LIC Policyholder Satisfaction in Krishnagiri District

  • Agila M Department of Commerce, Sri Vidya Mandir Arts and Science College, Uthangarai, Tamilnadu, India – 636902
Keywords: Life Insurance, Market Competition, Monopoly

Abstract

Life Insurance is customer based business where retention of existing customers is the biggest challenge in present-day cut throat market competition. LIC enjoyed monopoly in life Insurance sector during the pre-nationalized period up to 1999. After liberalization in 2000, many Indian and foreign companies are entered in insurance business. Due to the advent of stiff competition, both public sector and private sector introduce new polices with low cost. This study focus on how LIC manages the satisfaction of its customers and identifies the factors that influence the policyholders’ satisfaction. A well structured Interview schedule was used to collect data from 150 LIC policyholders of Krishnagiri district. The study revealed that among the respondents, 70.67 per cent of them have medium level of satisfaction, 16 per cent have low level of satisfaction and 13.33 per cent have high level of satisfaction on services provided by LIC. Chi square analysis reveals that there exist a relationship between the selected variables namely area of residence, educational qualification, occupation, respondent’s annualincome, family annual income and the satisfaction of the customers.

Published
2014-10-30