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Insurance is a device is for the transfer to an insure of certain risk,

loss of economic that would otherwise be borne by the insured .Insurance is a contract by which one part of a compensationcalled the premium assumes particular risk of the other partyand promises to pay to him nominee a certain or ascertained sumof money on a specified contingency E.W. Patterson. Life insurancehas come a long way from the earlier day when it was originally

1conceived as risk covering medium for short periods of time,covering temporary risk situation ,such as sea voyages .As lifeinsurance became more establish it was realized what useful too itwas for a number of situation including :-

(1) Temporary needs / threats

The original purpose of life insurance remain an importantelement, namely providing for replacement of income on death act.

Regular Savings :

Providing for ones family and ones elf ,as medium to term exercisethrough a series of regular payment of premiums .This has become

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more relevant in recent time as people seek financial independentfor their family .

3) Investment :

Put simple , the building up saving product ,investment productare traditionally lump sum investment .where the individual makes

a one off payment

Feature of investment :

-Maximization of return

-Maximization of risk

-Hedge of inflationInvestment alternation :

Investment Bank deposit ,post office

Government Provident fund

Mutual fund DerivationIn simple word ,insurance protects against untimely losses :

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Insurance has been found useful in the lives of personal both inshort and long term needs like marriage expensive can be met withusing life insurance.

1. Insurance is a contract for compensating losses .

2. Premium is charged for insurance contract .

3. The payment to insured as per term of agreement in the event ofloss .

4. Insurance is a contract for good faith .5. Insurance is contract for mural benefits.

6. Insurance is a future contract for compensating .

7. Insurance is an instrument of distributing the loss of few amongmany.

8.The occurrence of the loss be accidental.

9. Insurance must be consistent with public policy.

IMPORTANCE OF INSURANCE:

Beneficial to an individual :

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Insurance provide security and safety .In case of life insurancepayment is made when death occurs or the terms of insurance isexpired .

2. Insurance affords peace of mind. A sense of security removes alltensions and fears. It stimulates to more and better work. By meansof insurance much of the uncertainly that centered round themodern life may be eliminated

3.Insurances eliminated dependency. The insurance provides

adequate amount to the dependents at the early death of theproperty owner to pay off the unpaid loan .

4. Insurance eliminate dependency .In the event of death dreadwinner of the family or destruction of property ,the insuranceassists the family and provide adequate amount at the time ofneed.

Life insurance encourages savings .systematic savings is possiblebecause regular premium can not be withdrawn. Life insurance isthe best media of saving .

6. Life insurance provides profitable investment. The elements ofinvestment i.e. regular savings capital formation and return of

capital are observed in life insurance. In india in insurance policiescarry the exemption from the income tax and estate duty.

7. Life insurance fulfills the needs of persons. The needs of a personmay be divided in to :

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Family needs Old age needs Re-adjustment needs . Special needs including needs for educations, marriagesettlements of children etc. Clean up funds for ritual ceremonies, payments of taxes etc. Insurance comes to help for meeting requirements .

(B) Beneficial to business:

Insurance has been useful to the business society in morethan one way:

1. It reduces uncertainty to business losses:

As a huge number of properties are employed in commerce andindustry equally great risks are involved in day ti day functioning .the owner of the business might foresee contingencies that wouldbring great loss . By purchasing a policy he can be sured of hisearnings .

Business efficiency is increased with insurances:

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A business gets free from unnecessary botherations can devotedmore care and energy to minimize his profits .

2 Key man indemnification:

Persons having expertise ,experience, ability to control the businessare most important for the employers .Death of such personsproves a more serious loss then that by fire . The compensation tothe dependents of such employers requires adequate provisionwhich can be met by purchasing life policies.

2 Additions in credit

The business can be obtained loan by pledging the policy ascollateral security for the loan. As the assets are insured therefore ,in the event of loss the compensation can be paid.

5 Business Continuation:

The partnership business may be discontinued at the death ofpartner .The insurance policy provide adequate funds at the time ofdeath therefore, the legal representative can be paid easily.

6 Employee Welfare:

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Provision for welfare for employee can be made by the lifeinsurance in case of accident or sickness benefits and pensions .

(C) Beneficial to Society:

1 wealth of society is protected

Insurance provide loss of human wealth loss of damage of propertycan be indemnified by the insurance company.

2 Economic growth of the company:

As insurance provides protection against loss of propertythus if any such damage arise the assts can be replacewithout loss of production thus, economic development ofthe country is not effect.

3 Accelerate the production growth :

Adequate capital form insurance company can accelerateproduction circle in the country .Economic growth of the country isnot only assure but the process of growth is accelerate which is

more essential in a country like India where the population isincreasing very fast .

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4 Reduction in inflation :

The insurance company in the form of premium gets lot of moneysupply from the public which insurance corporation put in toproduct thus the money which would have come into circulatemight have gone for productive purpose .

COMPANY PROFILE

Life Insurance Corporation of India

Life Insurance Corporation of India

Type Government-ownedcorporation

Industry Insurance
http://en.wikipedia.org/wiki/Types_of_business_entityhttp://en.wikipedia.org/wiki/Government-owned_corporationhttp://en.wikipedia.org/wiki/Government-owned_corporationhttp://en.wikipedia.org/wiki/Insurancehttp://en.wikipedia.org/wiki/File:LIC_Logo.svghttp://en.wikipedia.org/wiki/Insurancehttp://en.wikipedia.org/wiki/Government-owned_corporationhttp://en.wikipedia.org/wiki/Government-owned_corporationhttp://en.wikipedia.org/wiki/Types_of_business_entity

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Founded 1 September 1956

Headquarters Mumbai , India

Key peopleD. K. Mehrotra,T.S.Vijayan( Chairman ),Thomas Mathew, AshokChawla, R Gopalan, YogeshLohia, S. Sridhar, and

A.K.Dasgupta (MD)

Products Life insurance Tensions Mutual funds

Revenue Rs.100.0

Oeratingincome

Rs.0.1

Profit Rs.1.0

Total assets 13.25 trillion ( USp$ 295.48 billion)

Owner(s) Government of India

Employees 115,966 (2010)
http://en.wikipedia.org/wiki/Mumbaihttp://en.wikipedia.org/wiki/Mumbaihttp://en.wikipedia.org/wiki/Indiahttp://en.wikipedia.org/wiki/Indiahttp://en.wikipedia.org/wiki/Indiahttp://en.wikipedia.org/wiki/Chairmanhttp://en.wikipedia.org/wiki/Managing_Directorhttp://en.wikipedia.org/wiki/Managing_Directorhttp://en.wikipedia.org/wiki/Managing_Directorhttp://en.wikipedia.org/wiki/Life_insurancehttp://en.wikipedia.org/wiki/Life_insurancehttp://en.wikipedia.org/wiki/Tensionhttp://en.wikipedia.org/wiki/Tensionhttp://en.wikipedia.org/wiki/Mutual_fundhttp://en.wikipedia.org/wiki/Mutual_fundhttp://en.wikipedia.org/wiki/Earnings_before_interest_and_taxeshttp://en.wikipedia.org/wiki/Earnings_before_interest_and_taxeshttp://en.wikipedia.org/wiki/Net_incomehttp://en.wikipedia.org/wiki/Assethttp://en.wikipedia.org/wiki/Assethttp://en.wikipedia.org/wiki/United_States_dollarhttp://en.wikipedia.org/wiki/Government_of_Indiahttp://en.wikipedia.org/wiki/Government_of_Indiahttp://en.wikipedia.org/wiki/Government_of_Indiahttp://en.wikipedia.org/wiki/United_States_dollarhttp://en.wikipedia.org/wiki/Assethttp://en.wikipedia.org/wiki/Net_incomehttp://en.wikipedia.org/wiki/Earnings_before_interest_and_taxeshttp://en.wikipedia.org/wiki/Earnings_before_interest_and_taxeshttp://en.wikipedia.org/wiki/Mutual_fundhttp://en.wikipedia.org/wiki/Tensionhttp://en.wikipedia.org/wiki/Life_insurancehttp://en.wikipedia.org/wiki/Managing_Directorhttp://en.wikipedia.org/wiki/Chairmanhttp://en.wikipedia.org/wiki/Indiahttp://en.wikipedia.org/wiki/Mumbai

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History

The Oriental Life Insurance Company, the first corporate entity in Indiaoffering life insurance coverage, was established in colctta .In 1818

by Bipin Bernard Dasgupta and others. Europeans in India were itsprimary target market, and it charged Indians heftier premiums. TheBombay Mutual Life Assurance Society, formed in 1870, was the firstnative insurance provider. Other insurance companies established inthe pre-independence era included

Bharat Insurance Company (1896) United India (1906) National Indian (1906) National Insurance (1906) of the Co-operative Assurance (1906) Hindustan Co-operatives (1907) Indian Mercantile

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General Assurance Swadeshi Life (later Bombay Life)

The first 150 years were marked mostly by turbulent economic

conditions. It witnessed, Indias First War of Independence , adverse effects of the World War I and World War II onthe economy of India , and in between them the period of worldwide economic crises triggered by the .Great depression . Thefirst half of the 20th century also saw a heightened strugglefor India's independence . The aggregate effect of these eventsled to a high rate of bankruptcies companies in India. This hadadversely affected the faith.

Market Share of LIC of India and other InsurancecompaniesTable :
http://en.wikipedia.org/wiki/Indian_rebellion_of_1857http://en.wikipedia.org/wiki/Indian_rebellion_of_1857http://en.wikipedia.org/wiki/Indian_rebellion_of_1857http://en.wikipedia.org/wiki/World_War_Ihttp://en.wikipedia.org/wiki/World_War_Ihttp://en.wikipedia.org/wiki/World_War_Ihttp://en.wikipedia.org/wiki/World_War_IIhttp://en.wikipedia.org/wiki/World_War_IIhttp://en.wikipedia.org/wiki/World_War_IIhttp://en.wikipedia.org/wiki/Economy_of_Indiahttp://en.wikipedia.org/wiki/Economy_of_Indiahttp://en.wikipedia.org/wiki/Economy_of_Indiahttp://en.wikipedia.org/wiki/Great_depressionhttp://en.wikipedia.org/wiki/Great_depressionhttp://en.wikipedia.org/wiki/Great_depressionhttp://en.wikipedia.org/wiki/India%27s_independence_movementhttp://en.wikipedia.org/wiki/India%27s_independence_movementhttp://en.wikipedia.org/wiki/Bankruptcyhttp://en.wikipedia.org/wiki/Bankruptcyhttp://en.wikipedia.org/wiki/Bankruptcyhttp://en.wikipedia.org/wiki/Bankruptcyhttp://en.wikipedia.org/wiki/India%27s_independence_movementhttp://en.wikipedia.org/wiki/Great_depressionhttp://en.wikipedia.org/wiki/Economy_of_Indiahttp://en.wikipedia.org/wiki/World_War_IIhttp://en.wikipedia.org/wiki/World_War_Ihttp://en.wikipedia.org/wiki/Indian_rebellion_of_1857

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0

0.10.2

0.3

0.4

0.5 Column1

Column1

LIC 48.10%ICICI 13.17%

ALLIANCEBAJAJ 16.30%SBI 6.20%HDFC 4.10%BIRLASONLIFE 3.40%RELIANCE 3.40%MAX NERYORK 2.40%OM KOTKA 1.90%

AVIVA 1.80%

TATA AIG 1.50%METLIFE 1.40%ING V 1.20%SHRIRAMLIFE 0.30%

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Products Of LIC

Before any PR campaign is started or planned it is necessary toknow the products of that organization.

LIC has a variety of insurance plans to choose from. These planscater to all categories of people and to their diverse needs. Theplans are simply unmatched in reliability, benefits and in providing

happiness and security.

WHOLE LIFE SCHEMES ENDOWMENT SCHEMES TERM ASSURANCE PLAN PERIODIC MONEY-BACK PLANS PLAN FOR HIGH-WORTH INDIVIDUALS & KEYMEN MEDICAL BENEFITS LINKED INSURANCE PLANS FOR THE BENEFIT OF HANDICAPPED PLANS TO COVER HOUSING LOANS JOINT LIFE PLAN PLANS FOR CHILDREN NEEDS INVESTMENT PLANS
http://www.licindia.com/lichome/wls.shtmlhttp://www.licindia.com/lichome/ends.shtmlhttp://www.licindia.com/lichome/termap.shtmlhttp://www.licindia.com/lichome/pmbp.shtmlhttp://www.licindia.com/lichome/newjeevan_shree.htmhttp://www.licindia.com/lichome/mbli.shtmlhttp://www.licindia.com/lichome/pbh.shtmlhttp://www.licindia.com/lichome/pchl.shtmlhttp://www.licindia.com/lichome/jlp.shtmlhttp://www.licindia.com/lichome/pcn.shtmlhttp://www.licindia.com/lichome/invp.shtmlhttp://www.licindia.com/lichome/invp.shtmlhttp://www.licindia.com/lichome/pcn.shtmlhttp://www.licindia.com/lichome/jlp.shtmlhttp://www.licindia.com/lichome/pchl.shtmlhttp://www.licindia.com/lichome/pbh.shtmlhttp://www.licindia.com/lichome/mbli.shtmlhttp://www.licindia.com/lichome/newjeevan_shree.htmhttp://www.licindia.com/lichome/pmbp.shtmlhttp://www.licindia.com/lichome/termap.shtmlhttp://www.licindia.com/lichome/ends.shtmlhttp://www.licindia.com/lichome/wls.shtml

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REVIEW OF LITERTATURE

Marketing take a day to learn unfortunately it take a lifetime to master (Kotler,1967) . with globalization andliberalization of the economy growing awareness amongconsumer and greater emphasis in customer centric activates,market management has assumed asses importance .Market must know when to cultivate large market and when tonice when to lunch new brand and when push product thedomestic market and when to penetrate aggressively intoforeign market .

Traditionally exchange is considered the central conceptin marketing(Bagozzi 1975, Hunt, 1976). In these morerecent approaches it has been suggested thatexchanges, although still important of course, arefacilitated through interactions between suppliers andcustomers, and hence interaction becomes a central

marketing concept ( Gronroos, 1990, Gummersson,1987, hakasoon, 1982). Considering the importance tocustomer relationship management, present dayemphasis of the top executive are the retention and

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maintaining the customer and building relationship withthe customer Gartner, 2008).Glen L urban (2004) views that in response to growingexpectation of customer and consequently shiftingemphasis from customer relationship management tobecome full proponents of the customer agenda.Presently companies are following new differentapproach: they are providing customers with open,

honest and complete information and then finding thebest products for them, even if those offerings are fromcompetitors. In short they are truly representing theircustomer best interest, essentially becoming advocates

for them If a company advocates for its customers, they

will reciprocate with their trust, loyalty and purchase,either now or in the future.

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Andrew smith and Leigh Sparks(2009) investigatecustomer motivations in retail loyalty scheme pointsredemption, through a qualitative study of participantsin a major UK retail loyalty scheme. They point out thatacademic research tends to neglect investigation ofpoints redemption, despite its probable significance toconsumers and certain value to businesses. Redemptionactivities have positive implications for consumer

perceptions of the scheme and the retailer and appearto enhance future purchasing behavior.

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OBJECTIVES OF STUDY

To know the Market potentials of the LIC Of INDIA . To suggest the ways to enhance the market potentials ofthe LIC of India. To check the awareness of the customers regarding theLIC companies of the life insurance sector. To check the interest of the customers in buying the LifeInsurance policy .

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RESEARCH METHDOLOGY

Research Design

The survey done for this project conveys regional information butthat can be generalized for national level also. Scope of survey islimited to H.P.

Type of Research

This is descriptive type of research in which clients or policy holdershave been surveyed for check their awareness regarding the privateof Life Insurance Sector.

Method of Data Collection

Generally there are 2 methods of data collection:

Primary Data

For collecting primary data I used questionnaire.

Under this questionnaire, the questions, which were related to

check customers awareness regarding the private players in LifeInsurance Sector, were included. Besides this there were questionsto find that what factors affect policy purchase decision and howmany people are willing to buy Life Insurance Policy from LifeInsurance companies.

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Secondary Data

These types of data are available in, Internet .

For this project I have taken help from textbooks (LIC 2011).

Secondary sources used are:

Text books Journals like insurance post, business world, market research journal and journal of marketing.

Internet sites on Insurance.

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THE RESEARCH PROCESS

Define the research problem and its objectives

Research design including sample designing

Collections of Data Survey

Analysis of Data

Interpretation and report writing

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RESEARCH DESIGN

Data source :

The study is based on both primary and secondary data.

Research instrument :

Questionnaire .

Research approach: Survey , Observation

Sampling unit:

Customers

Sample size:

100 customers

Sampling procedure:

Judge mental non random method

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LIMITATIONS

Data Collection error may be there due to wrongresponse from respondents as some time they are not rightperson who takes actual decisions.

Due to cost and human element is involved, project area waslimited.

Sometime people dont have time to fulfill questionnaire, sothey give only few information.

As per knowledge data was collected and analyzed, error maybe there.

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ANALYSIS AND INTERPERETATION

1 Do you have any knowledge about the concept ofinsurance?

Table 1

Knowledge of lifeInsurance

No of respondents Percentage

Yes. 95 95%No. 5 5%

Graph1

KNOWLEDGE OF CONCEPT OF LIFE

INSURANCE

Yes

No

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2 Do you have any Policy Life insurance ?

Table 2

People who have lifeinsurance


Yes 68 68%

No 32 32%

As per analysis 68% of the respondent are already insured byone company or the other whereas rest 32% do notinsurance of any kind.

Series 1

Yes

No

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3 What pattern do you follow for marking saving?

Table 3

Saving Pattern ifPeople

No of respondent Percentage

FD 35 35%

RD 40 40%NSC 15 15%P.O 10 10%

Graph 3

Most people out of the sample consider bank to be moresafeguarding for their money with no risk in it so recurringdeposits and fixed deposits have the higher percentage.

FD RD NSC P.O

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4 What pattern do follow in regarding if investment?

Table 4

Investment Pattern No of respondents PercentageStock 10 10%

Mutual fund 25 25%PPF 27 27%EPF 18 18%

Bonds 20 20%

Graph 4

Most chunk of the sample invest in PPF and mutual fund

25%and27% .Near to the equal % age is being investment in

EPF and bonds .

10%

25%

27%

18%

20%

Investment Pattren

Stock Mutual Fund PPF EPF Bonds

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5 How do focus for saving and investmen t?

Table 5

Focus of SavingInvestment


Social 25 25%Financial 56 65%Material 21 21%

Graph 5

Most of the responses prefer finance as the major focussaving and investment .social and materialist thing follow it.

25%

56%

19%

Focus of saving /Inveatment

Social Financial Material

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6 From which company currently do you have Insurance Policy

Table 6

Companies form whichpeople have life

insurance


LIC India 60 60%ICICI PRU 22 22%HDFCSL 10 10%MAXNY 9 65%

AVIVA 5 5%BAJAJ ALINZE 5 5%TATA AIG 3 5%OM KOTAK 3 3%BIRLA 2 2%ING VYASA 2 2%

Graph 6

0

10

20

30

40

50

60

70

LIC INDIA HDFCSL MAXNY BAJAJ ALIZE ICICIPUL TATA AIG

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7 Do you have knowledge about following companies?

Knowledge of people No if respondents(%) LIC 99HDFC 70MAXNY 34BAJAJ ALINZE 30ICICI PRU 75TATA AIG 32

BIRLA 36AVIVA 32ING VYASA 25OM KOTAKA 24

Graph7

The survey result show that 99% people know about LIC.82% ofrespondent aware of ICICI and 69% aware ofHDFCSL.MAX,TATA,BIRLA,ALIANCE

0

20

40

60

80

100

Knowledge of People RegadingLIC Companies

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8 What factor do you considered while buying the InsurancePolicy?

Table 8

Factor that Effect the buying ofLIC Policies

No of respondents

Premium Payment 33Tax benefits 56Return 60Saving 54Graph 8

60% of the respondent take LIC to get good return .56% peopletake LIC Polices Tax benefits .54%saving and 33% consider premium

as one of the influencing factor .

0

10

20

3040

50

60

70

80

PremuimPayment

Tax benefits Return Saving

Factor htat effect the buying of LIC Policys

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9 What are the reason behind the preference for a particularcompany?

Table 9People prefer for a particular

companyNo of respondent

Good products 19Customer care 15Good returns 30

Agents 10Good will 40

Money 30Graph 9

0

5

10

15

20

25

3035

40

Goodproduct

Customercare

Goodreturn

AgentsGood will

Money

Why people prefer for a particular company

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10 Do you know knowledge about the various polices of thecompanies?

Table 10Knowledge of peopleregarding polices ofvarious companies

No of respondent Percentage

Yes 20 20%No 30 27%

Not in detail 50 50%Graph 10

Out of a set 100 respodent20% are dont know about policyoffered by various company whereas 30% of them fullyaware & 50%are not aware to various LIC com.Policies.

Knowledge of people regarding polices ofvarious companies

Yes

No

Not in Detail

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11 Do you have plane for buying Insurance Policy in this Year?

Table 11

People are willing toinsurance in coming

future

No of respodents Percentage

Yes 10 10%No 90 90%

Table 11

Out the set of 100 respondents 90%of them do not have plans ofbuying Insurance within a year 10% have plane within a year.

Wether are willing to buy Insutance incomimg yer

YesNo

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12 Are you aware about the LIC if India insurance plans(policies)?

Table 12

Awareness towardsLIC of india

Insurance plans

No. of respondent %age

Awareness 55 55%Not Aware 45 45%

Graph 12

In this question an attempt has been made to find out theawareness of LIC India plans(policies) where out of 100 people 55%

were aware & 45 %were not aware .

Pople Awareness about LIC of India plans

Awareness

Not aware

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FINDING & SUGGESTION

I find in this study that Ever since the government and privatizationof Insurance sector, the sector has witness an eve rising rate ofgrowth .Companies are making their annual target and at thetarget and at the end of the year see them way beyond theirexpectation.

I think that the insurance sector has grown not only in size but inmaturity as well , in the sense that form very simple product ,which were available earlier on to the present.

What has been done is that Insurance Industry placed the costumerin center and development product & development services aroundthe costumer .

I also find that most of consumer lick to adopt LIC India policesbecause its a government insurance company .

Insurance in India is still conceder a tax saving device of its longerfinancial benefits .India people are accustomed to invest inGold,Real estate & bank Deposit . Only4-5% of Indians invest in

shares. Even to this day LIC is considered an ICON. Beca use of itsmonopoly for more than four decades and Government Backing.Indian insurance market has become very vibrant. Smashing all thedoubts over the decision to liberalize the Indian insurance sector,the overwhelming two years performance of Indian insurance

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sector is test case of massive story of private players entering intoerstwhile state monopoly. The portfolio game has shifted and theaverage size of policies ought has increased. buying a risk cover has

People are to buying cover for sake of tax breaks. They aresafeguarding themselves from the risk of dying too early to livingtoo long. Whole life and term Insurance policies are increasinglybecoming popular.

I suggest that spending has not simply increased the awarenesslevel of insurance but also brought about certain amount of sellingand market discipline. This is reflected to the fact that selling is toskewed to March pressure.

More and more people understand the right amount of insurancecover to take care of their responsibilities. People know when theyare underinsured and go for the right choice of insurance cover for

themselves. Three years since the privatization of Indian InsuranceSector and entry of first Private Insurance Companies a high level ofawareness about privatization among people is observed. Peoplehave started demanding the easy access of right and trueinformation. Insurance companies are also stepping up their workfor providing more, easy and frequent access to information and

recent developments if insurance products.

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CONCLUSION

Insurance in India is still conceder a tax saving device of its longerfinancial benefits .India people are accustomed to invest in Gold,Real estate & bank Deposit . Only4-5% of Indians invest in shares.Even to this day LIC is considered an ICON. Because of its monopolyfor more than four decades and Government Backing. It hasoccupied a high position and trust in market and minds of Indian

people. After few scams by private companies, which used to springup over nightly and after collection huge amounts from people usedto disappear in darkness of night, has made the names of privatecompanies very untrustworthy to put their money in for long terms.Private companies do not have any government security, so theyare at disadvantage in current light of situation particularly in

insurance sector. The only way they can win trust is by continuouslyand flawlessly showing better results. And that is what the newprivate entrants are doing right now.

Indian insurance market has become very vibrant. Smashing all thedoubts over the decision to liberalize the Indian insurance sector,the overwhelming two years performance of Indian insurancesector is test case of massive story of private players entering intoerstwhile state monopoly. The insurance penetration level hasconsiderably increased from 1.6% to about 2.75%. Now whetherthat growth is enough in three year period, we can always counter

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that. In the last 3years private insurance companies have grown at200-300% levels. But if you look at a longer time horizon says at 10years the insurance companies would grow at 13-14% rate that

would make it one of the fastest growing sectors.

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Recommendations

After analyzing the findings from my survey I am giving somerecommendations to LIC of India,, by applying thesesuggestions company can get some benefit. By objectives. Classification of customer as profitable and least profitable andaligning all business processes and strategies along customerlinks. Improved service quality and individualized attention tocustomer. Emphasis on Agents training. The agents should be providedcomprehensive training so that thy can go in the markt andfetch business for company. Partial and incomplete knowledgewill bring bad name to company and brings brand dilution forthe company. Classify maintain customer database and send them Birthdaywishes clients birthday and providing customized policy with

conversion option in terms of payment schedule, premiumterms, money back clauses etc. Due to pressur e on markings and LICs strong customer andagent base in all over India, requires LIC to come up with newinnovative products.

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Enhance focus on rural sector Professionalism Publicity and Public Relations. Management their customers on basis of profitability andrevenue generation Complaints by clients should be tried to remove as soon aspossible. More commission and other benefit should be given to themore profitable agent.

Classifies its most profitable staff on basis of number ofcomplaints handled.

Under social benefits company should initiate positive phonecalls and should provide service suggestions with getting toproblems.

Maintain database of existing customers for future contact. Provide net advice and net selling facilities. Product information via mass media sources. Insurance advertisement sent in mail. Tangible offering like gifts etc, financial information, andinvestment advice after policy purchase decision.

Company media advertising: Companys sponsored magazineand paper advertisement got higher points TV Commercial. A monthly payment of premiums can be start of withhousewives. So that they can be at ease.

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WEBSITES

http://www.licofindia.com/public/Group -Plans.htm

http://www.hdfclife.com/Products/SavingsPlans/SavingsAssurance.aspx

http://www.insuranceplan4u.com/india-insurance-companies/icici-pru

http://www.iciciprulife.com/public/Life-plans/Life-Insurance.html
http://www.licofindia.com/public/Group%20-Plans.htmhttp://www.licofindia.com/public/Group%20-Plans.htmhttp://www.hdfclife.com/Products/SavingsPlans/SavingsAssurance.aspxhttp://www.hdfclife.com/Products/SavingsPlans/SavingsAssurance.aspxhttp://www.insuranceplan4u.com/india-insurance-companies/icici-pruhttp://www.insuranceplan4u.com/india-insurance-companies/icici-pruhttp://www.iciciprulife.com/public/Life-plans/Life-Insurance.htmlhttp://www.iciciprulife.com/public/Life-plans/Life-Insurance.htmlhttp://www.insuranceplan4u.com/india-insurance-companies/icici-pruhttp://www.insuranceplan4u.com/india-insurance-companies/icici-pruhttp://www.hdfclife.com/Products/SavingsPlans/SavingsAssurance.aspxhttp://www.hdfclife.com/Products/SavingsPlans/SavingsAssurance.aspxhttp://www.licofindia.com/public/Group%20-Plans.htm

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QUESTIONNAIRE

NAME:

AGE:

1. Do you have any knowledge about the concept of LifeInsurance?

( )Yes

( )No

2. Do you have Life Insurance Policy?( )Yes( )No

3. What pattern do you follow for making saving?( )FD( )RD( )NSC( )P.O

4. What pattern do you follow in regarding of investment?( )Stock( )Mutual fund( )PPF( )EPF( )Bonds

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5 How do you focus for saving and investment?( )Social( )Financial

( )Material5. From which company currently do you have Life Insurance

policy?( )LIC( )HDFCSL( )MAXY

( )BAJAJ ALLIANZ( )ICICI PRU( )BIRLA( )INGVASYA( )OM KOTAK

6. Do you have knowledge about following companies?

( )LIC( )HDFCSL( )MAXY( )BAJAJ ALLIANZ( )ICICI PRU( )BIRLA

( )INGVASYA( )OM KOTAK

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8 What factors do you considered while buying the InsurancePolicy?( )Premium Payment

( )Tax Benefits( )Returns( )Savings

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