SIVA SIVANI INSTITUTE OF MANAGEMENT3
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.