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a comparative study on customer perception towards LIC of India in view of increased competition by private companies a research done in 2009

a comparative study on customer perception towards LIC of India in view of increased competition by private companies a research done in 2009



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Published by pratiush07
by Pratiush Singh
by Pratiush Singh

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Categories:Types, Research
Published by: pratiush07 on Jul 31, 2009
Copyright:Attribution Non-commercial


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1.1 - Introduction
With largest number of life insurance policies in force in the world, Insurance happens to be a megaopportunity in India. It’s a business growing at the rate of 15-20 %annually and presently is of the order of Rs 450 billion. Together with banking services, it adds about 7 %to the country’s GDP. Gross premiumcollection is nearly 2 %of GDP and funds available with LIC for investments are 8 %of GDP.Yet, nearly 80 %of Indian population is without life insurance cover while health insurance and non-lifeinsurance continues to be below international standards. And this part of the population is also subject toweak social security and pension systems with hardly any old age income security. This itself is anindicator that growth potential for the insurance sector is immense.A well-developed and evolved insurance sector is needed for economic development as it provides longterm funds for infrastructure development and at the same time strengthens the risk taking ability. It isestimated that over the next ten years India would require investments of the order of one trillion USdollar. The Insurance sector, to some extent, can enable investments in infrastructure development tosustain economic growth of the country.The growing number of wealthier as well as aging Indian middleclass is set to offer a strong business potential for the country’s untapped life insurance market.Insurance is a federal subject in India. There are two legislations that govern the sector-The InsuranceAct-1938 and the IRDA Act-1999.The insurance sector in India has come a full circle from being an open competitive market tonationalization and back to a liberalized market again. Tracing the developments in the Indian insurancesector reveals the 360 degree turn witnessed over a period of almost two centuries.As the twentieth century has come to a close and we have move into the third millennium, we can seemany developments and changes taking place around us with all the industries and firms within each
SIVA SIVANI INSTITUTE OF MANAGEMENT2industry trying to keep pace with the changes and diverse needs of the people. Though for decadetogether, marketers have regarded ‘customer’ as the king and evolved all activities to satisfy him or her,giving this concept a momentum itis necessary to understand the Perception and Expectations of thecustomer in respect various aspects & attributes so as to design a successful and an acceptableproduct or service.This can largely be attributed to the prevailing market situation. Not only has competition becomeintense but over and above with the market being flooded with many me-too products, the challenge beforethe marketer is to understand the diversity of consumer expectations and offer goods/servicesaccordingly. Today the company image is built and made known by its customers. Thus the success of thefirm will be determined by how effective it has been in meeting the diverse consumer needs and wants bytreating each customer as unique and offering products and services to suit his or her needs.Therefore today all the firms are engaged in a process of creating a lifetime value and relationship withtheir customers, a step towards developing knowledge regarding its customers needs is the utmostimportant. The current study is an attempt to measure the various parameters as perceived by thecustomers and to help the company in serving its customers in a much better and efficient manner.
1.2 - Scope of the study
The scope of the study lies infinding out theperception of customers in Lucknowcity throughresponses taken by 300 customers during a period of 60 days and highlightingthe key areas which requiresome concern on part ofLICof Indiaand improving upon which the company maystrengthen itscustomer base.The presentstudy, analysis, findings and suggestions proposed by the present researchewill be of immense use for future researcher with similar studies in insurancemarket.
1.3Significance of the study :
High quality products with quality support services both in terms of international standardsandcompetitiveness have entered into our country. Customer satisfaction has emerged as the key differentiator and defining attribute.The study is very much significant because it brings out the differences in various parameters like awareness, service quality, problems faced and rationale behind investment between the products of LIC and private sector companiesand these are the main attributes which build up thecustomer perception and loyalty towardsa company. The study is significant also because it will help LICto create a positive impact on its customers by working on its lacking qualities.
1.4 Objectives of the study :
For every problem there is a research. As all the researches are based on some and my study isalso based upon some objective and these are as follows :I ) To test the awareness of customers on various aspects of life insurance policies offered by LICand other private sector insurance companies and find whether there is any relation betweenthem.II ) To study the service quality being offered by LIC and private sector insurance companies andtest if any relation exists.III ) To analyze various problems confronted by the policyholders of LIC and private sector insurance companies and determine the relation between the two.IV ) To clearly understand the rationale behind the investment in policies of LIC and privatesector insurance companies.V ) Toanalyze the various aspects of LIC and do a complete SWOT analysis of the organization.

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plz send me this project at rubeekushwaha@gmail.com
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pls send me dis project at mishrapooja.virgo@gmail.com it's very urgent plsss plsss plssss send me
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