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Life Insurance Corporation; Analyzing its Distribution Model and Market Share

DECLARATION FORM

I hereby declare that the Project work entitled INDIAN RETAIL INDUSTRY; ANALYZING THE PSYCHOGRAPHIC BEHAVIOR OF CONSUMERS WITH REGARDS TO FOOD, APPAREL AND GROCERY submitted by me for the partial fulfillment of the Post Graduate Diploma in Business Management Program to is my own original work and has not been submitted earlier either to or to any other Institution for the fulfillment of the requirement for any course of study. I also declare that no chapter of this manuscript in whole or in part is lifted and incorporated in this report from any earlier / other work done by me or others.

CONTENTS

i. ii. iii. iv. v. vi. vii. viii. ix. x. xi.

Executive Summary.2 Objectives of the Study3 Introduction.4 Theoretical Background.6 Literature Review..19 Research Methodology..21 Analysis And Findings..24 Conclusions54 Limitations.55 References..56 Annexure 57

Executive summary

The following is a project study concerning the field of distribution management as applied to the insurance industry and the market share of LIC. As the insurance industry has opened up, newly arrived private insurances companies are trying new and innovative ways for of reaching their target customer. I doing so this organization is adopting previously untested method of reaching out. This study is an attempt to gauge what factor affects the choice of particular channel being used. Also the study aims to find out relative performance of these new models, which have been put into use a finally to figure out which of these models holds the most promise or the future. The study has been conducted in to parts. The initial exploratory research was conducted using secondary such as article from journals, newspaper etc. to arrive at a set of factor governing the choice of channel. After this was done a descriptive research was carried out seeking the performance of LIC in new business. Interviewing the customer having life insurance policy, which helped arriving at a holistic study, did this

Objective of the Study The major objectives of the project have been outlined as follows; To identify the current distribution models for the selling of life insurance products in India. To identify the factors relevant to market channel decisions To find out the relevant strengths and weakness of these models vis--vis the factor affecting channel decisions. To find the position of LIC in new business of life insurance.