Perception Towards Life Insurance Corporation Commerce Essay

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INTRODUCTION OF LIFE CORPORATION OF INDIA:

The Life Insurance Corporation of India (LIC) is the largest life insurance company in India, and also the country's largest investor.; it is fully owned by the Government of India. It also funds close to 24.6% of the Indian Government's expenses. It has assets estimated of Rs. 8 trillion (US$ 178.4 billion). It was founded in 1956.

Headquartered in Mumbai, which is considered the financial capital of India, the Life Insurance Corporation of India currently has 8 zonal Offices and 101 divisional offices located in different parts of India, at least 2048 branches located in different cities and towns of India along with satellite Offices attached to about some 50 Branches, and has a network of around 1.2 million agents for soliciting life insurance business from the public.

HISTORY:

The Oriental Life Insurance Company, the first corporate entity in India offering life insurance coverage, was established in Calcutta in 1818 by Bipin Behari Dasgupta and others. Europeans in India were its primary target market, and it charged Indians heftier premiums. The Bombay Mutual Life Assurance Society, formed in 1870, was the first native insurance provider. Other insurance companies established in the pre-independence era included

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Bharat Insurance Company (1896)

United India (1906)

National Indian (1906)

National Insurance (1906)

Co-operative Assurance (1906)

Hindustan Co-operatives (1907)

Indian Mercantile

General Assurance

Swadeshi Life (later Bombay Life)

OBJECTIVES OF LIC:

Spread and provide life insurance to the masses at a reasonable cost.

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's 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 the 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.

Promote amongst all agents and employees of the Corporation a sense of participation, pride and job satisfaction through discharge of their duties with dedication towards achievement of Corporate Objective.

Objective of the survey:

To know about the customers perceptions towards the Life Insurance Corporation of India.

Research METHODOLOGY:

A Research methodology has a specified framework for collecting the data in an effective manner. Research methodology means a "defining a problem, defining the research objectives, developing the research plan, collecting the information, analysing the information and presentation of findings." Such framework is called "Research Design".

Research define:

The definition of problem includes the study of "Customers perception towards Life corporation of India" in jalandhar & phagwara ,pujab region.

Research Design:

A research design is the arrangement of conditions for the collection and analysis of data in a manner that aims to combine relevance to research purpose with economy in procedure. My research design is exploratory and descriptive research design.

DATA DESIGN:

It involves different aspects like the nature of data, the data sources, the data frequency and the data tools.

Primary data is collected through questionnaire by conducting personal interviews.

Secondary data is being search sites like magazines, newspapers, journals, websites and the data has been collected through other approaches.

SAMPLING DESIGN:

It is a definite plan for obtaining a sample from given population. It refers to the technique or the procedure the researcher would adopt in selecting items for the sample.

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Universe: the universe of my study is jalandhar and phagwara , Punjab region.

Sample size: the sample size of 50 served the purpose of my study.

Sample method: the sample method used is non-probability convenience sampling.

Tools: Questionnaire, Observation Method.

Data analysis: Data analysis with the help of graphs.

Questionnaire

CUSTOMERS EXPECTATION TOWARD LIFE INSURANCE CORPORATION OF INDIA

(I am Alok kumar pursuing MBA from lovely professional university and I would like to know your willing about the LIC, please help me)

Do you have any kind of life insurance policy?

Yes No

Do you know about the life insurance corporation of India?

Yes No

In which company/org. you have invested in the form of life insurance policy or any other policy?

LIC Mahindra kotak

Reliance Tata AIG

Bajaj Allianz Bharti axa

Any other……………………

Do you know about the new plan and services provide by the LIC?

Yes No

How much satisfied or dissatisfied with the services provided by the LIC?

Highly satisfied Satisfied

Dissatisfied highly dissatisfie

What are your expectation about the various feature of LIC, which is listed down?

Which type of service environment provide by the LIC , you have preferred?

Physical facility Interpersonal

Good

Average

Can't say

Bad

New plans

Services

Returns

flexibility

Which one facility you would like to make the investment in LIC?

By agent Online investment

By service counter Any other

Any suggestion ………………………………………………………………………………………………………………………………………………………………………………………………………………………………………..

Name …………………………………… occupation………………………………………….

Mob.no………………………………… Signature…………………………………………….

DATA ANALYSIS

Ques1:-Do you have any kind of life insurance policy?

Yes No

Interpretation:-

In 50 respondents there are 48 people who have the any kind of insurance policy, there are only two people who have not the any kind of insurance policy. These data shows that in present time near about 90% people have any kind of insurance policy.

Ques2:-Do you know about the life insurance corporation of India?

Yes No

Interpretation:-

In 50 respondent survey all people knew about the Life insurance corporation of India.

Ques3:-In which company/org. you have invested in the form of life insurance policy or any other policy?

LIC Mahindra kotak

Reliance Tata AIG

Bajaj Allianz Bharti axa

Any other……………………

Interpretation:

In 50 respondent 20 invested in LIC, 7 invested in Mahindra kotak, 10 invested in reliance, 10 invested in Tata AIG, 12 in Bharti Axa and 9 people invested in other company. These data shows that LIC has a good position in customers mind.

Ques4:-Do you know about the new plan and services provide by the LIC?

Yes No

Interpretation:-

There are 30 respondent are known about the LIC new policy and plans and the 20 respondent did not know about the LIC new policy and plans.

Ques5:-How much satisfied or dissatisfied with the services provided by the LIC?

Highly satisfied Satisfied

Dissatisfied highly dissatisfied

Interpretation:

There are 15 respondent are highly satisfied with the LIC services and 28 respondent are satisfied with the LIC services and few respondent are dissatisfied and highly dissatisfied with the LIC services.

Ques6-What are your expectation about the various feature of LIC, which is listed down?

Good

Average

Can't say

Bad

New plans

Services

Returns

flexibility

Interpretation:

In the context of new plans, services, returns and flexibility 20, 19,15,14 res[pendent respectively says that all are good and 28, 25, 22, 23 respondent respectively says that all are average and 3,2,4,11 respondent gave the response that they can't say and 5,4, 3,2 respondent said bad.

Ques7:-Which type of service environment provide by the LIC , you have preferred?

Physical facility Interpersonal

Interpretation:

In 50 respondent 28 want the interpersonal facility and 22 respondent want the physical facility.

Ques8:-Which one facility you would like to make the investment in LIC?

By agent online investment

By service counter any other

Interpretation:-

The 22 respondent want investment by the Agent , 15 respondent want investment by the online, 10 respondent want investment by the service counter and 4 respondent want other facility.

ANALYSIS:

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After collecting the data from the respondent I analysis that customers have a good perception towards LIC. The customers have a good image of LIC in their mind than other insurance company because the people have more trust on LIC than other insurance company. LIC is a famous insurance company in India , when the people thinking about to take the insurance policy than LIC is company which comes in mind first. In the term of services the mostly people says that the services provided by the LIC is good and mostly customers are satisfied with the services and plan or policies of LIC.

Recommendation:

People want the more information about the new policy and plans, so company provides the information to the customers about the new policy and plans as they come.

Company provides the diversity facility to their customers so that the customers can transfer one policy to other policy.

Company also provides the more educational services and new plan for children.