A

Research IProposal
On

Customer IPerception Itowards ILife IInsurance ICorporation Iof IIndia

Submitted Ito
INDUKAKA IIPCOWALA IINSTITUTE IOF IMANAGEMENT
I(I2IM)
CHAROTAR IUNIVERSITY IOF ISCIENCE IAND ITECHNOLOGY
(CHARUSAT)
Prepaid Iby
PATEL IRAJ ISURESHBHAI
ID INo: I18BBA067
BBA IPROGRAMME,
SEMESTER I–5
UNDER ITHE IGUIDANCE IOF
ASSISTANT IPROFESSOR
Dr. IReshma ISable
FACULTY IOF IMANAGEMENT ISTUDIES
CHAROTAR IUNIVERSITY IOF ISCIENCE IAND ITECHNOLOGY
(CHARUSAT)

INDUKAKA IIPCOWALA IINSTITUTE IOF

MANAGEMENT(I2IM)
CHAROTAR IUNIVERSITY IOF ISCIENCE IAND
TECHNOLOGY(CHARUSAT)
AT. I& IPO. ICHANGA I– I388 I421 ITA: IPETLAD IDIST.
IANAND, IGUJARAT
JUL I– I2020
Background Iof Ithe IStudy
Human Ilife Iis Ia Imost Iprecious Iasset Iand Ilife Iinsurance Iis Ione Iof Ithe
Iways Iwhich Iprovides Ifinancial Iprotection Ito Ia Iperson Iand Ihis Ifamily Iat
Ithe Itime Iof Iany Idisaster. ILife Iinsurance Iprovides Iboth Isafety Ias Iwell
Ias Iprotection Ito Iindividuals Iand Ialso Iboosts Isavings Iamong Ipeople.
IInsurance Icompanies Iplay Ian Iimportant Irole Iin Ithe Iwelfare Iof Ihuman
Iwell-being Iby Iproviding Iprotection Ito Imillions Iof Ipeople Iagainst Ilife
Irisks Isuch Ias Iuncertain Ideath Ior Iaccident.
LIC Iis Ithe Imost Itrusted Iand Ipopular Ibrand Iin Ilife Iinsurance, Ithe
Imarket Ishare Iof Iprivate Iinsurers Iare Igradually Iincreasing Iwith Ipeople
Itrust. IThe Inew Iprivate Iplayers Ioffer Imany Inew Iinnovative Iproducts Iand
Iservices. IThey Iare Iincreasing Ithe Iawareness Ilevel Iamong Iconsumers Iby
Iusing Iinnovative Iand Inew Itechniques Iof Iadvertisement, Iintroducing Inew
Iproducts, Iincreasing Ipenetration Iof Ilife Iinsurance Iof Iconsumers Iin
Iuninsured Imarkets. IThe Icompetition Iamong Ipublic Iand Iprivate Iplayers
Ihas Ihelped Ito Iincrease Iin Ivariety Iof Iproducts Ibeing Ioffered Ifrom Ipure
Irisk Ibased Ito IULIP Iplans. I
Customers Iare Ithe Iback Ibone Iof Ilife Iinsurance Ibusiness. IEvery
Icompany Itries Ito Iattract Inew Icustomers Iand Iretain Iexisting Icustomers
Iin Iorder Ito Ikeep Itheir Iprofits Ihigh. IThis Ihelps Iinsurance Icompanies Ito
Imaintain Ia Igood Icompetitive Iedge Ion Iits Icompetitors. IThe Iproper
Iunderstanding Iof Iconsumers, Itheir Ineeds Iand Iexpectations Ihelp Iinsurance
Iproviders Ito Ibring Ibetterment Iin Iproduct Ias Iwell Ias Iservices Ioffered. IIn
Icomparison Iwith Ithe Ideveloped Iforeign Icountries, Ithe IIndian Ilife
Iinsurance Iindustry Ihas Iachieved Ionly Ia Ilittle Idue Iof Ilow Icustomer
Iawareness, Ihigh Ipremiums, Idelayed Iand Ipoor Icustomer Iservices, Ilack Iof
Isuitable Iproducts.
In Itoday's Icompetitive Iworld, Iit Ibecomes Inecessary Ifor Ilife Iinsurers Ito
Iprovide Icustomer Isatisfaction Ispread Imore Iawareness, Istress Ion Ineed
Ibased Iinnovative Iproducts Iand Iaffordable Iprice. IThis Iwould Ihelp Ievery
Iindividual Ito Iavail Ithe Ibenefits Iof Iinsurance Iand Iprotect Itheir Ilives
Iagainst Ifuture Irisks Iand Iuncertainties. IEarlier Ilife Iinsurance Iwas Iused Ias
Ia Itool Ito Iprotect Ithe Iincome Iof Ifamilies, Iparticularly Iyoung Ifamilies Iin
Iincome Isaving Iphase, Iin Ithe Ievent Iof Ithe Ihead Iof Ihousehold's Ideath.
IBut Inow, Ilife Iinsurance Iis Iused Ifor Imany Iother Ireasons, Iincluding
Iwealth Ipreservation Iand Itax Isaving. IWhether Ian Iindividual Ineed Ito
Ihave Ilife Iinsurance Ior Inot, Imerely Idepends Ion Ihis Ineed.
Objectives
Objectives Iprovide Ithe Iguide Ilines Ifor Iwhich Ithe Iresearch Iwork Iis Idone.
IA Istudy Iwithout Ian Iobjective Iis Iof Ino Iuse. IResearch Iwork Iis Idone Iin
Iorder Ito Iget Ianswers Ito Icertain Iquestions Inamed Ias Iobjectives Iof Ithe
Istudy. IThe Iobjectives Ifor Iwhich Ithis Iparticular Istudy Iis Icarried Iout Iare
Ias Ifollowing.
 To Idetermine Ithe Iawareness Ilevel Iof Iconsumers Iregarding Ilife
Iinsurance Ipolicies.
 To Iknow Ithe Isatisfaction Ilevel Iof Iconsumers Iwith Irespect Ito
Iprivate Iand Ipublic Iinsurers.
 To Iexamine Ithe Iattributes Ithat Iconsumers Iprefer Iwhile Ipurchasing
Ia Ilife Iinsurance Ipolicy.

nsurance Ibusiness Iwad Irapidly

Igrown Iin I18the Icentury.
IPeople Iare Iinsecure Itowards I
Irisks Iand Iuncertainties. I
Time Iof Ideath Iof Ia Iperson Iis
Inot Icertain. IEvery Iprudent I
Iman I Iis I Imore Icautious
Iabout Ipreventing I Ithem Ifrom
I
risk Ior Iminimizing Ior
Iproviding Ieffect Iagainst Iit.
IInsurance Isector Ihave Imade
Ipossible Ito Icover Ithe Irisk
Iwhich I
is Iimpossible. IInsurance
Icompanies Istarted Ito Itransfer
Ithe Irisk Iand Idangerous Ito Ithe
Itake Ion Iwho Iare Iwilling I
to Iaccept Ithe Iburden I Ifor I
Ifiscal Ideliberation. IThe I Imain
I Iobjective Iof Iinsurance
Icorporation Iis Ito I Ieliminate I
Ithe I
risk Ion I Ithe Isubstitution
Icertainty Ifor Iuncertain Iand
Ithus Iit Icreates I Icooperation
Iamong Ithe Ipolicyholders Ifor I
spreading I Itheir I Irisk. I IDue I
Ito I Iincreasing I Icompetition I
Iin I IInsurance I Isector I Iand I
Iincreasing I Iexpectation I Iof I
policyholder’s Ileads Ito
Imeasure Ithe Iawareness Iand
Isatisfaction Ilevel Iof Ithe
Icustomers. ILIC Istarted Ito
Iprovide I
more Iservices I Iin I Iorder I Ito I
Isatisfy I Ithe I Irequirement I Iof
Ithe Icustomer Iand Ifor Itheir
Isuccess Iand Isurvival Iin Ithe I
Insurance ISectors. IDue Ito
Ichange Iin Itaste I Iand
Ipreference Iof Ithe Ipolicyholder
Iit I Iis Ibecoming Idifficult I Ifor
Ithe I
insurance Icompany Ito
Iunderstand Iand Imeasure Ithe
Iservice Ieffectively.
nsurance Ibusiness Iwad Irapidly
Igrown Iin I18th Icentury. IPeople
Iare Iinsecure Itowards I Irisks
Iand Iuncertainties. I
Time Iof Ideath Iof Ia Iperson Iis
Inot Icertain. IEvery Iprudent I
Iman I Iis I Imore Icautious
Iabout Ipreventing I Ithem Ifrom
I
risk Ior Iminimizing Ior
Iproviding Ieffect Iagainst Iit.
IInsurance Isector Ihave Imade
Ipossible Ito Icover Ithe Irisk
Iwhich I
is Iimpossible. IInsurance
Icompanies Istarted Ito Itransfer
Ithe Irisk Iand Idangerous Ito Ithe
Itake Ion Iwho Iare Iwilling I
to Iaccept Ithe Iburden I Ifor I
Ifiscal Ideliberation. IThe I Imain
I Iobjective Iof Iinsurance
Icorporation Iis Ito I Ieliminate I
Ithe I
risk Ion I Ithe Isubstitution
Icertainty Ifor Iuncertain Iand
Ithus Iit Icreates I Icooperation
Iamong Ithe Ipolicyholders Ifor I
spreading I Itheir I Irisk. I IDue I
Ito I Iincreasing I Icompetition I
Iin I IInsurance I Isector I Iand I
Iincreasing I Iexpectation I Iof I
policyholder’s Ileads Ito
Imeasure Ithe Iawareness Iand
Isatisfaction Ilevel Iof Ithe
Icustomers. ILIC Istarted Ito
Iprovide I
more Iservices I Iin I Iorder I Ito I
Isatisfy I Ithe I Irequirement I Iof
Ithe Icustomer Iand Ifor Itheir
Isuccess Iand Isurvival Iin Ithe I
Insurance ISectors. IDue Ito
Ichange Iin Itaste I Iand
Ipreference Iof Ithe Ipolicyholder
Iit I Iis Ibecoming Idifficult I Ifor
Ithe I
insurance Icompany Ito
Iunderstand Iand Imeasure Ithe
Iservice Ieffectively.
nsurance Ibusiness Iwad Irapidly
Igrown Iin I18th Icentury. IPeople
Iare Iinsecure Itowards I Irisks
Iand Iuncertainties. I
Time Iof Ideath Iof Ia Iperson Iis
Inot Icertain. IEvery Iprudent I
Iman I Iis I Imore Icautious
Iabout Ipreventing I Ithem Ifrom
I
risk Ior Iminimizing Ior
Iproviding Ieffect Iagainst Iit.
IInsurance Isector Ihave Imade
Ipossible Ito Icover Ithe Irisk
Iwhich I
is Iimpossible. IInsurance
Icompanies Istarted Ito Itransfer
Ithe Irisk Iand Idangerous Ito Ithe
Itake Ion Iwho Iare Iwilling I
to Iaccept Ithe Iburden I Ifor I
Ifiscal Ideliberation. IThe I Imain
I Iobjective Iof Iinsurance
Icorporation Iis Ito I Ieliminate I
Ithe I
risk Ion I Ithe Isubstitution
Icertainty Ifor Iuncertain Iand
Ithus Iit Icreates I Icooperation
Iamong Ithe Ipolicyholders Ifor I
spreading I Itheir I Irisk. I IDue I
Ito I Iincreasing I Icompetition I
Iin I IInsurance I Isector I Iand I
Iincreasing I Iexpectation I Iof I
policyholder’s Ileads Ito
Imeasure Ithe Iawareness Iand
Isatisfaction Ilevel Iof Ithe
Icustomers. ILIC Istarted Ito
Iprovide I
more Iservices I Iin I Iorder I Ito I
Isatisfy I Ithe I Irequirement I Iof
Ithe Icustomer Iand Ifor Itheir
Isuccess Iand Isurvival Iin Ithe I
Insurance ISectors. IDue Ito
Ichange Iin Itaste I Iand
Ipreference Iof Ithe Ipolicyholder
Iit I Iis Ibecoming Idifficult I Ifor
Ithe I
insurance Icompany Ito
Iunderstand Iand Imeasure Ithe
Iservice Ieffectively.
nsurance Ibusiness Iwad Irapidly
Igrown Iin I18th Icentury. IPeople
Iare Iinsecure Itowards I Irisks
Iand Iuncertainties. I
Time Iof Ideath Iof Ia Iperson Iis
Inot Icertain. IEvery Iprudent I
Iman I Iis I Imore Icautious
Iabout Ipreventing I Ithem Ifrom
I
risk Ior Iminimizing Ior
Iproviding Ieffect Iagainst Iit.
IInsurance Isector Ihave Imade
Ipossible Ito Icover Ithe Irisk
Iwhich I
is Iimpossible. IInsurance
Icompanies Istarted Ito Itransfer
Ithe Irisk Iand Idangerous Ito Ithe
Itake Ion Iwho Iare Iwilling I
to Iaccept Ithe Iburden I Ifor I
Ifiscal Ideliberation. IThe I Imain
I Iobjective Iof Iinsurance
Icorporation Iis Ito I Ieliminate I
Ithe I
risk Ion I Ithe Isubstitution
Icertainty Ifor Iuncertain Iand
Ithus Iit Icreates I Icooperation
Iamong Ithe Ipolicyholders Ifor I
spreading I Itheir I Irisk. I IDue I
Ito I Iincreasing I Icompetition I
Iin I IInsurance I Isector I Iand I
Iincreasing I Iexpectation I Iof I
policyholder’s Ileads Ito
Imeasure Ithe Iawareness Iand
Isatisfaction Ilevel Iof Ithe
Icustomers. ILIC Istarted Ito
Iprovide I
more Iservices I Iin I Iorder I Ito I
Isatisfy I Ithe I Irequirement I Iof
Ithe Icustomer Iand Ifor Itheir
Isuccess Iand Isurvival Iin Ithe I
Insurance ISectors. IDue Ito
Ichange Iin Itaste I Iand
Ipreference Iof Ithe Ipolicyholder
Iit I Iis Ibecoming Idifficult I Ifor
Ithe I
insurance Icompany Ito
Iunderstand Iand Imeasure Ithe
Iservice Ieffectively.
nsurance Ibusiness Iwad Irapidly
Igrown Iin I18th Icentury. IPeople
Iare Iinsecure Itowards I Irisks
Iand Iuncertainties. I
Time Iof Ideath Iof Ia Iperson Iis
Inot Icertain. IEvery Iprudent I
Iman I Iis I Imore Icautious
Iabout Ipreventing I Ithem Ifrom
I
risk Ior Iminimizing Ior
Iproviding Ieffect Iagainst Iit.
IInsurance Isector Ihave Imade
Ipossible Ito Icover Ithe Irisk
Iwhich I
is Iimpossible. IInsurance
Icompanies Istarted Ito Itransfer
Ithe Irisk Iand Idangerous Ito Ithe
Itake Ion Iwho Iare Iwilling I
to Iaccept Ithe Iburden I Ifor I
Ifiscal Ideliberation. IThe I Imain
I Iobjective Iof Iinsurance
Icorporation Iis Ito I Ieliminate I
Ithe I
risk Ion I Ithe Isubstitution
Icertainty Ifor Iuncertain Iand
Ithus Iit Icreates I Icooperation
Iamong Ithe Ipolicyholders Ifor I
spreading I Itheir I Irisk. I IDue I
Ito I Iincreasing I Icompetition I
Iin I IInsurance I Isector I Iand I
Iincreasing I Iexpectation I Iof I
policyholder’s Ileads Ito
Imeasure Ithe Iawareness Iand
Isatisfaction Ilevel Iof Ithe
Icustomers. ILIC Istarted Ito
Iprovide I
more Iservices I Iin I Iorder I Ito I
Isatisfy I Ithe I Irequirement I Iof
Ithe Icustomer Iand Ifor Itheir
Isuccess Iand Isurvival Iin Ithe I
Insurance ISectors. IDue Ito
Ichange Iin Itaste I Iand
Ipreference Iof Ithe Ipolicyholder
Iit I Iis Ibecoming Idifficult I Ifor
Ithe I
insurance Icompany Ito
Iunderstand Iand Imeasure Ithe
Iservice Ieffectively.
nsurance Ibusiness Iwad Irapidly
Igrown Iin I18th Icentury. IPeople
Iare Iinsecure Itowards I Irisks
Iand Iuncertainties. I
Time Iof Ideath Iof Ia Iperson Iis
Inot Icertain. IEvery Iprudent I
Iman I Iis I Imore Icautious
Iabout Ipreventing I Ithem Ifrom
I
risk Ior Iminimizing Ior
Iproviding Ieffect Iagainst Iit.
IInsurance Isector Ihave Imade
Ipossible Ito Icover Ithe Irisk
Iwhich I
is Iimpossible. IInsurance
Icompanies Istarted Ito Itransfer
Ithe Irisk Iand Idangerous Ito Ithe
Itake Ion Iwho Iare Iwilling I
to Iaccept Ithe Iburden I Ifor I
Ifiscal Ideliberation. IThe I Imain
I Iobjective Iof Iinsurance
Icorporation Iis Ito I Ieliminate I
Ithe I
risk Ion I Ithe Isubstitution
Icertainty Ifor Iuncertain Iand
Ithus Iit Icreates I Icooperation
Iamong Ithe Ipolicyholders Ifor I
spreading I Itheir I Irisk. I IDue I
Ito I Iincreasing I Icompetition I
Iin I IInsurance I Isector I Iand I
Iincreasing I Iexpectation I Iof I
policyholder’s Ileads Ito
Imeasure Ithe Iawareness Iand
Isatisfaction Ilevel Iof Ithe
Icustomers. ILIC Istarted Ito
Iprovide I
more Iservices I Iin I Iorder I Ito I
Isatisfy I Ithe I Irequirement I Iof
Ithe Icustomer Iand Ifor Itheir
Isuccess Iand Isurvival Iin Ithe I
Insurance ISectors. IDue Ito
Ichange Iin Itaste I Iand
Ipreference Iof Ithe Ipolicyholder
Iit I Iis Ibecoming Idifficult I Ifor
Ithe I
insurance Icompany Ito
Iunderstand Iand Imeasure Ithe
Iservice Ieffectively.
Insurance Ibusiness Iwad Irapidly
Igrown Iin I18th Icentury. IPeople
Iare Iinsecure Itowards I Irisks
Iand Iuncertainties. I
Time Iof Ideath Iof Ia Iperson Iis
Inot Icertain. IEvery Iprudent I
Iman I Iis I Imore Icautious
Iabout Ipreventing I Ithem Ifrom
I
risk Ior Iminimizing Ior
Iproviding Ieffect Iagainst Iit.
IInsurance Isector Ihave Imade
Ipossible Ito Icover Ithe Irisk
Iwhich I
is Iimpossible. IInsurance
Icompanies Istarted Ito Itransfer
Ithe Irisk Iand Idangerous Ito Ithe
Itake Ion Iwho Iare Iwilling I
to Iaccept Ithe Iburden I Ifor I
Ifiscal Ideliberation. IThe I Imain
I Iobjective Iof Iinsurance
Icorporation Iis Ito I Ieliminate I
Ithe I
risk Ion I Ithe Isubstitution
Icertainty Ifor Iuncertain Iand
Ithus Iit Icreates I Icooperation
Iamong Ithe Ipolicyholders Ifor I
spreading I Itheir I Irisk. I IDue I
Ito I Iincreasing I Icompetition I
Iin I IInsurance I Isector I Iand I
Iincreasing I Iexpectation I Iof I
policyholder’s Ileads Ito
Imeasure Ithe Iawareness Iand
Isatisfaction Ilevel Iof Ithe
Icustomers. ILIC Istarted Ito
Iprovide I
more Iservices I Iin I Iorder I Ito I
Isatisfy I Ithe I Irequirement I Iof
Ithe Icustomer Iand Ifor Itheir
Isuccess Iand Isurvival Iin Ithe I
Insurance ISectors. IDue Ito
Ichange Iin Itaste I Iand
Ipreference Iof Ithe Ipolicyholder
Iit I Iis Ibecoming Idifficult I Ifor
Ithe I
insurance Icompany Ito
Iunderstand Iand Imeasure Ithe
Iservice Ieffectively. I
Insurance Ibusiness Iwad Irapidly
Igrown Iin I18th Icentury. IPeople
Iare Iinsecure Itowards I Irisks
Iand Iuncertainties. I
Time Iof Ideath Iof Ia Iperson Iis
Inot Icertain. IEvery Iprudent I
Iman I Iis I Imore Icautious
Iabout Ipreventing I Ithem Ifrom
I
risk Ior Iminimizing Ior
Iproviding Ieffect Iagainst Iit.
IInsurance Isector Ihave Imade
Ipossible Ito Icover Ithe Irisk
Iwhich I
is Iimpossible. IInsurance
Icompanies Istarted Ito Itransfer
Ithe Irisk Iand Idangerous Ito Ithe
Itake Ion Iwho Iare Iwilling I
to Iaccept Ithe Iburden I Ifor I
Ifiscal Ideliberation. IThe I Imain
I Iobjective Iof Iinsurance
Icorporation Iis Ito I Ieliminate I
Ithe I
risk Ion I Ithe Isubstitution
Icertainty Ifor Iuncertain Iand
Ithus Iit Icreates I Icooperation
Iamong Ithe Ipolicyholders Ifor I
spreading I Itheir I Irisk. I IDue I
Ito I Iincreasing I Icompetition I
Iin I IInsurance I Isector I Iand I
Iincreasing I Iexpectation I Iof I
policyholder’s Ileads Ito
Imeasure Ithe Iawareness Iand
Isatisfaction Ilevel Iof Ithe
Icustomers. ILIC Istarted Ito
Iprovide I
more Iservices I Iin I Iorder I Ito I
Isatisfy I Ithe I Irequirement I Iof
Ithe Icustomer Iand Ifor Itheir
Isuccess Iand Isurvival Iin Ithe I
Insurance ISectors. IDue Ito
Ichange Iin Itaste I Iand
Ipreference Iof Ithe Ipolicyholder
Iit I Iis Ibecoming Idifficult I Ifor
Ithe I
insurance Icompany Ito
Iunderstand Iand Imeasure Ithe
Iservice Ieffectively. I
Insurance Ibusiness Iwad Irapidly
Igrown Iin I18th Icentury. IPeople
Iare Iinsecure Itowards I Irisks
Iand Iuncertainties. I
Time Iof Ideath Iof Ia Iperson Iis
Inot Icertain. IEvery Iprudent I
Iman I Iis I Imore Icautious
Iabout Ipreventing I Ithem Ifrom
I
risk Ior Iminimizing Ior
Iproviding Ieffect Iagainst Iit.
IInsurance Isector Ihave Imade
Ipossible Ito Icover Ithe Irisk
Iwhich I
is Iimpossible. IInsurance
Icompanies Istarted Ito Itransfer
Ithe Irisk Iand Idangerous Ito Ithe
Itake Ion Iwho Iare Iwilling I
to Iaccept Ithe Iburden I Ifor I
Ifiscal Ideliberation. IThe I Imain
I Iobjective Iof Iinsurance
Icorporation Iis Ito I Ieliminate I
Ithe I
risk Ion I Ithe Isubstitution
Icertainty Ifor Iuncertain Iand
Ithus Iit Icreates I Icooperation
Iamong Ithe Ipolicyholders Ifor I
spreading I Itheir I Irisk. I IDue I
Ito I Iincreasing I Icompetition I
Iin I IInsurance I Isector I Iand I
Iincreasing I Iexpectation I Iof I
policyholder’s Ileads Ito
Imeasure Ithe Iawareness Iand
Isatisfaction Ilevel Iof Ithe
Icustomers. ILIC Istarted Ito
Iprovide I
more Iservices I Iin I Iorder I Ito I
Isatisfy I Ithe I Irequirement I Iof
Ithe Icustomer Iand Ifor Itheir
Isuccess Iand Isurvival Iin Ithe I
Insurance ISectors. IDue Ito
Ichange Iin Itaste I Iand
Ipreference Iof Ithe Ipolicyholder
Iit I Iis Ibecoming Idifficult I Ifor
Ithe I
insurance Icompany Ito
Iunderstand Iand Imeasure Ithe
Iservice Ieffectively. I
Insurance Ibusiness Iwad Irapidly
Igrown Iin I18th Icentury. IPeople
Iare Iinsecure Itowards I Irisks
Iand Iuncertainties. I
Time Iof Ideath Iof Ia Iperson Iis
Inot Icertain. IEvery Iprudent I
Iman I Iis I Imore Icautious
Iabout Ipreventing I Ithem Ifrom
I
risk Ior Iminimizing Ior
Iproviding Ieffect Iagainst Iit.
IInsurance Isector Ihave Imade
Ipossible Ito Icover Ithe Irisk
Iwhich I
is Iimpossible. IInsurance
Icompanies Istarted Ito Itransfer
Ithe Irisk Iand Idangerous Ito Ithe
Itake Ion Iwho Iare Iwilling I
to Iaccept Ithe Iburden I Ifor I
Ifiscal Ideliberation. IThe I Imain
I Iobjective Iof Iinsurance
Icorporation Iis Ito I Ieliminate I
Ithe I
risk Ion I Ithe Isubstitution
Icertainty Ifor Iuncertain Iand
Ithus Iit Icreates I Icooperation
Iamong Ithe Ipolicyholders Ifor I
spreading I Itheir I Irisk. I IDue I
Ito I Iincreasing I Icompetition I
Iin I IInsurance I Isector I Iand I
Iincreasing I Iexpectation I Iof I
policyholder’s Ileads Ito
Imeasure Ithe Iawareness Iand
Isatisfaction Ilevel Iof Ithe
Icustomers. ILIC Istarted Ito
Iprovide I
more Iservices I Iin I Iorder I Ito I
Isatisfy I Ithe I Irequirement I Iof
Ithe Icustomer Iand Ifor Itheir
Isuccess Iand Isurvival Iin Ithe I
Insurance ISectors. IDue Ito
Ichange Iin Itaste I Iand
Ipreference Iof Ithe Ipolicyholder
Iit I Iis Ibecoming Idifficult I Ifor
Ithe I
insurance Icompany Ito
Iunderstand Iand Imeasure Ithe
Iservice Ieffectively. I
Insurance Ibusiness Iwad Irapidly
Igrown Iin I18th Icentury. IPeople
Iare Iinsecure Itowards I Irisks
Iand Iuncertainties. I
Time Iof Ideath Iof Ia Iperson Iis
Inot Icertain. IEvery Iprudent I
Iman I Iis I Imore Icautious
Iabout Ipreventing I Ithem Ifrom
I
risk Ior Iminimizing Ior
Iproviding Ieffect Iagainst Iit.
IInsurance Isector Ihave Imade
Ipossible Ito Icover Ithe Irisk
Iwhich I
is Iimpossible. IInsurance
Icompanies Istarted Ito Itransfer
Ithe Irisk Iand Idangerous Ito Ithe
Itake Ion Iwho Iare Iwilling I
to Iaccept Ithe Iburden I Ifor I
Ifiscal Ideliberation. IThe I Imain
I Iobjective Iof Iinsurance
Icorporation Iis Ito I Ieliminate I
Ithe I
risk Ion I Ithe Isubstitution
Icertainty Ifor Iuncertain Iand
Ithus Iit Icreates I Icooperation
Iamong Ithe Ipolicyholders Ifor I
spreading I Itheir I Irisk. I IDue I
Ito I Iincreasing I Icompetition I
Iin I IInsurance I Isector I Iand I
Iincreasing I Iexpectation I Iof I
policyholder’s Ileads Ito
Imeasure Ithe Iawareness Iand
Isatisfaction Ilevel Iof Ithe
Icustomers. ILIC Istarted Ito
Iprovide I
more Iservices I Iin I Iorder I Ito I
Isatisfy I Ithe I Irequirement I Iof
Ithe Icustomer Iand Ifor Itheir
Isuccess Iand Isurvival Iin Ithe I
Insurance ISectors. IDue Ito
Ichange Iin Itaste I Iand
Ipreference Iof Ithe Ipolicyholder
Iit I Iis Ibecoming Idifficult I Ifor
Ithe I
insurance Icompany Ito
Iunderstand Iand Imeasure Ithe
Iservice Ieffectively. I
Insurance Ibusiness Iwad Irapidly
Igrown Iin I18th Icentury. IPeople
Iare Iinsecure Itowards I Irisks
Iand Iuncertainties. I
Time Iof Ideath Iof Ia Iperson Iis
Inot Icertain. IEvery Iprudent I
Iman I Iis I Imore Icautious
Iabout Ipreventing I Ithem Ifrom
I
risk Ior Iminimizing Ior
Iproviding Ieffect Iagainst Iit.
IInsurance Isector Ihave Imade
Ipossible Ito Icover Ithe Irisk
Iwhich I
is Iimpossible. IInsurance
Icompanies Istarted Ito Itransfer
Ithe Irisk Iand Idangerous Ito Ithe
Itake Ion Iwho Iare Iwilling I
to Iaccept Ithe Iburden I Ifor I
Ifiscal Ideliberation. IThe I Imain
I Iobjective Iof Iinsurance
Icorporation Iis Ito I Ieliminate I
Ithe I
risk Ion I Ithe Isubstitution
Icertainty Ifor Iuncertain Iand
Ithus Iit Icreates I Icooperation
Iamong Ithe Ipolicyholders Ifor I
spreading I Itheir I Irisk. I IDue I
Ito I Iincreasing I Icompetition I
Iin I IInsurance I Isector I Iand I
Iincreasing I Iexpectation I Iof I
policyholder’s Ileads Ito
Imeasure Ithe Iawareness Iand
Isatisfaction Ilevel Iof Ithe
Icustomers. ILIC Istarted Ito
Iprovide I
more Iservices I Iin I Iorder I Ito I
Isatisfy I Ithe I Irequirement I Iof
Ithe Icustomer Iand Ifor Itheir
Isuccess Iand Isurvival Iin Ithe I
Insurance ISectors. IDue Ito
Ichange Iin Itaste I Iand
Ipreference Iof Ithe Ipolicyholder
Iit I Iis Ibecoming Idifficult I Ifor
Ithe I
insurance Icompany Ito
Iunderstand Iand Imeasure Ithe
Iservice Ieffectively. I
Significance Iof Ithe Istudy
To Iidentify Irole Iof ILife IInsurance ICorporation Iof IIndia Imarket.
Review IOf ILiterature I
Subashini IR.,(2016), Ihas Ianalyzed Ithat Ithe Iservice Iquality Iand Icustomer
Isatisfaction Iin Ibanks Ican Ibe Iinvestigated Ifurther Ito Ifind Iout Iwhat
Imethod Ithat Ibanks Ifollow Iover Isample Iperiod Ifor Idifferent Iservice
Iquality Iand Icustomer Isatisfaction. IThough Ithere Ihave Ibeen Ia Inumber Iof
Istudies Ithat Ihave Ifound Ithe Ipresence Iof Iservice Iquality Iand Icustomer
Isatisfaction Iinconsistency Iand Iattributed Idifferent Ireasons Ifor Iservice
Iquality Iand Icustomer Isatisfaction Iof Iforeign Iand Ipublic Ibanks Ihowever
Ino Istudy Ihave Ibeen Iable Ito Iresolve Ithis Iissue.Kuhlemeyer. IA. IG., I
IAllen.H.G., I(2014), Iexplores Iconsumer Isatisfaction Irelevant Ito Ithe
Ipurchase Iof Ilife Iinsurance Iproducts Iand Icompares Isatisfaction Iin Ia
Ibroker Ior Iagent Iassisted Itransaction Iwith Isatisfaction Iwhen Ino Ibroker Ior
Iagent Iis Iused, Idirect Iplacement. IBenchmarks Iare Iidentified Ifor Iconsumer
Isatisfaction Iwith Ithe Ilife Iinsurance Iproduct, Ithe Iagent, Iand Ithe
Iinstitution. IThe Iresearch Ishows Ithat Itrust, Icompetence, Iand Iproduct
Iappropriateness Iplay Ian Iintegral Ipart Iin Iconsumer Isatisfaction. ISiddiqui.
IH. IM., ISharma.G. IT. I,(2010), IIt Iconfirms Ithe Ineed Ito Itailor Iresearch
Itechniques Iof Idetermining Iservice Iquality Iattributes, Ideveloped Iin Ithe
IWest Ito Ithe Icontext Iof IIndian Ilife Iinsurance.the Iresearch Ifurther Ishows
Ithat Iservice Iquality Idimensions Iinfluence Icustomer Isatisfaction Iwith
Iagents, Ifunctional Iservices Iand Iwith Icompany, Iwhich, Iin Iturn, Ihas Ian
Iimpact Ion Ioverall Isatisfaction.Although Ithis Istudy Ifocuses Ion Ilife
Iinsurance Iindustry Iin IIndia, Ia Istudy Iusing IServqual Imodel I(service
Iquality Ifactors) Iwas Iinvestigated; Itherein, Icustomer Isatisfaction Iand
Iother Iindicators Iand Ifactors Iin Ithe Isuccess Iof Ithe Iinsurance Icompanies
Iwere Iidentified. IFinally, Ifactors Isuch Ias Iaccess, Icustomer Iresponse Itime
Iand Itrust Iin Icustomer Isatisfaction Ias Ithe Imost Iimportant Ifactors Iwere
Iidentified Iand Iunderstanding Ithe Icustomer, Icredit, Iinsurance, Iand
Icustomer Irelationship Ican Ibe Iidentified Ias Ithe Imost Iinfluential Iindicators
Iof Isuccess Iin Ithe Iinsurance Iindustry.
Hypothesis Iof Istudy I
In Iorder Ito Ijustify Ithe Iobjectives Iconstructed Ithe Ifollowing Ihypotheses
Iare Iframed.
 Null IHypothesis IH0:There Iis Ino Isignificant Idifference Iin Ithe
Ilevel Iof Isatisfaction Iof Iconsumer Ion Ithe Ibasic Iof Itheir
Idemographic Idetails.
 Alternate IHypothesis IH1: There Iis Ia Isignificant Idifference Iin Ithe
Ilevel Iof Isatisfaction Iof Iconsumer Ion Ithe Ibasic Iof Itheir
Idemographic Idetails.
Research Idesign I I
Data Icollection- IPrimary IData Iand ISecondary IData I
Sample Idesign- ISimple IRandom Isampling I
Sample Isize-50
Sample Iunit- IAge Igroup Iabove I18
Tools Iand Itechniques- IDescriptive Istatistical Itechniques- IGraph, Ichart,
Itable, Imeasures Iof Icentral Itendency, IRank Ianalysis IAnalytical Istatistical
Itechniques- IANOVA.

Declaration
All Ithe Iinformation Iprovided Iby Iyou Iwould Iremain Istrictly Iconfidential
Iat Iall Ithe Icost.

Research IQuestions
1.Name
2.Gender
o Male (1)
o Female (2)
o Other (3)

3. IAge Igroup
a. 19-28 (1)
b. 29-38 (2)
c. 39-48 (3)
d. 49-58 (4)
e. 59 Ior Imore (5)

4. IMarital IStatus :-

a) Married (1)
b) Unmarried (2)

5. IPlace Iof Iresidence

a) Rural (1)
b) Urban (2)

6. IFamily IType

o Nuclear (1)
o Joint (2)

7. IOccupation
o Student (1)
o Farmer (2)
o Self Iemployed (3)
o Profession (4)
o Business (5)
o Homemaker (6)

8. IMonthly IFamily IIncome?

 o 10,000 I- I15,000 (1)
o 15,000 I- I20,000 (2)
o Above I25,000 (3)

9. IWhat IKind Iof IInvestment Ido Iyou Iprefer?

o Short ITerm (1)
o Long ITerm (2)
o Both (3)

10. IReasons Ifor Iinvesting Iin IInsurance Iplans Iof Ixyz Ilife Iinsurance?
o Returns (1)
o Schemes Iare Igood (2)
o Recommended Iby IFamily Ior Ifriend (3)
o Need Ito Isave ITax (4)
o Offer Imultiple Ibenefit ILife Iinvestment I+ Iinsurance I+ Itax Isaving
(5)

11. IWhat Ischeme Iof Iinsurance Ipolicy Ihave Iyou Itaken

o IWhole ILife (1)

o IEndowment IPlus (2)
o IMoney IBack (3)
o IPension IFund (4)
o IULIP (5)
o IOthers (6)

12. IState Iyour Iexpectation Ion Iinvestment Ialternatives Iby Iticking

Iaccording Ito Iits Iimportance
Highly Important Neutral Least I Not
Important Important Important
Safety o o o o o
 Capital o o o o o
IGrowth
Liquidity o o o o o
Return o o o o o
Tax o o o o o
IBenefit
Company o o o o o
IProfile I&
IBrand
IName

13. IWhat Iparameters Iyou Ihave Ilooked Iinto Iat Ithe Itime Iof Ibuying
Ipolicy Ifrom ILIC Iof IIndia
Highly Important Neutral Least I Not
Important Important Important
Charges o o o o o
Policy ITerm o o o o o
Rider o o o o o
IBenefits
Bonus Iand o o o o o
IInterests
Pre I& IPost o o o o o
IServices
Accessibility o o o o o
Company o o o o o
IImage

14. IAre Iyou Isatisfied Iwith Ithe Iservices Iof ILIC Iof IIndia?
o Yes
o No

15. IGive Ireasons Ifor Iinsuring Iwith ILIC

a) ICompany IProfile
b) IBrand
c) IGrievances IHandling
d) IUndue IDelay Iin IClaims
e) IPublic ISector
d) IAll Iof Ithe Iabove

16. Isatisfaction Ilevel Itowards Iservices Ioffered Iby ILIC.

o Fully ISatisfied
o Partially ISatisfied
o Not ISatisfied

17. IAccessibility Iof Ithe Iemployee I/ Iagents Iof ILIC

o Yes
o No

18. IDo Iagents Iof ILIC Iprovides Ithe Icorrect Iinformation

o Yes
o No

19. Iwhat Iis Ioverall Iperception Iabout ILIC IIndia.

Ia) Ipositive
Ib) INegative

20. ILIKERT ISCALE I

PARTICULARS I Strongly Disagree Neutral agree Strongly
Idisagree Iagree
Policies/plans Iof ILIC
Isuperior Ito Ior Imore
Iattractive Ithan Ithe
Iprivate Iinsurance
Icompanies
Flexible Iproducts/ Inew
Iproducts Ithat Imeet
Icustomers’ Ineeds
 Provides
Iinformation/details
Iabout Iservice
Iinnovations Ion Ia
Iregular Ibasis Ithrough
Ipost, Itelephone, Ibanks
Ietc.
Reasonable Ipenalty
Icharged Ifor Ilate
Ipremium Ipayment
LIC Iemphasizes Ihigh
Iquality Iservice Ithan
Ithe Ivolume Iof Isale
Provides Icustomer
Ifeedback Icard Isystem
Ifor Itheir Ilevel Iof
Isatisfaction Iwith Ithe
Iservices Iof Ithe Iinsure
Promotes Iethical
Iconduct Iin Ieverything
Iit Idoes
Agents Iand Iemployees
Iwho Ihave Ithe Iproper
Iknowledge Iand
Icompetence Ito Ianswer
Icustomers‟ Ispecific
Iqueries Iand Irequests
Providing Ipromised
Iservices Ias Iper Ithe Iset
Ischedule