5)Above 40000

10.2 Family Income (gross monthly) Rs ( approximate )

SECTION –II
LIFE INSURANCE PROFILE
11. Do you have life insurance policies from LIC? YES NO

12.1 Total number of Life insurance policies bought (of LIC):

12.2 Number of policies in hand having premium payment in the under mentioned categories

Single premium Level premium Limited premium

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13. From the following list identify the type of policy that you have subscribed to. Please tick against the
policy “YES” if you have subscribed; otherwise tick against “NO”.

SN PLANS OF LIC YES NO SN PLANS OF LIC YES NO

13.1 Jeevan Anand 13.11 Komal Jeevan
13.2 Jeevan saral 13.12 Anmol Jeevan
13.3 Jeevan Tarang 13.13 Money back plans
13.4 Jeevan Anurag 13.14 New Bima Gold
13.5 Jeevan Surabhi 13.15 Child future/career Plan
13.6 Jeevan Chaya 13.16 Child marriage Endowment Plan
13.7 Jeevan Arogya 13.17 Bima Account I/II
13.8 Jeevan Kishore 13.18 Bima Bachat
13.9 Endowment table 14 13.19 ULIPS
13.10 New Jana Raksha 13.20 Policies Other than listed above

14. Sum assured of all the life insurance policy/policies taken by you from LIC of India
Sum assured of Life Up to1Lakh 1lakh-5lakh 6lakh-10 lakh 11lakh-15lakh above 15 lakh
policies bought (1) (2) (3) (4) (5)
Choice

15.1 PERIOD (Please specify period of payment of Life Insurance Premiums)

Monthly Quarterly Half Yearly Yearly More than one mode Single premium
(1) (2) (3) (4) (5) (6)

15.2 MODE OF PAYMENT OF PREMIUM (please state the means of payment of premium)

Through Directly in office Premium Salary saving More than one Others
agents Collection Scheme (SSS) mode
points
(1) (2) (3) (4) (5) (6)

16. Please state the ideal term for life insurance policy (as you feel)
Less than/equal 6-9 YEARS 10-15 YEARS 16-20 YERAS Above 20YEARS
to 5 YEARS (2) (3) (4) (5)
IDEAL POLICY (1)
TERM
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SECTION III
FINANCIAL AWARENESS/KNOWLEDGE/HABITS

17. Please give appropriate score based on your LEVEL OF AWARENESS on the following long -term
saving instruments. [5= VERY HIGH 4=HIGH 3=AVERAGE 2= POOR 1=VERY POOR]

SN Saving instrument SCORE

1 Bank fixed deposit
2 Life insurance
3 Capital Market Products (Mutual funds, Securities, Derivative instruments etc)
4 Govt Schemes ( Treasury deposit, Provident fund, State insurance(SLI/GIS) etc)
5 Chit funds
6 Post office savings
7 Gold/jewellery
8 Real estate

18. The facts listed below relate to different aspects of purchase and servicing of products and services
of LIC. Please assign a score ranging from 7 to 1 based on your LEVEL OF AWARENESS
[7=VERY HIGH, 6=HIGH, 5=GOOD, 4=AVERAGE, 3=LOW, 2=POOR, 1=VERY POOR]

SN STATEMENTS SCORE
PRODUCT AWARENESS
18.1 Estimation of insurable amount of insurance policies to be purchased
17.2 Selection of suitable policy from the product mix offered
18.3 Various documents to be filled in for purchasing policy
18.4 Policy features and benefits
18.5 Terms and conditions of policy
AWARENESS ON PRICE/PREMIUM & RETURN
18.6 Modes of premium payment(agent-office- premium collection points etc)
18.7 Flexible periods for premium payment(monthly , quarterly, half yearly etc)
18.8 Payment of premium in any branch office
18.9 Rate of return on Life insurance policy
18.10 Payment of premium by online
18.11 Availability of days of grace option in premium payment
AWARENESS ON DISTRIBUTION CHANNELS
18.12 Different means for purchasing policy e.g. agents, internet etc
18.13 The service standards/norms the distribution agencies have to keep up
18.14 The benefits and defects of multiple channels of distribution
18.15 The types of services available through the multiple channels of distribution
AWARENESS ON PROCESS
18.16 Getting policy details on 1251
18.17 Reduction of sum assured in case of difficulty of paying high premium
18.18 Claim settlement procedures
18.19 Procedure of transfer and assignment of policy
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18.20 Procedure of surrender and renewal of policy

18.21 Receipt of policy document within 15 days of first premium payment
18.22 Modifications/ conversion of one policy to other policies
18.23 Option to cancel policy on dissatisfaction within 15 days of purchase
AWARENESS ON PROMOTION
18.24 The major media in which products and services are propagated
18.25 The message and content behind the promotional appeal
18.26 The market segment which LIC targets with its products
18.27 Purpose behind selection of particular media for propagation
AWARENESS ON PEOPLE SERVICING POLICY
18.28 Appropriate authority to be approached for policy servicing
18.29 Authorities, responsibilities and duties of insurance service staff/personnel
18.30 Appropriate authority to whom grievance is to be filed on defective service
18.31 The hierarchical structure of insurance personnel in the organisation
AWARENESS ON PHYSICAL EVIDENCE
18.32 The basic amenities provided at service area (Drinking water, sanitary facilities etc)
18.33 The different sections (Service counters ) in the branch office for servicing
18.34 The facilities available to know the status of policy and enquiries
18.35 The facilitating service like seating arrangement, parking facilities etc

19. Do you remember the names of some life insurance products of LIC? YES NO

20. If YES, please state the names of three products/LIC Policies that come to your mind

1....................................... 2.............................................. 3.....................................................

21. Please mention the amount of saving on an average per month (saving means net income in hand
for investment after meeting home expenses )
Amount saved Below/equal to Rs 5000 5001-10000 10001 -15000 15001-20000 Above 20000
per month (1) (2) (3) (4) (5)
Choice

22. Please state the amount that you spend for payment of premium on life insurance policies of LIC
(per annum)[ignoring premium paid on Single Premium Plans]
Amount spent Less than 5000 5001-10000 10001-15000 15001-20000 Above 20000
per annum (1) (2) (3) (4) (5)
Choice
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23. Do you consider the saving through life insurance policies of LIC is better compared to the financial
products listed below? If you feel that investment in LIC is better compared to other financial products
mark in column “YES”; otherwise mark in column “NO”

Financial products YES NO

23.1 Bank deposits
23.2 Mutual funds
23.3 Post office savings
23.4 Provident fund investment
23.5 Chitty(kuris)
23.6 ULIPS
23.7 Govt treasury deposit
23.8 Gold/jewellery
23.9 Real estate
23.10 Securities (shares/Bonds etc)
23.11 Others

24. Do you think that you are adequately covered under life insurance? YES NO

[Tip: Multiply your Annual income by the score of the age group you belong to. Compare the amount
with the sum assured of LIC Policies taken by you. [If the sum assured of policies taken by you is
greater than the amount by which you are adequately covered under life insurances otherwise not]

AGE GROUP 20-29 30-39 40-49 50-59 60 & ABOVE

SCORE 5 4 3 2 1
Example: Suppose your annual income= 2 lakh; your age=42; Then 2lakh x3 =6 lakh i.e. you must have
taken policies worth 6 LAKHS Sum Assured; If so, mark in column YES; otherwise NO.

25. If no; Please mention the reasons for inadequate coverage on Life insurance Policies

SN Reason for inadequate coverage Rank

25.1 Low income
25.2 Lack of sufficient knowledge on life insurance
25.3 Lack of conviction/belief
25.4 Preference to other investments
25.5 Other reasons

SECTION IV
ANALYSIS OF CUSTOMER PURCHASING BEHAVIOUR

AWARENESS ON LIFE INSURANCE CORPORATION OF INDIA

26. How long you are aware of LIC India?
Less than one year 1-5 years 6-10years 11-15 years More than 15 years
(1) (2) (3) (4) (5)
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27. Which of the following is the most dependent source of knowledge on life insurance?

SN Media Rank
27.1 Newspaper
27.2 Magazines/Journals
27.3 T V-ads
27.4 Radio-ads
27.5 LIC agents
27.6 Friends/ Relatives
27.7 Internet/web sites
27.8 Tele marketing, Mobile marketing SMS,MMS etc
27.9 Brochures ,Diaries ,calendars, other gifts
27.10 Bill boards, wall writings etc

FACTORS INFLUENCING PURCHASE DECISION OF LIFE INSURANCE POLICY

28. Who takes the final decision for purchasing life insurance policy in your family?
SN Decision maker Rank
28.1 Head of the family
28.2 Own decision
28.3 Joint decision

29. Who/which of the following persuaded/influenced you greatly to choose Life Insurance Corporation
of India in buying a life insurance policy?
SN INFLUENCING/PURSUADING FACTOR Rank
29.1 Life insurance agents
29.2 Family members/ relatives/Spouse
29.3 Friends/ colleagues
29.4 LIC Office staff
29.5 Own perception/interest
29.6 Advertisement in visual /print media
29.7 Informative brochures/ pamphlets

30.Which of the following elements of marketing mix motivated you substantially to purchase a
policy from LIC India?

SN MARKETING MIX ELEMENTS Rank

30.1 PRODUCT- I purchase life policies in order to meet some of my needs
30.2 PRICE- I invest in Life insurance as it carries affordable price in the form of premium
30.3 PROMOTION- I go for Life insurance products expecting sops declared
30.4 PLACE- I opt for investment in life insurance as it is easy to approach for services
30.5 PROCESS- I prefer investments in life insurance as LIC provides better service
30.6 PEOPLE- I opt for investment in life insurance due to the influence of agent etc
30.7 PHYSICAL EVIDENCE- I prefer investment in LIC as it provides better infrastructure
at service point( amenities and facilities)
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31. Please RANK the motives behind purchasing Life insurance Policy

SN MOTIVE BEHIND PURCHASE RANK

31.1 Risk coverage(Personal Life/ Life of family members/ medical and critical illness)
31.2 Long term savings
31.3 Income tax relief
31.4 Old age protection/ Comfortable retirement (pensions)
31.5 Children marriage/education
31.6 Acquisition of home assets
31.7 Wealth creation /Additional income and Income protection(regular)
31.8 Payment of debts/ Loan facilities(home loan, vehicle loan etc)
31.9 Bequest motives /Final expenses-funeral expenses, burial costs and medical bills
31.10 Service to agent

SECTION V
CUSTOMER PERCEPTION ON THE PROMOTIONAL STRATEGIES OF LIC
32. Which media do you mostly use for information/entertainment?
SN 32.1 32.2 32.3 32.4 32.5
Media TV Radio Newspaper Internet Others (magazine etc )
Rank

33. How do you evaluate the overall promotional strategies of LIC India as to marketing insurance
products? (5=EXCELLENT 4=GOOD 3=AVERAGE 2=POOR 1=VERY POOR)

SN OPINION Advertising Personal selling Public relations

5 4 3 2 1 5 4 3 2 1 5 4 3 2 1
COMPANY IMAGE
33.1 Serves as good source of information
33.2 Creates awareness of the products
33.3 Differentiates from competitors ‘ Products
33.4 Builds better company image
PERSONAL ATTITUDE
33.5 Enforces brand loyalty
33.6 Changes attitudes
33.7 Helps to identify right product
33.8 Tempts unnecessarily to buy products
PROMOTION
33.9 Exaggerates features & benefits
33.10 Results in wastage of time/cost
33.11 Leads to annoyance/confusion
UTILITY
33.12 Enhances sales of policies
33.13 Presents true picture of product offered
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34. You might have seen advertisements of LIC through various media/events listed below.
Please evaluate these advertisements by ticking in relevant column

COLUMN GUIDELINE FOR MARKING

0 EVEN NOT JUST SEEN the advertisement through the listed media/event
1 OBSERVED the advertisement through the listed media/events
2 REMEMBER the advertisement through the listed media/events
3 The Advertisement through the listed media/event PERSUADED me to purchase
policy
SN PROMOTIONAL TOOL 0 1 2 3
34.1 News paper advertisements
34.2 Business publications
34.3 T V advertisements
34.4 Radio advertisements
34.5 TV /Radio Interviews
34.6 Film advertisements
34.7 Bill boards
34.8 Electric displays/Trans slides
34.9 Sponsoring academic activities like seminars, conference etc
34.10 Sponsor contest and sports events
34.11 Sponsoring social responsible programmes e.g. eye testing camps etc
34.12 Sending marketing material with every customer communication
34.13 Consumer review websites
34.14 Online banner advertisements
34.15 Advertisement in insurance websites/internet
34.16 Email newsletters
34.17 Social networks e.g. Face Book, Twitter etc
34.18 Hoardings , Welcome boards at railway stations; bus stations etc
34.19 Brochures Leaflets, booklets and press releases
34.20 Bulletins, banners at branch premises
34.21 Calendars, diaries, Business cards of agents to policy holders
34.22 Maintaining public parks at important places
34.23 Transit advertising
34.24 Sending holiday-birthday cards/messages
34.25 Tele marketing
34.26 Poster, Banner, Sign Board etc
34.27 News paper inserts/Bound inserts in books
34.28 Information kiosks
34.29 Wall paintings
34.30 Publicity vans etc
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SECTION VI
CUSTOMER SATISFACTION ON THE PRODUCTS & SERVICES OF LIC
35. The following statements relate to various products and services offered by the Life insurance
Corporation of India. Please express your opinion by giving a score ranging from 5 to 1.
[5=STRONGLY AGREE; 4=AGREE; 3=NEUTRAL; 2=DISAGREE; 1=STRONGLY DISAGREE]
SN PRODUCT/SERVICE OFFERED BY LIC 5 4 3 2 1
PRODUCT RELATED SATISFACTION
35.1 Life policies offered have wide variety features/benefits
35.2 The terms and conditions of policies are easy to understand
35.3 The surrender value of policy is adequate and satisfactory
35.4 LIC offers attractive riders along with its policies marketed
35.5 Life insurance policies give short- term financial gains
35.6 The rate of return on life insurance policies is attractive
35.7 The formalities to be satisfied for opening a policy are very simple
35.8 The rate of interest on loan availed on policies is reasonable
35.9 The period (tenor) of policies offered is convenient and apt
35.10 The age at entry and that at exit are acceptable
35.11 The life policies of LIC are convertible to other life policies of LIC
35.12 Loan can be availed on almost all types of policies
35.13 The amount of loan available on policy is adequate
35.14 The policy provides for flexible terms of exit
35.15 Transfer and assignment of policies is easy
35.16 Most of the products offered are innovative compared to competitors
35.17 LIC offers the facility of product modifications (reduction of sum assured etc )
PRICE/PREMIUM RELATED SATISFACTION
35.18 The Premium charged on Policies is reasonable
35.19 The service charges on life policies are low
35.20 The penalties charged on delay in payment of premium are reasonable
35.21 The days of grace given for premium payment are satisfactory
35.22 LIC offers flexible premium payment schedule (monthly, quarterly etc )
35.23 LIC offers innovative modes of premium payment i.e., internet and ECS
35.24 LIC offers flexible methods for the premium payment (through agent, directly to office)
35.25 premium collection
Life policies pointbetter
ensure etc) rate of return than other saving instruments

PLACE/DISTRIBUTION RELATED SATISFACTION

35.26 LIC agents are easily accessible
35.27 The branch office is located in convenient area
35.28 Premium payment points/locations are conveniently located
35.29 LIC uses Technology at optimum level in delivering /servicing policy
35.30 Multiple distribution channels are available for purchase of policy
PEOPLE SERVICE RELATED SATISFACTION
35.31 The agents clearly explain the terms / conditions / implications of policy
35.32 The appearance of employees and staff is neat
35.33 The service personnel are willing to render help at any point of time
35.34 The service staff have a sense of public responsibility i.e., punctual, sincere
35.35 The service staff maintain personal relationship with policyholders
35.36 The response on service enquiry from officials is precise and accurate
35.37 The service staff are courteous ,trained & well informed
35.38 The service staff are dependable, trustworthy , honest and polite
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35.39 The top level officials are available in case of need as to servicing policy
35.40 The service staff instill confidence in customers by proper behaviour
35.41 The service personnel are friendly and approachable in servicing policy
35.42 The LIC office offers wide variety of services
35.43 The service staff understand intimately the specific customer needs
35.44 The agents provide expert financial advice
35.45 The office offers limited (Restricted) services during off-time
35.46 The agents provide updated information on policies
35.47 The marketing staff are competent to deliver the service
35.48 The marketing staff maintain regular contact after issuing policy
35.49 The service staff never create pressure to reinvest the claim received
35.50 The service staff render professional service
PROCESS RELATED SATISFACTION
35.51 The procedure for purchasing policy is simple and less time- consuming
35.52 It takes very little time to get the policy documents after taking policy
35.53 Encasing cheques on claims etc is less time consuming
35.54 The Renewal of lapsed policies is easy
35.55 The operating hours of branch office is convenient
35.56 The process of availing loan on policies is very time- consuming
35.57 The grievance(complaint) redressal mechanism is effective
35.58 Proper communication is effected on various aspects of policies
35.59 The regular service activities as reminders of premium due are effective
35.60 Claim on policies are settled at the earliest
35.61 The claim settlement requires follow up of simple formalities
35.62 The privacy of information given to LIC is safe
35.63 Fully computerised branches make policy servicing quick and prompt
35.64 FAQs/Instructions/DEMO in website help to learn facts
35.65 Website is user- friendly/ web pages & links are functioning well
35.66 Web site provides Accurate and updated information
35.67 The premium paid up in Money Back Policy is returned promptly
35.68 The toll free number service is very effective in clarifications
SATISFACTION WITH REGARD TO PROMOTION- RELATED ELEMENTS
35.69 Personal Intimation is provided on launching new products/services
35.70 LIC provides guidelines on future service requirements as Policy loan etc
35.71 LIC provides information on service innovations regularly
35.72 The media of advertisement is suitable and relevant
35.73 The theme, layout, language of advertisement is attractive & informative
SATISFACTION WITH REGARD TO PHYSICAL EVIDENCE
35.74 Adequate and necessary facilities are provided at the office counter
35.75 The office premises are clean and tidy
35.76 Sufficient seating arrangements are provided at the service counter
35.77 The Physical layout of premises ,furnishings are comfortable
35.78 The sign boards are placed in proper places
35.79 The diaries, business cards and calendars are self- explanatory
35.80 The designs of policy documents, brochures are simple/ understandable
35.81 Plenty of parking facility is provided at all branches for customers
35.82 The interior of service office is comfortable with sufficient space for queues
35.83 Drinking water/ sanitary arrangement is available at service points
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SECTION VII
CUSTOMER SATISFACTION ON THE SERVICES OF LIC AGENTS
36 Please rate the LEVEL OF SATISFACTION as to service rendered by life insurance agents in the
purchase and servicing of life insurance policies.
[7=EXTREMELY HIGH;6=VERY HIGH;5=HIGH;4=NEUTRAL;3=LOW;2=VERY LOW;1=EXTREMELY LOW]
SN SERVICE RENDERED BY LIFE INSURANCE AGENTS SCORE
SERVICE SATISFACTION BEFORE ISSUE OF POLICY
36.1 Accurate assessment of insurance needs
36.2 Proper advice on Selection of particular policy/plan
36.3 Selection of suitable period and method of premium payment on policy
36.4 Filling up the insurance forms and applications
36.5 Completing medical examination formalities
36.6 Explanation of product features and benefits
SERVICE SATISFACTION AFTER ISSUE OF POLICY
36.7 Availing policy documents without delay
36.8 Reminding the premium due dates of payment of premium
36.9 Effecting alterations in policy (reduction of sum assured, change in address etc)
36.10 Availing duplicate policy on loss or damage
36.11 Availing Loan on policy, Loan closure and getting back documents
36.12 Revival of policy on becoming lapsed due to default in premium payment
36.13 Filling up Claim /surrender forms and ensuring receipt of claims in time
36.14 Providing latest information on Life insurance policies and services and benefits
36.15 Grievance settlements & Clarification of general and technical doubts
36.16 Customer relation activities/ Attending customer needs in time
36.17 Reviewing further insurance needs

37. The following table intends to evaluate perception of customers on the level of knowledge of LIC
Agents on various aspects and attitudinal and behavioural patterns of LIC agents in marketing life
insurance products of LIC.
[5=STRONGLY AGREE; 4=AGREE; 3=NEUTRAL; 2=DISAGREE; 1=STRONGLY DISAGREE]
CUSTOMER PERCEPTION ON 5 4 3 2 1
KNOWLEDGE OF AGENTS ON CUSTOMER NEEDS AND ATTITUDES
37.1 Agents know the customers’ mental buying process
37.2 Agents have great concern about my welfare
37.3 Agents maintain a regular contact with me
37.4 Agents fully meet my needs with a life insurance product
37.5 Agents understand my financial goals and needs
37.6 Agents care to relate the benefits of products to my needs
37.7 Agents have good knowledge on buyers’ interests
KNOWLEDGE OF AGENTS ON LIC
37.8 Agents have perfect knowledge about LIC
37.9 Agents know the status of industry and its dynamics
37.10 Agents always justify taking policy from LIC compared to other players
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37.11 Agents have perfect knowledge on policies and procedures of LIC

37.12 Agents have knowledge on higher level authorities in LIC
KNOWLEDGE OF AGENTS ON PRODUCTS AND SERVICES
37.13 Agents explain insurance products exceptionally well
37.14 Agents always help in selecting right life insurance product for me
37.15 Agents always put my financial goals and needs above his/her own interest
37.16 Agents substantiate creditworthiness of LIC products as to competitors
37.17 Agents know little about the products, services or competitors
37.18 Agents exaggerate the benefits of the product/service
37.19 Agents create confusion in choosing a life insurance product
ATTITUDE & BEHAVIOURIAL PATTERNS OF AGENTS
37.20 Agents put too much pressure on me to buy life products
37.21 Agents normally whine about poor business
37.22 Agents appear to be interested only in selling the product
37.23 Agents are not at all enthusiastic in doing their job
37.24 Agents usually Interrupt me and are over anxious to get their point in
37.25 Agents are very alert in rendering prompt service
37.26 Agents can be trusted in full as to life insurance services

38. Please state the basic motive behind choosing the particular agent/s in servicing you life policy
SN MOTIVE BEHIND SELECTION OF AGENT RANK
1 Agent is either a family relative or a friend
2 Agent is knowledgeable and expert
3 Agent Offers gifts with policies
4 Agent renders Proper financial advice
5 Agent cares about welfare of policyholders
6 Agent is easily accessible
7 Agent renders Prompt and quick service
8 Agent is having Good salesmanship qualities
9 Agent exerts excessive pressure
10 Agent has Good personality
11 Other reasons

SECTION VIII
CUSTOMER PERCEPTION ON BRAND IMAGE, BRAND TRUST, BRAND LOYALTY
AND BRAND EQUITY OF LIFE INSURANCE CORPORATION OF INDIA
39. Please score the following statements that are related to assessment of brand image of LIC India.
[5=STRONGLY AGREE; 4=AGREE; 3=NEUTRAL; 2=DISAGREE; 1=STRONGLY DISAGREE]
SN LIC BRAND IMAGE FACTORS 5 4 3 2 1
39.1 I always see that LIC is the best benchmark of life insurance products/ services
39.2 The life insurance brand(LIC) is professional in its customer service
39.3 The brand (LIC) is successful in the life insurance market
39.4 The brand is well established with long years of tradition and trust
39.5 The brand is trustworthy in all its dealings and transactions
39.6 The brand is priced reasonably
39.7 The brand is very familiar to me i.e. while thinking of life insurance LIC comes first
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LIC BRAND TRUST FACTORS 5 4 3 2 1

39.8 I feel that the service commitments of the brand are generally reliable
39.9 I feel that the trusteeship argument of LIC is trustworthy
39.10 I feel that the service and product standards meet my expectations
39.11 I feel that the brand keeps promises as to return ,safety of fund invested
LIC BRAND LOYALTY FACTORS
39.12 I would recommend the service to my friends/relatives
39.13 I have faith in LIC as to its financial performance / service standards
39.14 I am highly satisfied with the organisation
39.15 I want to continue with the current service provider and the only institution I
want to associate within life insurance
39.16 If I wish to have one more policy , I would prefer LIC
39.17 I would continue with LIC even if other insurance companies provide policies
with lower premium
39.18 I want to stay with the company even if minor mistakes are made
39.19 I believe that LIC won’t do anything affecting policyholders negatively
39.20 I will keep on buying policies from LIC as it provides me satisfied products
LIC BRAND EQUITY FACTORS
39.21 It makes sense to buy this brand instead of other brands because of its policy
service commitments even if they are the same
39.22 Even if any other brand has the same product features and benefits as this
brand , I would prefer this brand
39.23 If another brand’s financial performance is as good as this brand’s , I prefer
to buy this brand
39.24 If the concern for the investor (policy holder)is not different from that of this
brand , it seems better to buy this brand
39.25 I will never switch over the brand even if other brands are profitable
39.26 Life policy from LIC is more than a product to me

40. You may assign a score between 1 to 10 for the combination of the features/benefits of LIC policies
for your most preferred aspect of policies of LIC India (H=high M=medium L=low)
/amount

Maturity
Liquidity

addition
er value
Surrend

/riders/

premiu
benefit

benefit

benefit
Loyalty
Facility
Safety

bonus

Death

Score
Loan
S.No

Tax

m
s

1 H H H H H H H H L
2 H H H H H H H H M
3 H H H H H H M H M
4 H M H H M H M H H
5 H M M H M H H M H
6 M H M H H L H H M
7 M L H H L M H H M
8 H H M M H L H H L
9 H M L H M L H H M
10 H M M H M M M H M