PERCEPTION OF LIFE INSURANCE CORPORATION OF INDIA: STUDY OF SOLAN TOWN IN DISTRICT SOLAN Project Report
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Date
2020-11
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Publisher
UHF,NAUNI
Abstract
ABSTRACT
The present exploratory and descriptive based study on “Perception of LIC of India: Study
of Solan Town In District Solan” was selected with an objective to study awareness and
perception about LIC, to study factors customer consider before purchasing LIC policy and
make comparisons between LIC and other products. Study data was obtained both from
primary and secondary sources. The area of study was confined to Solan town and sample size
is 59 LIC policyholders. The analysed data was expressed in the form of tables, bar graphs and
pie charts. It was found that 54.24% of policyholders were females and Better Terms and
Conditions was found to be the most important factor with mean (3.36) influencing customers
to purchase life insurance policy. Even with stiff competition in market, it is evident from study
that LIC dominates Indian Insurance industry and it provides better services as compared to
SBI and ICICI. From the survey it was known that new insurance policies like New Jeevan
Lakshay, New Jeevan Rakshak are not well known to customers, so Life Insurance Corporation
of India should take step against creating awareness of such policies in mind of customers.
Moreover, awareness must be created regarding provision of loan facility against LIC Policy.
The entry of private sector companies in insurance sector has triggered a series of changes in
industry so LIC should come up with innovative tailor-made products with high risk cover,
more return and low insurance premium to attract a greater number of customers.