MAJOR PROJECT STUDY REPORT

ON
"CUSTOMER SATISFACTION ON THE SERVICES PROVIDED
BY LIFE INSURANCE CORPORATION"
SUBMITTED IN PARTIAL FULFILMENT OF THE
REQUIREMENTS
FOR THE AWARD OF THE DEGREE OF
BACHELOR OF BUSINESS ADMINISTRATION (BBA)

Under the supervision

Submitted by

of

Dr. Supriya

Choudhary
Ajay Prakash

Reader

BBA (B&I)

MAHARAJA SURAJMAL INSTITUTE

(Affiliated to Guru Gobind Singh Indraprastha University)
Recognized by UGC U/S2 (F)
C-4 JANAK PURI, NEW DELHI-110058
Session 2013 - 2016

CERTIFICATE

This is to certify that this Major Project Report submitted by Mr. Ajay Prakash, enrollment
number 00214901813, to Maharaja Surajmal Institute, Guru Gobind Singh Indraprastha
University (GGSIPU), New Delhi in the fulfillment of the requirements for the awarding of the
degree of Bachelor of Business Administration, is an authentic record of work carried out by him
under my supervision. The contents of this report, neither in full nor in part(s) have been
submitted in any form to any other institute or university for the award of any other degree or
diploma.

Project GuideDr. Supriya Choudhary

Reader
Department of Business Administration

ACKNOWLEDGEMENT
I would like to express deepest appreciation to my mentor and guide Dr. Supriya Choudhary of
Maharaja Surajmal Institute, who has the attitude and substance of a genius, she continually and
convincingly conveyed a spirit of adventure in regard to research and analysis. I owe a debt of
gratitude to her as without her guidance and persistent help, this project report would not have
been possible. I am extremely grateful and indebted to her for her expert, valuable and
exemplary guidance extended to me.
I take this opportunity to acknowledge my sincere thanks to all the faculty members of
Department of Business Administration, Maharaja Surajmal Institute, for their help and
encouragement. I also thank my parents for their unceasing support and encouragement.
I place on record, my profound gratitude to the Director of the institute for providing me with all
the necessary facilities. I also wish to express my sense of thankfulness to one and all who,
directly or indirectly, have lent their helping hand in this venture.

Ajay Prakash
BBA (B&I) 6th Semester
00214901813
Batch: 2013-2016

TABLE OF CONTENTS
Chapter No.

Chapter Name

Page

Introduction

Chapter 1

Chapter 2

Introduction
Objectives
Research Methodology
Limitations of Study

Profile of the organization

Companys Profile

Conceptual Framework

Chapter 3

Indias Life Insurance Industry

Analysis and Interpretation of Data

Chapter 4

Analysis of Data
Interpretation of Data

Conclusions and Recommendations

Chapter 5

Conclusions
Recommendations / Suggestions
Bibliography

Annexure

Questionnaire

CHAPTER: 1
(INTRODUCTION)

A.

INTRODUCTION-

ORIGIN OF INSURANCE:
Almost 4,500 years ago, in the ancient land of Babylonia, traders used to bear the risk of caravan
trade by giving away loans that had to be later repaid with interest when the goods arrived safely.
In 2100 BC, the Code of Hammurabi granted legal status to the practice. Thats how insurance
made its beginning. Life Insurance had its origins in ancient Rome, where citizens formed burial
clubs that would meet the funeral expenses of its members as well as help survivors by making
some payments. As European civilization progressed, their social institutions and welfare
practices also got more and more refined. With the discovery of new lands, sea routes and the
consequent growth of trade, medieval guilds took it upon themselves to protect their member
traders from losses on account of fire, shipwrecks and the like.

Since most of the trade took place by sea, there was also the fear of pirates. So these guilds often
offered ransom for members held captive by pirates. Burial expenses and supporting times of
sickness and poverty were other services offered. Essentially, all these revolved around the
concept of insurance or risk coverage. Thats how old these concepts really are.
In 1347, in Genoa, European maritime nations entered into the earliest known insurance contract
and decided to accept marine insurance as a practice.

MEANING OF INSURANCE:
Insurance may be described as a social device to reduce or eliminate risk of loss to life and
property. Insurance is a collective bearing of risk. Insurance spreads the risks and losses of few
people among a large number of people as people prefer small fixed liability instead of big
uncertain and changing liability. Insurance is a scheme of economic cooperation by which
members of the community share the unavoidable risks.

Insurance can be defined as a legal contract between two parties whereby one party called
Insurer undertakes to pay a fixed amount of money on the happening of a particular event, which
may be certain or uncertain. The other party called Insured or Insurant pays in exchange a fixed
sum known as premium. The insurer and the insurant are also known as Assurer or Underwriter
and Assurant, respectively. The document which embodies the contract is called the policy.

TYPES OF INSURANCE CONTRACT:

Life insurance

General insurance

This Major Project Report covers up the facts related to customers satisfaction on the services
provided by LIC. The introduction about and profile of Life Insurance Corporation have
described in chapter 2.

B.Objective of study
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

C.

RESEARCH METHODOLOGY-

The research of/for data, information and facts and figures for this project report can be done
through either of the two following sources of data collection, namely-

Primary Source: The primary source of data collection is that source in which field
work is carried out to collect data, facts, figures, numbers, etc.
Data is either not present from elsewhere, or not authentic and genuine, or not up-to-date,
etc. While collecting primary data, it is necessary to ensure that errors and biasedness are
eliminated. In this report, a questionnaire has been used to gauge customer response from
a sample size of 100 customers.

Secondary Source:

In this source of data collection the data and information is

collected from other sources, i.e., data which has already been collected and worked
upon by some other source is referred, checked for authenticity and genuineness, and
then used for other different researches. These sources could be journals, magazines,
scientific research papers, govt. organizations like NSSO, company and new agency
websites, etc.

D.

LIMITATIONS OF STUDY-

Although there are a few limitations to enlist but every research work carried out has to face
some limitations.

BUSY SCHEDULE OF CONCERNED EXECUTIVES:

The concerned executives were having very busy schedule because of which they
were reluctant to give appointment.

TIME:
The time duration of the study for this project could not provide ample opportunity to
study about the customers in high detail.

CONFIDENTIAL INFORMATION:
The company on account of confidential report has not disclosed some figures. In
some cases separate accounts of division are not maintained leading to restrictions in
study.

AREA:
Area of study chosen was too large. The area chosen was Janakpuri. Nearby areas and
other areas of Delhi are greater than / almost equal to Janakpuri.

OBJECTIVE NATURE:
The survey to collect data was completely objective, spontaneous and completely
based on the views of the respondents (i.e., customers). Face-to-face interaction was
carried out. Subjective nature of this report was out of question.

SAMPLE SIZE:
The sample size chosen (i.e., 100) cant be used to generalize the findings over entire
Indirapuram region or Delhi NCR. Population of Indirapuram is 700, 00 which means
there may be hundreds of customers of AVIVA India in the same area. Thus, 100 may
not be a sufficient sample size. But in view of this Major Project Reports study
period, 100 is supposedly sufficient.

CHOICE OF LOCATION:
The reason for choosing NCR as the location for survey because I stay there and my
relative is LIC agent. So I done my survey with him.

10

CHAPTER 2
(PROFILE OF THE
ORGANIZATION)

11

Company profile

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

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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 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

13

LIC OPERATES ALL OVER INDIA

14

OBJECTIVES OF LIC
Spread Life Insurance widely and in particular to the rural areas and to
the socially and economically backward classes with a view to reaching all
insurable persons in the country and providing them adequate financial
cover against death at a reasonable cost.
Maximize mobilization of people savings by making insurance-linked
savings adequately attractive.
Bear in mind, in the investment of funds, the primary obligation to its
Policyholders, whose money it holds in trust, without losing sight of the
Interest of the community as a whole; the funds to be deployed to the best
advantage of the investors as well as the community as a whole, keeping in
view national priorities and obligations of attractive return.
Conduct business with utmost economy and with the full realization that
moneys belong to the policyholders.
Act as trustees of the insured public in their individual and collective
capacities.
Meet the various life insurance needs of the community that would arise
in the changing social and economic environment.
Involve all people working in the Corporation to the best of their
capability in furthering the interests of the insured public by providing
efficient service with courtesy.

15

 Promote amongst all agent and employees of the corporation a sense of

participation, pride and job towards achievement of corporate objective.

MISSION/VISION
Mission
Explore and enhance the quality of life of people through financial security by
providing products and services of aspired attributes with competitive returns, and
by rendering resources for economic development.
Vision
A trans-nationally competitive financial conglomerate of significance to societies
and Pride of India.
LIC of India is the one and only public sector life insurance Company in India.
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 nationalised. LIC formed by an Act of Parliament, viz. LIC

16

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.

Products of LIC
Products of LIC:
LIC Jeevan Anurag

Benefits:
LICs Jeevan ANURAG is 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
own 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.
Assured Benefit:
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

17

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/grandparent.
Commencement of risk cover:
The risk commences either after 2 years from the date of commencement of policy
or from the 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 Corporations 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

18

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 Premium:
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

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
19

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 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.
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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

Guaranteed

sum.

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.

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LIC Amulya Jeevan: On Death during the Term of the Policy: Sum Assured
On Maturity:

Nil

RESTRICTIVE CONDITIONS
Minimum age at entry

: 18 years (completed)

Maximum age at entry

: 60 years (nearest birthday)

Maximum age at maturity

: 70 years (nearest birthday)

Minimum Policy Term

: 5 years

Maximum Policy term

: 35 years

Minimum Sum Assured

: Rs.25,00,000/-

Maximum Sum Assured

: No Upper Limit

(Policies will be issued in multiples of Rs.100,000/- for Sums Assured

more than the minimum Sum Assured)
Mode of premium payment

: Yearly, Half-yearly & Single Premium

ORGANISATION STRUCTURE OF LIC

22

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

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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.)

CHIEF PUBLIC RELATION OFFICER

The Chief Public Relation Officer of LIC is Mr. M. V. Kulkarni. He heads the
24

PR department. The above three committees are under the PRO. The PRO is responsible for the
overall functioning of the PR department. He has to monitor the smooth functioning of the three
departments.

RESPONSIBILITIES OF CHIEF PUBLIC RELATION OFFICER:1. PR represents whole organization.

2. Should know how to behave in a certain situation.
3. He is not a person, he is representative.
4. Should know how to create enthusiasm.
5. In crisis he has to give feedback as soon as possible.
OBJECTIVES AND FUNCTIONS OF CHIEF PUBLIC RELATION OFFICER:1. The PRO is directly answerable to the Chairman Shri. T.S. Vijayan.
2. The PRO looks after all the activities of the three departments all over India. Also he has to
keep in close touch with the over-seas PR departments of LIC.
3. All the policies implemented in India are informed to other PROs of the over-seas branches
of LIC.
4. The PRO monitors the norms and values of all the branches.
5. The new rules and regulations in India are informed to the PROs of the over-seas branches.
6. The PRO also holds regular workshops for the top management employees to motivate them
to lift the spirit of the work culture.
7. The PRO also has to provide information about latest policies to the communication
department and ask them to public or air it through various mediums.
8. Since a major share of workload of LIC is in the public sector, the PRO has to look after
social responsibility as well as maintaining the image of the company.

COMMUNICATION DEPARTMENT
The PRO of this Department is an external PR.
He looks after:25

1. Arranging press conferences, press releases and is in constant contact with the media.
2. He is also responsible for monitoring the overseas communications.
3. The Communication Department PRO has to make arrangements for the guests and their
overall honors. The conversations with the guests are directly done by the Communication
Department PRO.
4. The PRO from this department should always keep a close eye on the latest happenings in the
market. Any social issue at any area is a news to be worked out for him.
5. He reports directly to the Chief PRO of the company.
6. The Press conference usually includes the CEO of the company, the Chief PRO and the
Communication Dept. PRO.
7. If the case is of crisis, then only is the Crisis management Dept PRO present for the Press
conference.
8. Since LIC is closely related with the Public Sector, the Communication Dept. PRO has to
also be in a close contact with the government officials.
9. He also has to motivate the employees in his department for constant progress in the
strategies for communication.
In short, the communication Department PRO ensures that there is no communication gap
between the company and the external concerned bodies. (Recent press releases of LIC issued by
Communication Department PRO enclosed).

CRISIS MANAGEMENT DEPARTMENT

The PRO in this department is an internal one. From the overall history of
LIC, it is seen that the company has never been into any major crisis. This it is one of the best
achievements.

He is answerable to the Chief Public Relation Officer.

The PRO from crisis management, though is here to handle crisis, he has been assigned
many other internal responsibilities.

Motivating the lower employees, sales executives and sales and marketing employees.

Building up a smooth communication between the Blue Collar and the White Collar.

Arranging small workshops for all the employees.

26

He also has to know the issues going within the other departments so that these issues are
solved before they create crisis.

The strategy used by the PR here for crisis management is:Wash the utensil before having food in it.
Thus all the employees right from the day of joining are kept in close contact with the Crisis
Management Dept. And regular workshops help to restrict cases like Corruption. With a
company so closely associated with the government, restricting such practices is very difficult
task.

PUBLICITY DEPARTMENT
The PRO of the publicity Department is an External PR.
This department was formed due to the fall of sales in the 1999. This fall was due to the
emergence of the foreign insurance companies and their advertising strategies. Initially, the ads
shown by LIC always said no worry even after death. All the ads portrayed death. The other
insurance companies came up with the idea that insurance is for happy life. Thus the sales of LIC
went down as people liked the idea of Life more than Death.
Hence a separate publicity department was formed which worked only for publicity strategies.
Initially it was looked up by the Communication Department. Today the publicity department
PRO has to see to it that all the ads running are creating effect. The PRO is the one who along
with the Marketing department looks after the strategies for publicity. He is also to carry out
various campaigns.
The very recent campaign is known as Zindagi Express. The Zindagi Express is a term that has
been associated to the life of LIC. Just as humans celebrate their 50 years of life, even LIC is
celebrating its life and when any person has done a lot in his life, he is capable of writing an
Autobiography. Thus Zindagi Express is an Autobiography by LIC. They had started this unique
campaign of auto biography from Delhi and will cover the entire nation and end up in Delhi
again. During this journey they explain what all LIC has done for publics and what all it still
intends to do

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CHAPTER 3
(CONCEPTUAL FRAMEWORK)

INDIAS LIFE INSURANCE INDUSTRY:

28

INDIAS INSURANCE INDUSTRY

LIFE INSURANCE

PUBLIC SECTOR
(1)

NON-LIFE OR GENERAL
INSURANCE

PRIVATE
SECTOR (12)

PUBLIC SECTOR
(4)

PRIVATE
SECTOR (9)

LIFE INSURANCELife insurance is a contract for payment of money to the person assured (or to the person entitled
to receive the same) on the occurrence of an event insured against.
Usually the contract provides for
Payment of an amount may be on the date of maturity or at specified periodic intervals or after
death, if it occurs earlier.
Periodical payment of insurance premium can be done by the assured to the corporation who
provides the insurance.

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GENERAL INSURANCEGeneral Insurance is similar to Life Insurance in many ways where protection is sought against a
risky event. Health and Life are covered up under Life Insurance, but General Insurance covers
the following products:

FIRE INSURANCE: Fire Insurance is a comprehensive policy which covers loss on

account of fire, earthquake, riots, floods, strikes, and malicious intent. It can be taken
only by the owner of the premises to be insured.

MOTOR INSURANCE: In motor insurance, the rates were revised. Upwards twice,
once in 1982 and then in 1990 as the high cost of repairs coupled with third party claims
had adversely affect the insured loss ratio. Motor insurance is mandatory leading to good
amount of premium collection but it is not being fancied upon as it could lead to litigation
problem.

MARINE CARGO INSURANCE: This covers :

a.

Cargo in Transit.

b.

Cargo Declaration policy.

It includes insurance of Marine Hull Insurance Inland Vessels, Ocean going Vessels,
fishing and scaling vessels, freight at risk, construction of ships, voyage insurance of
various vessels, ship breaking insurance, oil and energy in respect of on short and off
short risks, including construction risk.

Life Insurance is a fast growing sector in India since 2000 as Government allowed Private
players and FDI up to 26% (and recently in 2014-2015 Cabinet approved a proposal to increase it
to 49%). Life Insurance in India was nationalized by incorporating Life Insurance Corporation
(LIC) in 1956. All private life insurance companies at that time were taken over by LIC. In 1993,
the Government of India appointed RN Malhotra Committee to lay down a road map for
privatization of the life insurance sector.
30

While the committee submitted its report in 1994, it took another six years before the enabling
legislation was passed in the year 2000, legislation amending the Insurance Act of 1938 and
legislating the Insurance Regulatory and Development Authority Act of 2000. The same year the
newly appointed insurance regulator - Insurance Regulatory and Development Authority IRDA
started issuing licenses to private life insurers. All life insurance companies in India have to
comply with the strict regulations laid out by Insurance Regulatory and Development Authority
of India (IRDAI).
Insurance penetration of any sort in India is just around 20% as of May 2015. Life Insurance
Corporation of India (LIC), the state owned behemoth, remains by far the largest player in the
market. The private companies have come out with products called ULIPs (Unit Linked
Investment Plans) which offer both life cover as well as scope for savings or investment options
as the customer desires. These type of plans are subject to a minimum lock-in period of three
years to prevent misuse of the significant tax benefits offered to such plans under the Income Tax
Act. Comparison of such products with mutual funds would be erroneous.
Life insurance products come in a variety of offerings catering to the investment needs and
objectives of different kinds of investors. Following is the list of broad categories of life
insurance products:

1. Term Insurance Policies:

The basic premise of a term insurance policy is to secure the immediate needs of nominees or
beneficiaries in the event of sudden or unfortunate demise of the policy holder. The policy holder
does not get any monetary benefit at the end of the policy term except for the tax benefits he or
she can choose to avail of throughout the tenure of the policy. In the event of death of the policy
holder, the sum assured is paid to his or her beneficiaries. Term insurance policies are also
relatively cheaper to acquire as compared to other insurance products.

2. Money-back Policies:
Money back policies are basically an extension of endowment plans wherein the policy holder
receives a fixed amount at specific intervals throughout the duration of the policy. In the event of
the unfortunate death of the policy holder, the full sum assured is paid to the beneficiaries. The
terms again might slightly vary from one insurance company to another.

3. Whole Life Policies:

A whole life insurance plan covers the insured over his life. The primary feature of this product
is that the validity of the policy is not defined so the policyholder enjoys the life cover
throughout his life.

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4. Unit-Linked Investment Policies (ULIPs):

Unit linked insurance policies again belong to the insurance-cum-investment category where one
gets to enjoy the benefits of both insurance and investment. While a part of the monthly premium
pay-out goes towards the insurance cover, the remaining money is invested in various types of
funds that invest in debt and equity instruments. ULIP plans are more or less similar in
comparison to mutual funds except for the difference that ULIPs offer the additional benefit of
insurance.

5. Pension Policies:
Pension policies let individuals determine a fixed stream of income post retirement. This
basically is a retirement planning investment scheme where the sum assured or the monthly payout after retirement entirely depends on the capital invested, the investment timeframe, and the
age at which one wishes to retire. There are again several types of pension plans that cater to
different investment needs. Now it is recognized as insurance product and being regulated by
IRDA.
Foreign Direct Investment (FDI) Policy in the Insurance Sector:

As per the March 2006 FDI norms, foreign participation in an Indian insurance company is
restricted to 26.0% of its equity / ordinary share capital. The Insurance Regulator has stipulated
that foreign investment in Indian Insurance companies be limited to 26% of total equity issued
(FDI limit) with the balance being funded by Indian promoter entities. The limit to foreign
investment includes both direct and indirect investment and has been a cause of significant
lobbying by foreign insurance companies for a change in regulations to increase the FDI limit to
49% of equity issued.
Recently, in the Fiscal Budget of Modi Government of 2014-15, Government of India has
introduced 49.0% FDI which will bring in more investments in Insurance Sector. The Indian
government has supported an increase in the FDI limit, which requires a change in the Insurance
Act. The Union Budget for fiscal 2005 had recommended that the ceiling on foreign holding be
increased only upto 49.0%.

WHO CAN BUY A LIFE INSURANCE POLICY?

Any person above 18 years of age and who is eligible to enter into a valid contract. Subject to
certain conditions, a policy can be taken on the life of a spouse or children.
32

WHY DOES ONE NEED LIFE INSURANCE?

Life insurance is designed to protect the insured and his/her family against financial uncertainties
that may result due to unfortunate demise or illness. It can also be viewed as a comprehensive
financial instrument- as a part of financial planning offering savings & investment facilities
along with cover against financial loss. By choosing the right policy as per needs i.e. customized
solutions, insured will be able to plan for a secure future for himself and his loved ones.

BENEFITS TO INSURANCE POLICY HOLDER(1) Tax Benefits:

Relief in Income tax is available for amount paid by way of premium for life insurance.
Investment qualifying for rebate viz. insurance premium, premium paid toward annuity
plans for life insurance are specified under section 88(2) of the income tax Act.
(2)

Safety:
In Life Insurance, on death, the full sum assured is payable (with bonuses wherever
applicable) whereas in other saving scheme, only the amount (saved with interest) is
payable.

(3)

Liquidity:
Loans can be raised on sole security of the policy which has acquired a paid-up value.
Besides, a Life Insurance policy is also generally accepted as security for even a
commercial loan/ housing loan.

(4)

Aid to Thrift:
Life Insurance encourages thrift. Long term saving can be made in a relatively painless
manner because of easy instalment facility (Premium can be made through monthly,
quarterly, half- yearly or yearly instalment). The Salary Saving Scheme, popularly known
as SSS provide a convenient method if paying premium each month through deduction

33

from ones salary. The Salary Saving Scheme can be introduced in an institution of
establishment subject to specified terms and condition.

(5)

Money at the time of Requirements:

A suitable insurance plan or a combination of different plans can be taken to meet
specific needs that are likely to arise in future such as childrens education, start in-life or
marriage provision or even periodical needs for cash ones a predetermined stretch of
time. Alternatively, policy money can be so arranged to be used for other investments
subject to certain conditions, loans are granted to policy holders for house or for purchase
of flats.

(6)

Insurance affords peace of mind:

The security is the prime motivating factor. The security ends the tension and finally
leads to peace to mind.

(7)

Insurance Eliminate Dependency:

At the death of husband or the father or any lead person, the family would suffer a lot.
The insurance is here to assist to provide adequate amount at the time of suffering. The
economic dependency if the family is reduced.

(8)

Insurance encourages savings:

In most of the life policies, element of saving is predominant, this policies combine of
programme of Insurance and saving. Saving with insurance has certain extra advantage.

(9)

Economic Growth of the country:

For the growth of the country insurance provides string hands and mind to protect against
loss of death. From the insurance government get more financial resource and utilize
strengthen the economic condition of the country.

34

Overview of the Life Insurance Industrys situation in Indian

Market:
Indias Life Insurance Industry has been growing rapidly as one of the fastest sector in Indian
Economy. It presents a great economic, financial, and risk-covering opportunity to any company
willing to enter this market. But the competition is very stiff and earning profits is very difficult.
LIC or Life Insurance Corporation of India dominates the market with around 73% market share
in its corner. That implies that only 27% market share is within the grasp of other life insurance
companies in India. It took IDBI Federal Life Insurance more than 6 years to come into
profitability situation.
Recent developments in this Indian Life Insurance Industry have been

Pradhan Matri Jeevan Jyoti Bima Yojana (PMJJBY) - It is a Government of Indiabacked Life insurance scheme in India. It was originally mentioned in the 2015 Budget
speech by Finance Minister Arun Jaitley in February 2015. It was formally launched by
Prime Minister Narendra Modi on 9 May in Kolkata. As of May 2015, only 20% of India's
population has any kind of insurance, this scheme aims to increase the number. PMJJBY is
available to people between 18 and 50 years of age with bank accounts. It has an annual
premium of 330 excluding service tax, which is above 14% of the premium. The amount
will be automatically debited from the account. In case of death due to any cause, the
payment to the nominee will be 2 lakh (US$3,000). This scheme will be linked to the bank
accounts opened under the Pradhan Mantri Jan Dhan Yojana scheme.
Most of these account had zero balance initially. The government aims to reduce the number
of such zero balance accounts by using this and related schemes. The banks have complained
that revenue received will be very low. Some bankers have claimed that amount they are
receiving is not sufficient to cover the service costs. Since this is a group insurance scheme,
banks have not received instruction regarding cases where excessive claims are in a year.
Insurers have also pointed out that no health certificate or information of pre-existing disease
is required for joining.
35

Listing of insurance firms to become a reality- Listing of insurance companies in the

country will soon be a reality, said the panelists at the Business Standard Insurance Round
Table held on 17th March 2016. A lot of expectations have been generated on if and when
Life Insurance Corporation of India (LIC) would list. While LIC's Vipin Anand said that this
was a government decision and there is no development on this front as of now, he added that
the scrutiny that LIC faces as a public sector insurer is much higher than some of the listed
entities.
While New India Assurance's Srinivasan said listing would help improve the profile and
image of the industry, Anand explained that even after 15 years of private sector insurers,
LIC continues to be the dominant player in the market and its image among customers
remains the best.

IRDA has made a warning to insurers there will be no approval for new products if
there is no actuary- The Insurance Regulatory and Development Authority of India (IRDAI)
has tightened norms relating to Appointed Actuaries (AA) in insurance companies. If there is
no appointed actuary, the regulator will not approve new products. If there is no appointed
actuary for a considerable period of time, say, more than one year, the companies will not be
allowed to transact new business, Pournima Gupte, Member (Actuary), IRDAI, said in a
circular sent to the insurers.
Actuaries play the crucial role of maintaining solvency position of insurance companies.
Other aspects of the insurance business, such as new product approval, also require inputs for
certification from actuaries. To increase the supply of actuaries for the insurance industry, the
IRDAI has been encouraging young actuaries to take up position of AA if they can be
mentored by an experienced actuary.
However, currently it appears that the mentoring may not be happening as envisaged, the
member said. For ensuring uniformity in appointing mentors as well as to ensure that the
companies and the appointed actuaries get full benefit of knowledge and expertise of the
mentor, IRDAI has put in place a set of guidelines.

E-Commerce industry and insurance policy sale- In the mid-2015, the Insurance
Regulatory and Development Authority of India (IRDAI) had constituted two special panels
to promote e-commerce in life insurance and general insurance, comprising life insurers and
general insurers, respectively. "The Authority was inclined to facilitate the promotion of ecommerce in insurance space which would lower the cost of transacting insurance business
and bring higher efficiencies and greater reach, the regulator had said in a circular. The
panels had been formed with captains of insurance industry as members including Sandeep
36

Bakshi, CEO, ICICI Prudential Life Insurance Company Ltd., and Tapen Singhel, CEO,
Bajaj Allianz General Insurance Company Limited.
These captains will identify opportunities of e-commerce in insurance sector, recommend
technological solutions for e-commerce, suggest regulatory and other facilitation measures
for the growth of e-commerce and synergise with Digital India initiatives of the Government
of India. (FACT: Less than 5% of overall insurance industry premiums come from the online
channel).

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
customers 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 agencys services or products. Customers in
human services are commonly referred to as service users, consumers or clients.
An organization with a strong customer service culture places the customer at the
center of service design, planning and service delivery. Customer centric
organizations 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.

Why is it important?
There are a number of reasons why customer satisfaction is important in
37

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

38

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.

39

40

Customer Satisfaction in 7 Steps in LIC

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 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

41

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
apologized 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 Site Pointer 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 different people for billing and technical enquiries?
42

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 personalized 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 endeavor. 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
43

marketing people are developing. As if by magic, a couple of weeks later a CDROM 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."
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. Honor 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.

44

CHAPTER: 4
(Analysis and Interpretation of Data)

45

A. ANALYSISThis section is about the arrangement, ordering, classification, and analysis of data collected. It
will involve some mathematical, geometrical and statistical tool to carry out the concerned
analysis. After analysis, interpretation of the analysed data will be carried out.
TOOLS OF ANALYSIS:
Pie charts, tables and diagrams have been used for the analysis of the data. Data has been
presented in a presentable form which is easy to understand and easy to deduce from.
HOW DATA WERE COLLECTED:
(1) Primary Data Primary Data was collected using questionnaires. Data was collected with
mere interaction and formal discussion with different respondents and face to face contact with
the persons from whom the information was to be obtained (known as informants, as well as
customers). Questions were asked pertaining to the survey and desired information were
collected. Information was also received from the workers of Reliance Life Insurance Company
Ltd. The information obtained was first hand and original in character.
(2) Secondary Data Secondary data was collected using the website of the company and
various websites about news and industry trends.
SAMPLINGSampling Design: The random sampling is done because any probability sampling procedure
would require detailed information about the universe, which is not easily available, further this
being an exploratory research.

46

Sampling size: The sampling size of the study is 100.

DATA ANALYSIS1. Occupation of customer of LIC?

Service

Business

Retired

Others

57%

14%

12%

7%

FIG 1

Others; 8%
Retired; 17%
Service

Business

Retired

Others

Service; 56%
Business; 19%

Interpretation:
57% of total customer of LIC are from service sector and 14% of total customers are from
business sector and 12% are retired person and 7% customers are from other sectore they did not
disclose their occupation. So this data show that the mainly customers of LIC are belongs from
services sector.
47

2. Income
1000025000(p.m.)

of the customers 0f LIC?

36%

2500050000(p.m.)

50000100000(p.m.)

MORE THAN
100000(p.m.)

42%

16%

8%

FIG 2
45%
40%
35%

42%
36%

30%
25%
20%
15%

16%

10%
8%

5%
0%

10000-25000

25000-50000

50000-100000

MORE THAN 100000

Interpretation:

Income of 42% customers is between 25000-50000 and 36% customers income is

between 10000-25000, and only 16% customers having income more than 50000
48

and less than 100000 and there are also some customer who has income more than
100000 p.m. So this stated that mainly customers of LIC are middle class who has
income of 10000-50000.
3.

Reasons for investing in Insurance Plans of Life

Insurance?

Return
s

Schemes
are good

Recommended
by Family &
Friends

Needs Offers Multiple

to save benefits like
tax
investment
+insurance +Tax
Saving

22%

30%

10%

22%

16%

FIG 3

16%

Returns

22%

Schemes are good

Recommended by Family &
Friends
Needs to save tax

22%

10%

Offers Multiple benefits like

investment +insurance +Tax
Saving

30%

Interpretation:
In fig 3 it show that 30% customer purchase LIC because their schemes are better than other
company. 22% purchase LIC policy for returns and 16% use LIC because their family
49

recommended it. And in last 22%use it to save tax and 10% customers purchase policy of LIC
because in the policy LIC offers multiple BRNFITS like investment +insurance+ tax saving.

4. What do customers feel after investing in Insurance Plans

of Life Insurance cooperation?

Good
decision

Averagely Satisfied with

the investment

Cheated

67%

30%

3%

FIG 4

3%
Good decision

30%

Averagely Satisfied with the

investment
Cheated

67%

Interpretation
In fig 4 it shows the feeling of customers after investing in LIC policy. 67% customers feels
good decision after investing in LIC policies and 30%customers are averagely satisfied with the
investment in LIC policies. And 3% customers feels that they are cheated by company

50

5.

Insurance agent / marketing executives recommend life

insurance to consumers?

Yes
65%

No
35%

FIG 5

Yes
No

35%
65%

Interpretation:
In this fig it shows that agent and marketing executives recommended the
consumers to take LIC policy. 65% customers agree that they are recommended by
LIC agents to take their policy and 35% say they are recommended by their family
&friends or chosen on own choice

51

6. Do you think the recommendation for Life Insurance is

authentic and the agents / Marketing Executives of Life
insurance corporation are giving correct information
related to the products and charges?
Yes

No

87%

13%

52

7. Customers invest in Insurance Plans of LIC because of

Tax Benefits?
YES
22%

NO
78%

FIG 7

22%

YES
NO

78%

53

8. Premium Amount to be paid in Insurance Plans of XYZ

Life Insurance Company?
Highly
satisfactory

Satisfactor
y

Averag
e

Dissatisfactory

Highly
dissatisfactory

15

`10

25

15

FIG 8
Highly Satisfactory
5%

Satisfactory

20%

Average

25%

DISSATISFACTORY

15%

HIGHLY
DISSATISFACTORY

35%

54

9. PURPOSE(S) OF CUSTOMERS FOR BUYING AN INSURANCE POLICY-

{Percentage calculated rounded off}

Purposes
For old age savings
Family needs
Time-to-time needs
Unfortunate

No. of respondents
45
25
22
8

Percentage of respondents
45%
25%
22%
8%

circumstances

For Old age savings

Family needs

Time to time needs

Unfortunate Circumstances

11%
18%
49%

22%

FIG. 9
Interpretation:
49% of the people buy insurance policy for their old age savings because they want to save
money or have a backup for old age and only 18% people buy insurance for time-to-time needs.
It was also found that 22% bought insurance for the purpose of family needs which could come
in use in times of needs and for the education of the children. The remaining 11% bought policies
for some unseen unfortunate circumstances their families might go through.

55

10.

Claim settlement procedure time

Less than 15
days
47%

Less than 30
days
38%

Less than 45
days
9%

Less than 60
days
5%

More than 60
days
1%

FIG 10

9%

1%
5%

Less than 15 days

Less than 30 days
Less than 45 days
Less than 60 days
More than 60 days

47%
38%

To satisfy the consumers in LIC they make effective public

relations and consumer relations
56

S.W.O.T. ANALYSIS OF LIC: A proper S.W.O.T. analysis of LIC has also been conducted
to know better about the position, growth, and upcoming future and prospective of the
company.
STRENGTHS:

LIC is on 1st rank among the Insurance player.

Long-term plans of LIC are the main strength.

After sales services.

Products cost are very low.

Customer does not believe on private company.

WEAKNESS:

Low interest rate

OPPORTUNITIES:

Good brand promotion.

1/2nd- % insurance has been covered.

THREATS:

Competitors.

Entry of Private Insurance banks.

57

Conclusion
And

Recommendations

58

Conclusion
After Findings we can see about LIC features and his the tendency to take the
expedient approach and focus on the far right of the LIC spectrum,
Peacetime Contingency Operations and conduct training as usual, while briefing
that the LIC block has been checked, will lead us to a possibly fatal false sense of
security.
Instinctive behavior and ingrained training must be adjusted to fit new
circumstances. STXs must be developed locally or borrowed from units who have
already been through the training.
The probability of becoming involved in a LIC operation is high. The potential to
attract international attention, even with limited forces, is also great. Units have
demonstrated that with a balanced training focus and proper preparation, many
pitfalls outlined above can be avoided.
LIC is not conventional warfare. This is critical for the counterinsurgent to
understand. The insurgents violent and coercive strategy is applied so as to
achieve political, civil, military and psychological results. Hence, the
counterinsurgent must counter all of these strategic elements individually. In
addition, the target of the insurgents violence and coercion is the population.
This is because the population is the Centre of gravity in LIC. Therefore the
counterinsurgent must also focus on the population to be successful. In terms of
military principles in counterinsurgency, doctrinal precision, professionalism,
independence, initiative, force precision, restraint, combined arms, precision
engagement, joint force, effective population based intelligence, integrated
communications, a civil affairs approach and high levels of training are critical. So
all policies and plan totally satisfied the customers.

59

Recommendations
TO CONVERT ALL NEGATIVE POINT IN POSITIVE TO SIT IN FIRST
LEVEL IN INSURANCE AREAS FOREVER AND IMPROVE Q.D.C

60

BIBLIOGRAPHY
Important websites
www.google.com(recummented)
www.licindia.com
www.indiainfoline.com
www.textindia.com

Books and Magazines

Yogkshem LIC Magazine

Outlook Express

Business today

Finance & Banking

Money Outlook

News Paper
Business standard
Times of India
Economic times
Hindustan times

61

QUESTIONNAIRE
Sr. No..

Date: .

I, Ajay Prakash, student of Maharaja Surajmal Institute, GGSIPU, New Delhi am doing
this Major Project Report on Customers satisfaction on the services provided by LIC for
the fulfilment of my BACHELOR IN BUSINSS ADMINISTRATION Final Semester. So,
kindly cooperate and give your responses freely. I assure you that the information provided
by you will be used only for academic purpose and will be strictly kept confidential.
Name:
Age:
Contact No.: ..
Gender: Male

Female

Q1. Your Occupation?

a. Service
b. Business
c. Retired
d. Others
Q2. Your Income?
a. 10000-15000
b. 15001-25000
c. Above 25000
Q3. Reasons for investing in Insurance Plans of XYZ Life Insurance?
a. Returns b. Schemes are good
c. Recommended by Family & Friends
d. Needs to save tax
e. Offers Multiple benefits like investment+insurance +Tax Saving

62

Q4. What do you feel after investing in Insurance Plans of XYZ Life Insurance?
a. Good
b. Averagely Satisfied with the investment decision
c. Cheated
Q5. Does the Insurance Agent / Marketing Executives Recommend XYZ Life Insurance?
a. Yes
b. No
Q6. Do you think the recommendation for XYZ Life Insurance is authentic and the agents /
Marketing Executives of XYZ Life insurance are giving correct information related to the
products and charges?
a. Yes
b. No
Q7. Do you invest in Insurance Plans of XYZ Life because of Tax Benefits?
a. Yes
b. No
Q8. How is the Premium Amount to be paid in Insurance Plans of XYZ Life Insurance
Company?
a. Highly Satisfactory
b. Satisfactory
c. Average
d. Dissatisfactory
e. Highly Dissatisfactory
Q9. How are the Insurance Policies of XYZ Life Insurance?
a. Highly Satisfactory
b. Satisfactory
c. Average
d. Dissatisfactory
e. Highly Dissatisfactory
Q10. How are the Returns in Insurance Policies of XYZ Life Insurance?
a. Highly Satisfactory
b. Satisfactory
c. Average
d. Dissatisfactory
e. Highly Dissatisfactory
Q11. How are the Charges in Insurance Policies of XYZ Life Insurance
a. High
63

b. Average
c. Low?
Q12. What would you like more in Insurance Policies of XYZ Life Insurance?
a. More benefits
b. More security
c. Others, please specify
Q13. Rate your overall satisfaction with Insurance Policies of XYZ Life Insurance?
a. Highly Satisfactory
b. Satisfactory
c. Average
d. Dissatisfactory
e. Highly Dissatisfactory

64