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This report summarizes the results of the project done by Amanjeet Singh
Badesha a student of M.S.Ramaiah college of Arts, Science And Commerce, Bangalore
University supported by Life Insurance Corporation of India Bangalore
Today companies are facing their competition of this decade companies can
comfort their competition better if they can from a product and selling philosophy and
also meeting and satisfying customer needs. Companies need under stand the
determinants of customer value and satisfaction
Customers are satisfied when their expectations are met and delighted when their
expectations are exceeded. Satisfied customer sensitive and talk frequently about the
company. It involves building customer and not just building product.
It is also important to recognize that customer satisfaction is the best sought not
directly but as by product of customer problem solving customer satisfaction like
happiness is achieved by rendering substantial forms of assistance to rather than by direct
pursuit.
Customer satisfaction is central to the marketing concept with evidence of
strategic links between satisfactions and overall firm performs. It is now common to find
mission statements design around the satisfaction achievements in the market place.
Research on satisfaction has been commensurate with growing managerial
importance. Most studies have been conducted with in the overarching comparison
standards paradigms. Which posits that consumers hold pre-consumption product
standards from confirmation of disconfirmation perceptions combine these perspective
other than that of customer satisfaction paradigm, especially as examined through an
econometric of survey lens.
Although satisfaction has been conceptualized in terms of either a single
transaction of a series of interaction with a product over time. Whether the buyer is
satisfied after or before purchase depends on the offers performance in relation to the
buyers expectation.
M.S.R.C.A.S.C BANGALORE
M.S.R.C.A.S.C BANGALORE
CHAPTER 1
INTRODUCTION
M.S.R.C.A.S.C BANGALORE
INTRODUCTION
With largest number of non-life insurance policies in force in the world,
Insurance happens to be a mega opportunity in India. Its a business growing at the rate of
15-20 per cent annually and presently is of the order of Rs 450 billion. Together with
banking services, it adds about 7 per cent of the countrys GDP. Gross premium
collection is nearly 2 per cent of GDP and funds available with LIC for investments are 8
per cent of GDP.
Yet, nearly 80 per cent of Indian populations are without life insurance cover,
health insurance and non-life insurance continue to be below international standards. And
this part of the population is also subject to weak social security and pension systems
with hardly any old age income security. This it is an indicator that growth potential for
the insurance sector is immense.
A well-developed and evolved insurance sector is needed for economic
development as it provides long-term funds for infrastructure development and at the
same time strengthens the risk taking ability. It is estimated that over the next ten years
India would require investments of the order of one trillion US dollar. The Insurance
sector, to some extent, can enable investments in infrastructure development to sustain
economic growth of the country.
With a large capital outlay and long gestation periods, infrastructure projects
are fraught with a multitude of risks throughout the development, construction and
operation stages. These include risks associated with project implementation, including
geological risks, maintenance, commercial and political risks. Without covering these
risks the financial institutions are not willing to commit funds to the sector, especially
because the financing of most private projects is on a limited or non-recourse basis.
Insurance companies not only provide risk cover to infrastructure projects,
they also contribute long-term funds. In fact, insurance companies are an ideal source of
long-term debt and equity for infrastructure projects? With long-term liability, they get a
good asset-liability match by investing their funds in such projects.
M.S.R.C.A.S.C BANGALORE
PRESENT SCENARIO:
The Government of India liberalized the insurance sector in March 2000 with
the passage of the Insurance Regulatory and Development Authority (IRDA) Bill, lifting
all entry restrictions for private players and allowing foreign players to enter the market
with some limits on direct foreign ownership. Under the current guidelines, there is a
proposal to increase this limit to 49 percent. Premium rates of most general insurance
policies come under the purview of the government appointed Tariff Advisory committee.
The opening up of the sector is likely to lead to greater spread and deepening of
insurance in India and this may also include restructuring and revitalizing of the public
sector companies. A host of private Insurance companies operating in both life and nonlife segments have started selling their insurance policies since 2001.
M.S.R.C.A.S.C BANGALORE
For Projects costing up to Rs. 1 Billion, the Tariff Advisory Committee sets the
premium rates, for Projects between Rs.1 billion and Rs. 5 billion the rates are set in
keeping with the committees guidelines, and projects above Rs15 billion are subjected to
re-insurance pricing. It is the last segment that has a number of additional products and
competitive pricing. Insurance, like project finance, is extended by a consortium normally
one insurer takes the lead, shouldering about 40-50 per cent of the risk and receiving a
proportionate percentage of the premium. The other companies share the remaining risk
and premium. The policies are renewed usually on an annual basis through the invitation
of bids. Of late, with IPP projects fizzling out, the insurance companies are turning on
again to old hands such as NTPC, NHPC and BSES for business.
RE-INSURANCE BUSINESS:
Insurance companies retain only a part of the risk (less than 10 per cent)
Assumed by them, which can be safely borne from their own funds. The balance risk is
re-insured with other insurers. In effect, therefore, re-insurance is insurers insurance. It
forms the backbone of the insurance business. It helps to provide a better spread of risk in
the international market, allows primary insurers to accept risks beyond their capacity
settle accumulated losses arising form catastrophic events and still maintain their
financial stability.
While GICs subsidiaries look after, general insurance, GIC itself has been the
major reinsurer. Currently, all insurance companies have to give 20 per cent of their
reinsurance business to GIC. The aim is to ensure that GICs role, as the national reinsure
remains unhindered. However, GIC reinsures the amount further with international
companies such as Swiss (Switzerland), Munichre (Germany), and Royal (UK).
Reinsurance premiums have seen and exorbitant increase in recent years, following the
rice in threat perceptions globally.
M.S.R.C.A.S.C BANGALORE
M.S.R.C.A.S.C BANGALORE
M.S.R.C.A.S.C BANGALORE
M.S.R.C.A.S.C BANGALORE
Support stricter building code enforcement and other measures that minimize the
impact of severe weather.
Promote energy efficiency and renewable to cut greenhouse gases and reduce
losses from natural disasters.
important consideration is the financial strength of the insurer, if the company cannot pay
future claims or benefits, other considerations become unimportant.
Financial strength ratings represent an analysis of a wide variety of risks that
could affect an insurers long-term survival. Insurance companies can ail or cease to
operate due to inadequate financial capabilities, Investment companies help the small
savers get the benefits of investment in high growth corporate securities by pooling their
savings\ and investing the same in a professional way, these investment companies raise
funds through issue of shares and debentures accepting fixed deposits issuing certificates
of cash etc.
M.S.R.C.A.S.C BANGALORE
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M.S.R.C.A.S.C BANGALORE
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LIMITATIONS OF STUDY
The customers of LIC policies were selected from Bangalore city and hence the
study is restricted to Bangalore city.
Some customers who were busy were not able to provide me the information
about the problems faced by them.
Since descriptive research method was used for this project study, the study might
not hold well over a period of time because of eve r changing attitudes and
behavioral changes of retailers and consumers.
To suggest LIC Of India regarding customer satisfaction level & help in forming
effective marketing strategies
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13
WHAT IS INSURANCE
Insurance is a financial service for collecting the saving of the public and
providing them risk coverage .the risk may be certain events like death ,retirement
,pension, education ,marriage ,etc, or uncertain events ,like theft ,accident fire, ill health
etc.Marine insurance is one category which covers risk of sea voyage , of shipping ,cargo,
etc.motorcar,scooter,and two-wheeler and three wheelers are also provided with
insurance ,called vehicle insurance ,building insurance from theft ,etc and crop insurance
is the other categories of risk coverage introduced by LIC
M.S.R.C.A.S.C BANGALORE
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INVESTMENT PATTERNS
1. Electricity and water drainage
2. Mortgage loans
3. Loans to the policyholders
ANNUITY OF LIFE:
With guaranteed period of 5 p.a. 15, 20 years joint life and last survivor annuity
to the annuitant and his/her spouse, under which annuity payable to the spouse on death
of the purchase price. Life3 annuity with annuities increasing at simple rate of 3% per
annum. The annuity rate will be that available under the version of the New Jeevan
Akshaya plan current at the rate of vesting. Aggregate of 3% will be available on the
purchase price of the New Jeevan Akshaya policy. Option for the annuity type is to be
exercised at least 6 months before the date of vesting.
DURING DEFERMENT:
A term rider option will be available. On the death of the policy holder who has
opted for the term assurance rider, the term assurance sum assured along with all
premiums paid up to the date of death accumulated at the rate of 5% p.a. compounding or
at a such rates as decided by the corporation from time to time, will be paid too the
nominee. Term rider option will be available only on annual premium plan.
REBATES:
Premium will be payable yearly, quarterly or monthly (including sss) or by
single premium. Mode rebates @ 2.6%, 1.3% and 0.5% of the tabular annual premium
will be available for yearly, half-yearly and quarterly premiums.
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As it is the most reputed company of India exciting since 1956 and as the times
passes the awareness among the people also increase and started doing there insurance,
now the different policies have came into the market and having the different benefits
providing according to the needs of the customer.
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M.S.R.C.A.S.C BANGALORE
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CHAPTER 2
REVIEW OF LITERATURE
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2.1 PURPOSE:
1. The purpose of study is the customer satisfaction towards the company.
2. It is done to get a picture about their commitment towards customer satisfaction,
3.For developing stronger brands and loyalty with ultimate customer and solving their
problems.
2.2 METHODOLOGY:
SAMPLE SIZE: A part of the population, which is selected for obtaining the necessary
information. It refers to the number of people surveyed for this topic. In this case 100
people were contracted and response drawn..
TECHNIQUE: It is the way in which the samples are selected.
Convenience Sampling
Convenience Sample is one in which the only criterion for selecting the sampling units is
the convenience of the sampler.
SOURCES OF DATA COLLECTION:
The required data was collected by using both
1) PRIMARY DATA:
Questionnaire
2) SECONDARY DATA:
Journals
internet
19
CHAPTER 3
METHODOLOGIES
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3.2 SamplingTecquniue:
It is the way in which the samples are selected.
Convenience Sampling
Convenience Sample is one in which the only criterion for selecting the sampling units is
the convenience of the sampler.
21
Questionnaire
2) SECONDARY DATA:
Journals
internet
22
Advantages of questionnaires:
(i)
(ii)
(iii)
(iv)
Control: Since same questions are put before all respondents in the same
order, it offers maximum control on the interviewing process and information
content.
Secondary Data:
Secondary data are data that were developed for some purpose other than helping
to solve the problem at hand.
Advantages:
Secondary data can be gathered quickly and inexpensively, compared to primary
data.
Disadvantages:
Availability: for some marketing problems no secondary data are available.
Relevance: the extent to which the data fit the information needs of the research
problem.
Accuracy: The data available may be inaccurate.
Sufficiency: The data available may not be sufficient for the required research problem.
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CHAPTER 4
DATA ANALYSIS &
INTERPRETATION
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CONCEPT: The concept behind this table is to know the classification of customer
based on age
TABLE NO -1
CLASSIFICATION OF CUSTOMER BASED ON AGE
INSURANCE
NUMBER
OF
PERCENTAGE
10
10
20 30
30 40
40 50
30
20
20
30
20
20
50 above
20
20
100
100
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GRAPH-1
PIE CHART SHOWING THE CLASSIFICATION OF
CUSTOMERS BASED ON AGE
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CONCEPT: The concept behind this table is to know the family monthly income of
respondents
Table No- 2
FAMILY MONTHLY INCOME OF THE RESPONDENTS
INCOME
NUMBER OF
PERCENTAGE %
RESPONDENTS
BELOW 5000
22
22
5000 10000
26
26
10000 15000
32
15000 &
20
32
20
ABOVE
100
ANALYSIS: From the above table it is clear that,
100
A significant 32% of the respondents in the above table earn 10000 to 15000
monthly
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GRAPH-2
PIE CHART SHOWING FAMILY MONTHLY INCOME OF
RESPONDENTS
CONCEPT: The concept behind this table is to know the occupation of the
respondents.
TABLE -3
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OCCUPATION
NUMBER OF
PERCENTAGE %
RESPONDENTS
BUSINESS MAN
20
20
EMPLOYEE
36
36
STUDENTS
18
18
HOUSEWIFE
14
14
OTHERS
12
12
Majorities of the respondents are employees and businessmen , i.e. 36% and 20%
of the respondents
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GRAPH-3
PIE CHART SHOWING OCCUPATION OF THE
RESPONDENTS
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TABLE NO-4
SOURCE OF INFORMATION ABOUT THE LIC PRODUCT
SOURCE OF
INFORMATION
NUMBER OF
RESPONDENTS
PERCENTAGE %
ADVERTISEMENT
10
10
FRIENDS / RELATIVES
25
25
LIC AGENTS
65
65
100
100
ANALYSIS: This table shows how respondents got the information about the life
insurance policy. From the above table it is clear that,
Majority of the respondents came to know about the product through agents, i.e.
65% of the respondents.
Only 10% of the respondents came to know about the product by advertisement.
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GRAPH-4
PIE CHART SHOWING THE SOURCE OF INFORMATION
ABOUT THE LIC PRODUCTS.
TABLE NO 5
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NUMBER OF
RESPONDENTS
PERCENTAGE %
JEEVAN ANAND
45
45
NEW JEEVAN
SHREE
25
25
NEW JEEVAN
SURAKSHA
20
20
10
10
Majority of the respondents know about the policies Jeevan Anand and New
Jeevan Shree
Least number of customers are aware of new Jeevan Suraksha and New Bima
Nivesh.
LIC should create the awareness of the new policies through advertisement.
INTERPRETATION: Majority of the people know about the jeevan anand and new
jeevan shree policies i.e. 45% and 25% of respondents.
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GRAPH-5
PIE CHART SHOWING CONSUMER AWARENESS
ABOUT THE LIC PRODUCTS
CONCEPT: The concept behind this table is to know that is there any
variation in expectation due to services.
TABLE 6
IS THERE ANY VARIATION IN EXPECTATION
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VARIATION IN
SERVICE
NUMBER OF
RESPONDENTS
PERCENTAGE %
YES
20
20
NO
80
80
100
100
INTERPRETATION: From this we can say that the service provided by Life
Insurance Corporation of India is good.
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GRAPH-6
PIE CHART SHOWING THE VARIATION IN THE
EXPECTATION OF RESPONDENTS
TABLE NO 7
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NUMBER OF
RESPONDENTS
PERCENTAGE
SATISFIED
92
92
DISSATISFIED
100
100
Majority of the respondents are satisfied with the overall performance of LIC of
India i.e. 92%
Only 8% of the respondents are not satisfied with the premium and services
provided by LIC of India
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GRAPH-7
PIE CHART SHOWING SATISFACTION OF OVERALL
PERFORMANCE OF THE LIC OF INDIA
CONCEPT: The concept behind this table is to know how respondents feel
about the after sales service
TABLE NO -8
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SERVICE
NUMBER OF
RESPONDENTS
PERCENTAGE%
GOOD
75
75
AVERAGE
15
15
POOR
10
10
ANALYSIS: This table shows the customer response to that after sales service
provided
by the agents of the LIC office ,from the above table it is clear that,
Only 10% of the respondents says that service after Insurance is poor
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GRAPH-8
PIE CHART SHOWING HOW DO RESPONDENTS FEEL
ABOUT THE SERVICE AFTER INSURANCE
TABLE NO -9
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RECOMMENDATION
NUMBER OF
PERCENTAGE%
RESPONDENTS
YES
98
98
NO
100
100
ANALYSIS: This table shows the number of respondents recommended for LIC policy
to their friends and relatives from the above table it is clear that,
98% of the respondents will recommend LIC policy to their friends and relatives
Only 2%of the respondents will not recommended LIC policy to their friends and
relatives.
GRAPH-9
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TABLE NO - 10
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SATISFACTION
NUMBER OF
RESPONDENTS
PERCENTAGE
YES
93
93
NO
100
100
93% of the respondents are satisfied with the range of products offered by LIC
of India.
Only 7% of the respondents are not satisfied with the range of products
offered by LIC of India.
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GRAPH-10
PIE CHART SHOWING SATISFACTION OF THE
RESPONDENTS WITH THE RANGE OF PRODUCTS
OFFERED BY LIC OF INDIA
CONCEPT: The concept behind this table is to know is any request of the
respondentsis pending with LIC office
TABLE NO-11
IS ANY REQUEST OF THE RESPONDENTS IS PENDING WITH
LIC OFFICE
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PENDING WORK
NUMBER OF
RESPONDENTS
PERCENTAGE %
YES
NO
99
99
100
100
99% of the respondents dont have any work pending with the LIC office
Only 1% of the respondents are having pending work with the LIC office
INTERPRETATION: the LIC office satisfies all the request of the respondents
GRAPH-11
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TABLE NO-12
RESPONDENTS AWARENESS ABOUT THE LIC BRANDS
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POLICY NAME
NUMBER OF
RESPONDENTS
PERCENTAGE%
MONEY BACK
POLICY
65
65
ENDOWMENT
POLICY
20
20
OTHER NEW
POLICIES
15
15
100
100
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GRAPH-12
PIE CHART SHOWING RESPONDENTS AWARENESS
ABOUT THE LIC BRANDS
TABLE NO -13
ARE RESPONDENTS RECEIVING PREMIUM NOTICES WELL IN
TIME
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PREMIUM
NOTICE
NUMBER OF
RESPONDENTS
PERCENTAGE%
YES
98
98
NO
100
100
GRAPH-13
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CONCEPT: The concept behind this table is to know when would the
respondent
TABLE NO -14
WHEN WOULD THE RESPONDENT LIKE TO BE CONTRACTED
FOR THE FULFILLMENTS OF HIS/HER INSURANCE NEEDS
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TIME PERIOD
NUMBER OF
RESPONDENTS
PERCENTAGE%
IMMEDIATELY
WITHIN ONE
MONTH
65
65
WITH IN THREE
MONTH
20
20
LATER
10
10
100
100
GRAPH-14
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CONCEPT: The concept behind this table is to know do the respondents feel that lic
has provided adequately the following needs
TABLE NO-15
DO THE RESPONDENTS FEEL THAT LIC HAS PROVIDED
ADEQUATELY THE FOLLOWING NEEDS
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INSURANCE
NEEDS
NUMBER OF
RESPONDENTS
PERCENTAGE%
PROTECTION FOR
SPOUSE AND
CHILDREN & FOR
PAST-RETRIAL
LIFE
60
60
HOUSING
FACILITY TO SUIT
YOUR
CONVENIENCES &
CRITICAL ILLNESS
COVER
25
25
15
15
100
100
EDUCATION OF
YOUR CHILDREN
&
START IN LIFE OF
YOUR CHILDREN
Total
60% of the respondents have the polices for the protection for spouse and
children and for their past-retrial life
25% of the respondents have the polices for housing facility and pr critical
illness cover
INTERPRETATION: Majority of the people are interested in going for the policies
related to protection for spouse and children and for past retrial life.
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GRAPH-15
DO THE RESPONDENTS FEEL THAT LIC HAS
PROVIDED ADEQUATELY THE FOLLOWING NEEDS
CONCEPT: The concept behind this table is to know would respondent like to
enhance his/her financial security through different plans
Table No -16
Would Respondent Like To Enhance His/Her Financial
Security Through Different Plans
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LIC PLANS
NUMBER OF
RESPONDENTS
PERCENTAGE %
CHILDRENS
PLANS &
HOUSING
FINANCE
67
67
33
33
100
100
Majorities of the respondents would like to enhance his financial security through
childrens plan and housing finance.
Least number of respondents would like to enhance his financial security through
saving and risk oriented plans.
GRAPH-16
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33%
TABLE NO-17
CUSTOMER RESPONSES TO THE SERVICE AND THE OFFICE
ATMOSPHERE OF LIC
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ATMOSPHERE
NEAT AND
CLEAN&
SERVICING IS
PROMPT AND
COURTEOUS
NUMBER OF
RESPONDENTS
PERCENTAGE %
YES
96
96
NO
100
100
96% of the respondents say that the service provided by LIC and the office
atmosphere is good.
4% of the respondents say that the service provided by the LIC and the office
atmosphere is not good.
GRAPH-17
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M.S.R.C.A.S.C BANGALORE
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CHAPTER 5
FINDINGS &
CONCLUSIONS
5.1 FINDINGS
95% of the respondents satisfied with the overall performance of LIC of India
M.S.R.C.A.S.C BANGALORE
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Majorities of the respondents are satisfied with the wide range of products offered
by the LIC.
Majorities of the policyholders are receiving the premium notices well in time.
Majorities of the respondents having LIC policy would like to enhance their
financial security through childrens plan and housing financial plans.
From the serve conducted among the group of people for LIC we finds there are people
from age group of 20 to 30 and having an income of Rs. 10000 to 15000 and majority of
them are satisfy with the company performance and the range of products and the
services they are providing to the customer after Insurance
Strengths
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Weaknesses
In spite of having good product line the company is unable to effectively market
the products.
Opportunities
Bright future of insurance industry in India.
Huge untapped potential market.
Positive attitude of people toward insurance.
Increasing average income of people would have complementary effect to the
insurance industry.
Threats
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Big difference between market share of the company and the market leader.
5.3 CONCLUSION
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M.S.R.C.A.S.C BANGALORE
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By the serve conducted for the LIC we suggest them to concentrate more on the rural
market and to the income group of 10000 to 15000, because they are the huge market for
the company .The customer those who are not satisfy with the company company should
concentrate on them. The agents should be given more bonus on the new policies, so that
they can remain market leader
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QUESTIONNAIRE
Dear sir/madam
I am assigned to carry out study on Customer satisfaction towards LIC products . In
this regard I request you to fill this questionnaire.
1. Name:
2. Age:
10 - 20
20 30
30 - 40
40 50
50 & above
3. Qualification:
Below Graduation
Graduation
Post Graduation
4. Occupation:
Businessman
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Employee
House Wife
Student
Others
5. Family Monthly Income:
Below 5000
5000 10000
10000 15000
Above 15000
6. Do you feel that you have provided adequately for your following?
Needs?
Protection for spouse & children
Education of your children
66
Personal loans
Childrens & Risk oriented Plans
Savings & risk oriented plans
Housing finance
Yes
No
10. How did you come to know about Life Insurance Products?
M.S.R.C.A.S.C BANGALORE
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Advertisement
Friends /Relatives
LIC Agents
11. Are you satisfied with the pre delivery demonstration of the Product given by
the LIC agents?
Satisfied
Dissatisfied
12. Please indicate when you would like to be contracted for the
Fulfillment of your insurance needs?
Immediately
With one month
Within three months
Later
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Yes
No
14. Are you receiving your premium notice well in time?
Yes
No
15. During your visit of LIC Branch office do you find the
Atmosphere neat and clean
Servicing prompt & courteous
16 .Do you hold an LIC policy on which survival benefit or maturity claim was
Paid to you?
Yes
No
If so, was the payment made in time?
Yes
No
17. Are you satisfied with the overall performance of the LIC of India?
Yes
No
18. Are you satisfied with the After Sales Service provided by your Life
Insurance Agents?
Yes
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No
Rank the below service provided by LIC agents
Good
Average
Poor
19. Are you satisfied with the range of the products offered by the LIC?
Yes
No
20. Just think of LIC brands which comes to your mind first (please write below)
1.
11
.......................................
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No
If, so please give details ..
BIBILOGRAPHY
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MARKETING MANAGEMENT
BY PHILIP KOTLER
RESEARCH METODOLOGY
BY C.R.KOTARI
CONSUMER BEHAVIOUR
LEON SCHIFFMAN
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