Customer perception lic life insurance corporation
Life insurance corporation, popularly known as lic is indian state-owned insurance group and investment company buy life insurance plans and policies from lic of india avail tax benefits with multiple cover options. The life insurance corporation of india was created on 1st september, 1956, with the objective of spreading life insurance much more widely and in particular to the rural areas with a view to reach all insurable persons in the country, providing them adequate financial cover at a reasonable cost. Companies ie life insurance corporation of india and bajaj allianz corporation of india and bajaj allianz life insurance co ltd on customer satisfaction european academic research - vol v, issue 2 / may 2017 customers perception, satisfaction and awareness on various life insurance services. Customer perception is defined as the way that customers usually view or feel about certain services and products it can also be related to customer satisfaction which is the expectation of the customer towards the products. A comparative study of customer perception about insurance company with special reference to lic and hdfc standard life policies t nisamudheen.
Customer service is an integral part of life insurance organization it is necessary to identify the key success factors in life insurance industry, in terms of customer satisfaction so as to survive in intense competition and increase the market share. The life insurance corporation act, 1956, with a capital contribution of ₹50 million from government of india before 1950 there were 245 companies in private sector doing life insurance business. Life insurance is a custome r-based business whe re ret ention of existing customers is the biggest challenge in the present-day market competition (yadav, 2011) the success of the life insurance business depends on fulfilling the gap between the customer perception and expectation of the policyholders of lic.
In 1912 the indian life assurance over 50 years ,there is only one insurance company were there its life insurance corporation of india(lic) were tied up with irda (insurance regulatory and development authority)before in the nineteenth century india started with out any regulation. A comparative study on customer perception towards lic of india in view of increased competition by private companies a research done in 2009 idbi fortis life insurance company ltd canara hsbc obc life insurance company ltd aegon religare life insurance company ltd dlf pramerica life insurance co ltd life insurance corporation of india. Lic of india overview life insurance corporation of india (lic of india) is the only public sector life insurance company in india it was founded in 1956 with the merger of more than 245 insurance companies and provident societies. A study of customer perception towards service quality of keywords: life insurance, service quality, customer perception, india i i ntroduction insurance industry remained a monopoly of life insurance corporation of india (lic) till it was liberalized in 1999 at present, there are 24 life insurance.
In this study is an attempt to customer perception on life insurance policies with reference to the life insurance corporation india regions 5 with its central office in mumbai and 8 zonal office at mumbai, calcutta, delhi, chennai, hyderabad, kanpur, bhopal, and patna operates. Life insurance corporation of india is known to consistently bring innovative and profitable policies in the market generally, lic policy is considered to be a benchmark in the insurance market and is tried to be matched by other insurance companies. The life insurance corporation act was passed on 19th june 1956, by the indian parliament for nationalizing all the private life insurance companies into a single state-owned entity and thus, life insurance corporation of india was created on 1st september, 1956. Customer’s perception towards change management in insurance sector customer perception is typically affected by advertising, reviews, public relations, social media, personal experiences and other channels 2 overview of life insurance corporation of india life insurance came to existence in india well over 100 years ago today it has.
Customer perception lic life insurance corporation
The state sponsored life insurance corporation (hereinafter referred to as lic) of india was the sole player in the indian life insurance market before 2000 with the entry of private players, lic has lost considerable market share to private players although both market size and insurance premia. Life insurance corporation of india (lic): life insurance corporation of india is a 100% government held public sector company being the first to be established lic is the forerunner in the life. Perception of customers towards life insurance services customer satisfaction is the perception of customers on the service whether that service has met his needs and expectations service quality, personal factors, perception of equity and fairness, price, product quality, situational factors and attributions for service success or failure are. Lic of india - life insurance corporation of india is the largest life insurance company in india with over 2000 branches get lic plans reviews, features and benfits, latest plans info online at policyx.
Life insurance is a contract that pledges payment of an amount to the person assured (or his nominee) on the happening of the event insured against. Life insurance for the spouse, the share of public insurance in insurance sector, share of lic in life insurance in insurance sector and the reasons for.
Consumer perception on life insurance dos in commerce, manasagangotri, mysore 2013-2014 page 8 411 shows the respondents purchasing decision influence 95 412 shows the respondent’s purpose for buying an insurance policy 96 413 shows the life insurance plan taken by respondents 97 414 shows the insurance policies taken by respondents 98 4. In-company training report on “a study on consumer perception about life insurance” completed in “ing vysya life insurance” submitted in the partial fulfillment of the requirement of bachelor of business administration (bba) guru jambheshwar university of science & technology, hisar. This study mainly deals with customer satisfaction of life insurance policies with special reference to max new york life insurance, chennai key words: life insurance, customer satisfaction, investment, insurance policy about life insurance insurance is the study of risk financing through risk pooling. 0 votos positivos, marcar como útil 0 votos negativos, marcar como no útil lic customer satisfaction.