INTRODUCTION

Consumer Perception:
Consumer perception theory is any attempt to understand how a consumers perception of a product or service influences their behavior. Those who study consumer perception try to understand why consumers make the decisions they do, and how to influence these decisions. Usually, consumer perception theory is used by marketers when designing a campaign for a product or brand. However, some people study consumer perception in order to understand psychology in a much more general sense.

Perception:
In general psychological terms, perception is our ability to make some kind of sense of reality from the external sensory stimuli to which we are exposed. Several factors can influence our perception, causing it to change in certain ways. For example, repeated exposure to one kind of stimuli can either make us oversensitive or desensitized to it. Additionally, the amount of attention we focus on something can cause a change in our perception of it.

What Is PERCEPTION?
Perception is a process by which individuals organize and interpret their sensory impressions in order to give meaning to their environment. However, what one perceives can be substantially different from objective reality. It need not be, but there is often disagreement. For example, its possible that all employees in a firm may view it as a great place to work- favorable working conditions, interesting job assignments, good pay, an understanding and responsible management but , as most of us know, its very unusual to find such agreement.

Factors That Influence Perception:

A number of factors operate to shape & sometimes distort perception. These factors can reside in the perceiver, in the object or target being perceived, or in the context of the situation on which the perception is made.
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a) Factors in the perceiver: Attitudes Motives Interests Experience Expectations

b) Factors in the situation: Time Work setting Social setting

c) Factors in the target Novelty Motion Sounds Size Background Proximity Similarity

CUSTOMER BEHAVIOUR :
Behavior is a mirror in which everyone shows his or her image. Behavior is a process of responding to stimuli. Consumer behavior is to do with the activities of individuals in obtaining and using the goods and services. It encompasses the decision making process that precedes and determines purchases. In the words Prof. C.G. Walter and Prof. G.W. Paul it is The process whereby individuals decide whether, what, when, where, how and from whom to purchase goods and services.

Consumer or Customer behavior is all the psychological, social and physical behavior of potential customers as they become aware of evaluate, purchase, consume and tell others the products or services.

Factors Influencing Consumer Behaviour:

Social and Cultural Influences Culture is learned behavior that has been passed down over time, reinforced in our daily lives through the family unit and through education and religious institutions. Culture influences, therefore, are powerful ones and if the company does not understands the culture in which the particular market operates it cannot hope to develop products and market them successfully. It is important to recognize that culture although immensely powerful is not fixed forever. Change in culture tends to be slow and not fully assimilated until a generation or more has passed. Specific social influences Social class

This is the most prominent social influence. Traditionally, one of the chief determinants of social class was income. Since pay structures have altered a great deal in terms of the lower C2, D, and E categories moving more towards levels previously enjoyed by higher A, B and C1 categories over the past 30 years or so, classification of consumers on the basis of lifestyle is becoming more meaning today. Reference groups

This can be described as group of people whose standards of conducts of mould an individuals dispositions, beliefs and values. This group can be small or large. Reference groups can range from the immediate family to the place of work. They can also be found in a persons social life. An individual is unlikely to deviate too far from the behavioral norms led down by the members of a club or hobby group. Reference group, but it does state that individualism cannot exist within a group, but it does suggest that even rigid independent thinkers will at least be aware of what is considered normal within a group.

Motivation

Marketers are interested in motivation when it relates to purchasing behaviour. This behaviour relates to the motive for wishing to posses the goods or services in question, and it has been termed goal-related behaviour. It can, therefore, be seen that a number of motives might be at play when making a purchaser decision some motives stronger than others and the final decision might be a compromise solution.

CUSTOMER SATISFACTION:

The liberalization and globalization of Indian economy has taken place almost a decade ago, the focus point in any organization is Customer satisfaction. The phase such as Customer is king in our business, service to customer is service to god are no more a myth but turned out to be a reality. Customer satisfaction is the base of any business expansion because of the stiff competition prevalent in the market. Whether the buyer is satisfied after the purchase depends on the offers performance in relation to the buyers expectation. In general; satisfaction is a persons feeling of pleasure or disappointment resulting from comparing a products perceived performance ( or outcome) in relation to his or her expectation. As this definition makes clear, satisfaction is a function of perceived performance and expectation. If the performance falls short of expectations, the customer is dissatisfied. If the performance matches the expectations the customer is satisfied.

Perception
Unlike motivation that requires a reaction to a stimulus, perception relates to the meaning that is assigned to that stimulus as marketers are interested in how buyers perceive and react to products in relation to such matters as quality, aesthetics, price and image, since products not only exist in partial terms but also how they are perceived by consumers in relation need satisfaction. This perception by buyers is affected by the nature of the product itself, by the circumstances of the individual buyer and by the buyers innate situation in terms of how ready they are to make the purchase in terms of needing it at a particular point of time.
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Attitude: Our strongest basic attitudes are implanted in our formative years and these come largely from the influence of our close family group and other social interaction. More refined attitude develops later. In marketing terms, the sum total of our attitudes can be regarded as a set of cognitions that a potential buyer has in relation to a potential purchase or purchasing environment. This is why certain stores or companies go out of their way to engender favorable attitude and it is why manufacturer seek to induce loyalty towards their particular brand or product. Learning In the context of marketing, learning is a result of information received through advertising or other publicity or through some reference group or other. In order to have an effect on motives or attitudes, marketing effort should associate the product with positive drives and reinforcing messages.

LIFE INSURANCE IN INDIA:

Life insurance in India made its debut well over 100 years ago.In our country, which is one of the most populated in the world, the prominence of insurance is not as widely understood, as it ought to be. What follows is an attempt to acquaint readers with some of the concepts of life insurance, with special reference to LIC it should, however, be clearly understood that the following content is by no means an exhaustive description of the terms and conditions of an LIC policy or its benefits or privileges. For more details, please contact our branch or divisional office. Any LIC Agent will be glad to help you choose the life insurance plan to meet your needs and render policy servicing.

What Is Life Insurance?

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. The contract is valid for payment of the insured amount during: The date of maturity, or Specified dates at periodic intervals, or
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Unfortunate death, if it occurs earlier.

Among other things, the contract also provides for the payment of premium periodically to the Corporation by the policyholder. Life insurance is universally acknowledged to be an institution, which eliminates 'risk', substituting certainty for uncertainty and comes to the timely aid of the family in the unfortunate event of death of the breadwinner. By and large, life insurance is civilizations partial solution to the problems caused by death. Life insurance, in short, is concerned with two hazards that stand across the life-path of every person: 1. That of dying prematurely is leaving a dependent family to fend for itself. 2. That of living till old age without visible means of support.

Customer satisfied with LIC service because the LIC totally concentrate customer relations and it makes customers attract towards the LIC

OBJECTIVES OF THE STUDY:

The main objective of this study is to carry on brief study on Customer satisfaction survey on insurance products of LIC Other objectives of this project are as follows: To identify the insurance needs of the Indian pepole with respect to their emotional, physical and financial conditions. To study the varied reasons of availing life insurance plans To clearly understand the rationale behind the investment in policies of LIC. To test the awareness of customers on various aspects of life insurance policies offered by LIC and other private sector insurance companies and find whether there is any relation between them. The prime objective of the study is to find out the level of satisfaction of a customer (policy holders or beneficiary) find out the procedure of claim policy holder or the beneficiary

Scope of the Study:

To know and understand the different pensions plans as policy as two leading insurance company in insurance sector by study and analysis that how and in what manner they attract the customers of different age and salary groups. METHODOLOGY: For the preparation of this report the collection of relevant data is very essential. he data collected for this study is a (1) Primary data (2) Secondary data. PRIMARY DATA : Selected 50 people from various people by interview them with the particular questionnaire the primary data was collected By the directly knowing the information Primary data has been gathered by interviewing the manager and other officials of L.I.C of India SECONDARY DATA: Secondary data are the other important sources through which the data is collected. These are the readily available sour5ces of data where one had needed not put much effort. To

collected because it is already been collected and part in an elderly manner by some researchers, experts and specialties. The sources of data is BOOKS NEWSPAPERS INTERNET
BUSINESS MAGAZINES

LIMITATION OF STUDY: As the study has been restricted to certain area of the Karimnagar city, therefore the results cannot be generalized. Sometimes error caused by variations between the information sort by researcher and the information given by the respondents. There will be unwilling by the customer when the information regarding age, occupation, and income, & education, then wrong information is given. The respondents could have given wrong responses due to the presence of the researcher, as their behavior is conditional. The limit for the project is only 2 months.

COMPANY PROFILE
About the organization:
Life Insurance in its modern form came to India from England in the year 1818. Oriental Life Insurance Company stated by Europeans in Calcutta was the first life insurance company on Indian Soil. All the insurance companies established during that period were brought up with the purpose of looking after the needs of European community and Indian natives were not being insured by these companies. However, later with the efforts of eminent people like Babu Muttylal Seal, the foreign life insurance companies started insuring Indian lives. But Indian lives were being treated as substandard lives and heavy extra premiums were being changed on them. Bombay Mutual Life Assurance Society heralded the birth of first Indian life insurance company in the year 1870, and covered Indian lives at normal rates. Starting as Indian enterprise with highly patriotic motives, insurance companies came tito existence to carry the message of insurance and social security through insurance to various sectors of society. Bharat Insurance Company (1896) was also one of such companies inspired by nationalism. The Swadeshi movement of 1905-1907 gave rise to more insurance companies. The United India in Madras, National Indian and National Insurance in Calcutta and the Hindustan Co-operative Insurance Company took its birth in one of the rooms of the Jorasanko, house of the great poet Rabindranath Tagore, in Calcutta. The Indian Mercantile, General Assurance and Swadeshi Life (later Bombay Life) were some of the companies established during the same period. Prior to 1912. India had no legislation to regulate insurance business. In the year 1912, the Life Insurance Companies Act, and the Provident Fund Act were passed. The Life Insurance Companies Act, 1912 made it necessary that the premium rate tables and periodical valuations of companies should be certified by an actuary. But the act discriminated between foreign and Indian companies on many accounts, putting the Indian companies at a disadvantage. The first two decades of the twentieth century saw lot of growth in insurance business. From 44 companies with total business-in force as Rs. 22.44 crore, it rose to

176 companies with total business-in-force as Rs. 298 crore in 1938. During the mushrooming of insurance companies many financially unsound concerns were also floated which failed miserably. The Insurance Act 1938 was the first legislation governing not only life insurance but also non-life insurance to provide strict state control over insurance business. The demand for nationalization of life insurance industry was made repeatedly in the past but it gathered momentum in 1944 when a bill to amend the Life Insurance Act 1938 was introduced in the Legislative Assembly. However, it was much later on the 19th of January, 1956, that life insurance in India was nationalized. About 154 Indian insurance companies, 16 non-Indian companies and 75 provident were operating in India at the time of nationalization, nationalization was accomplished in two stages; initially the management of the companies was taken over by means of an Ordinance, and later, the ownership too by means of a comprehensive bill. The Parliament of India passed the Life Insurance Corporation Act on the 19th of June 1956, and 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. LIC had 5 zonal offices, 33 divisional offices and 212 branch offices, apart from its corporate office in the year 1956. Since life insurance contracts are long term contracts and during the currency of the policy it requires a variety of services need was felt in the later years to expand the operations and place a branch office at each district headquarter, re-organization of LIC took place and large numbers of new branch offices were opened. As a result of reorganization servicing functions were transferred to the branches, and branches were made accounting units. It worked wonders with the performance of the corporation. It may be seen that from about 200.00 crores of New Business in 1957 the corporation crossed 1000.00 crores only in the year 1969-70, and it took another 10 years for LIC to cross 2000.00 crore mark of new business. But with re-organization happening in the early eighties, by 1985-86 LIC had already crossed 7000.00 crore Sum Assured on new policies. Today LIC functions with 2048 fully computerized branch offices, 100 divisional offices, 7 zonal offices and the corporate office. LICs Wide Area Network covers 100 divisional offices and connects all the branches through a Metro Area Network. LIC has tied up with some Banks and Service providers to offer on-lint premium collection facility in selected cities. LICs ECS
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and ATM premium payment facility is an addition to customer convenience. Apart from on-line Kiosks and IVRS, Info Centres have been commissioned at Mumbai, Ahmedabad, Bangalore, Chennai, Hyderabad, Kolkata, New Delhi, Pune and many other cities. With a vision of providing easy access to its policyholders, LIC has launched its SATELLITE SAMPARK offices. The satellite offices are smaller, leaner and closer to the customer. The digitalized records of the satellite offices will facilitate anywhere servicing and many other conveniences in the future. LIC continues to be the dominant life insurer even in the liberalized scenario of Indian insurance and is moving fast on a new growth trajectory surpassing its own past records. LIC has issued over one crore policies during the current year. It has crossed the milestone of issuing 1,01,32,955 new policies by 15th Oct, 2005, posting a healthy growth rate of 16.67% over the corresponding period of the previous year. From then to now, LIC has crossed many milestones and has set unprecedented performance records in various aspects of life insurance business. The same motives which inspired our forefathers to bring insurance into existence in this country inspire us at LIC to take this message of protection to light the lamps of security in as many homes as possible and to help the people in providing security to their families. Some of the important milestones in the life insurance business in India are: 1818: Oriental Life Insurance Company, the first life insurance company on Indian soil started functioning. 1870: Bombay Mutual Life Assurance Society, the first Indian life insurance company started its business. 1912: The Indian Life Assurance Companies Act enacted as the first statute to regulate the life insurance business. 1928: The Indian Insurance Companies Act enacted to enable the government to collect statistical information about both life and non-life insurance businesses. 1938: Earlier legislation consolidated and amended to by the Insurance Act with the objective of protecting the interests of the insuring public. 1956: 245 Indian and foreign insurers and provident societies are taken over by the central government and nationalized. LIC formed by an Act of Parliament, viz. LIC Act, 1956, with a capital contribution of Rs. 5 crore from the Government of India.
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The General insurance business in India, on the other hand, can trace its roots to the Triton Insurance Company Ltd., the first general insurance company established in the year 1850 in Calcutta by the British.

LIFE INSURANCE CORPORATION OF INDIA (LIC):

The Life insurance Corporation was established about 44 years ago with a view to provide an insurance cover against various risks in life. A monolith then, the corporation, enjoyed a monopoly status and become synonymous with life insurance. Its main asset is its staff strength of 1.24 lakhs employed and 2,048 branches and over six-lakhs agency force. LIC has hundred divisional offices and has established extensive training facility at all levels. At the apex, is the Management Development Institute, seven zonal Training Centre and 35 sales Training Centers. At the industry level, along with the Government and the GIC, it has helped establish the National Insurance Academy. It presently transacts individual Life Insurance business, group Insurance business, social security schemes and Pensions, grants housing loans through its subsidiary. And the markets savings and Investment products through its mutual fund. It pays off about Rs 6,000 crores annually to5.6 million policyholders

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LIC OPERATES ALL OVER INDIA

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COMPANY PROFILE

Type: Public limited company or Government-owned corporation Founded: September 1, 1956 Headquarters: Headquarters in Mumbai, India (Various other locations in India and abroad) Products: Insurance and Pension Plans Employees: Over 10, 00,000 Parent: NIL Subsidiaries: LIC Housing Finance Limited, etc. Website: http://www.licindia.com

BOARD OF DIRECTORS: Members On The Board Of The Corporation Shri. D.K. Mehrotra (Managing Director - LIC) Shri. Thomas Mathew T. (Managing Director - LIC) Shri. A.K. Dasgupta (Managing Director - LIC) Shri. Ashok Chawla (Finance Secretary, Ministry of Finance, Govt. of India) Shri. R. Gopalan (Secretary, Department of Financial Services, Ministry of Finance, Govt. of India.)
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Shri. Yogesh Lohiya (Chairman cum Managing Director, GIC of India) Shri D.L. Rawal (Chairman & Managing Director , Dena Bank) Dr. Sooranad Rajashekhran Shri. Monis R. Kidwai Lt. General Arvind Mahajan ( Retd.)

MISSION/VISION: Mission
Explore and enhance the quality of life of people through financial security by providing products and services of aspired attributes with competitive returns, and by rendering resources for economic development.

Vision
A trans-nationally competitive financial conglomerate of significance to societies and Pride of India. LIC of India is the one and only public sector life insurance Company in India.

Milestones:
Some of the important milestones in the life insurance business in India are: 1818: Oriental Life Insurance Company, the first life insurance company on Indian soil started functioning. 1870: Bombay Mutual Life Assurance Society, the first Indian life insurance company started its business. 1912: The Indian Life Assurance Companies Act enacted as the first statute to regulate the life insurance business. 1928: The Indian Insurance Companies Act enacted to enable the government to collect statistical information about both life and non-life insurance businesses.

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1938: Earlier legislation consolidated and amended to by the Insurance Act with the objective of protecting the interests of the insuring public. 1956: 245 Indian and foreign insurers and provident societies are taken over by the central government and nationalized. LIC formed by an Act of Parliament, viz. LIC Act, 1956, with a capital contribution of Rs. 5 crore from the Government of India.

The General insurance business in India, on the other hand, can trace its roots to the Triton Insurance Company Ltd., the first general insurance company established in the year 1850 in Calcutta by the British.

ORGANISATION STRUCTURE OF LIC:

Chairman

Managing Director

Executives Directors

Chiefs

Zonal Managers

Regional Managers

Divisional Managers

100 Seniors Divisional Managers

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Marketing Managers

Sales Managers

Senior Branch Managers (Head of the Branch)

Assistant Branch Managers Sells

Development Officers Different Agent

PUBLIC RELATION DEPARTMENT:

The Public Relation Department in LIC is divided into three major categories. Namely: 1. Communication Department 2. Crisis Management Department 3. Publicity Department Chief Public Relation Officer

PRO (Communication Dept.)

PRO (Crisis Management Dept.)

PRO (Publicity Dept.)

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DEPARTMENTS:
CHAIRMAN OF LIC

PUBLIC RELATIONS

COMMUNICATION DEPARMENT

PUBLICITY DEPARMENT

CRISIS MANAGEMENT DEPATMENT

CHIEF PUBLIC RELATION OFFICER:

The Chief Public Relation Officer of LIC is Mr. M. V. Kulkarni. He heads the PR department. The above three committees are under the PRO. The PRO is responsible for the overall functioning of the PR department. He has to monitor the smooth functioning of the three departments.

Responsibilities Of Chief Public Relation Officer:1. PR represents whole organization. 2. Should know how to behave in a certain situation. 3. He is not a person, he is representative. 4. Should know how to create enthusiasm. 5. In crisis he has to give feedback as soon as possible.

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Objectives And Functions Of Chief Public Relation Officer:1. The PRO is directly answerable to the Chairman Shri. T.S. Vijayan. 2. The PRO looks after all the activities of the three departments all over India. 3. Also he has to keep in close touch with the over-seas PR departments of LIC. 4. All the policies implemented in India are informed to other PROs of the over-seas branches of LIC. 5. The PRO monitors the norms and values of all the branches. 6. The new rules and regulations in India are informed to the PROs of the over-seas branches. 7. The PRO also holds regular workshops for the top management employees to motivate them to lift the spirit of the work culture. 8. The PRO also has to provide information about latest policies to the communication department and ask them to public or air it through various mediums. 9. Since a major share of workload of LIC is in the public sector, the PRO has to look after social responsibility as well as maintaining the image of the company.

Communication Department
The PRO of this Department is an external PR. He looks after:1. Arranging press conferences, press releases and is in constant contact with the media. 2. He is also responsible for monitoring the overseas communications. 3. The Communication Department PRO has to make arrangements for the guests and their overall honors. The conversations with the guests are directly done by the Communication Department PRO. 4. The PRO from this department should always keep a close eye on the latest happenings in the market. Any social issue at any area is news to be worked out for him. 5. He reports directly to the Chief PRO of the company.

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6. The Press conference usually includes the CEO of the company, the Chief PRO and the Communication Dept. PRO. 7. If the case is of crisis, then only is the Crisis management Dept PRO present for the Press conference. 8. Since LIC is closely related with the Public Sector, the Communication Dept. PRO has to also be in a close contact with the government officials. 9. He also has to motivate the employees in his department for constant progress in the strategies for communication. 10. In short, the communication Department PRO ensures that there is no communication gap between the company and the external concerned bodies. 11. (Recent press releases of LIC issued by Communication Department PRO enclosed).

CRISIS MANAGEMENT DEPARTMENT:

The PRO in this department is an internal one. From the overall history of LIC, it is seen that the company has never been into any major crisis. This itself is one of the best achievements. He is answerable to the Chief Public Relation Officer. The PRO from crisis management, though is here to handle crisis, he has been assigned many other internal responsibilities. 1. Motivating the lower employees, sales executives and sales and marketing employees. 2. Building up a smooth communication between the Blue Collar and the White Collar. 3. Arranging small workshops for all the employees. 4. He also has to know the issues going within the other departments so that these issues are solved before they create crisis. The strategy used by the PR here for crisis management is:Wash the utensil before having food in it. Thus all the employees right from the day of joining are kept in close contact with the Crisis Management Dept. And regular workshops help to restrict cases like Corruption. With a

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company so closely associated with the government, restricting such practices is very difficult task.

Publicity Department:
The PRO of the publicity Department is an External PR. This department was formed due to the fall of sales in the 1999. This fall was due to the emergence of the foreign insurance companies and their advertising strategies. Initially, the ads shown by LIC always said no worry even after death. All the ads portrayed death. The other insurance companies came up with the idea that insurance is for happy life. Thus the sales of LIC went down as people liked the idea of Life more than Death. Hence a separate publicity department was formed which worked only for publicity strategies. Initially it was looked up by the Communication Department. Today the publicity department PRO has to see to it that all the ads running are creating effect. The PRO is the one who along with the Marketing department looks after the strategies for publicity. He is also to carry out various campaigns. The very recent campaign is known as Zindagi Express. The Zindagi Express is a term that has been associated to the life of LIC. Just as humans celebrate their 50 years of life, even LIC is celebrating its life. And when any person has done a lot in his life, he is capable of writing an Autobiography. Thus Zindagi Express is an Autobiography by LIC. They had started this unique campaign of auto biography from Delhi and will cover the entire nation and end up in Delhi again. During this journey they explain what all LIC has
done for publics and what all it still intends to do

To satisfy the consumers in LIC they make effective public relations and consumer relations

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S.W.O.T. ANALYSIS OF LIC:

A proper S.W.O.T. analysis of LIC has also been conducted to know better about the position, growth, and upcoming future and prospective of the company. STRENGTHS: LIC is on 1st rank among the Insurance player. Long-term plans of LIC are the main strength. After sales services. Products cost are very low. Customer does not believe on private company.

WEEKNESS

Low interest rate

OPPORTUNITIES Good brand promotion. 1/2nd- % insurance has been covered.

THREATS Competitors. Entry of Private Insurance banks.

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AWADRS:
Awards Received in 2011-12

Readers Digest

Superbrands

Asian Leadership Awards

ET Brand Equity's Most Trusted

CNBC AWAAZ

Dainik Bhaskar Group

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Awards Received in 2010-11

CNBC Awaz Consumer Award

ET Brand Equity Award for Top Brand in Insurance Category

Outlook Money Award for Best Life Insurer

AIMA High Performance Award

Readers Digest Trusted Brand

Golden Peacock Award for Corporate Governance

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THEORETICAL ASPECTS OF THE STUDY Definition of service quality:

"Service quality is a focused evaluation that reflects the customer's perception of specific dimensions of service: reliability, responsiveness, assurance, Empathy, tangibles. Satisfaction, on other hand, is more inclusive: it is influenced by perceptions of service quality, product quality, and price as well as situational factors and personal factors. The five service dimensions are:

TANGIBLES: Appearance of physical facilities, equipment, personnel, and communication materials

ABILITY: Ability to perform the promised service dependably and accurately

RESPONSIVENESS: Willingness to help customers and provide prompt service

ASSURANCE: Knowledge and courtesy of employees and their ability to convey trust and confidence

EMPATHY: Caring, individualized attention the firm provides its customers

Strong customer service is a business essential. Providing it isnt as difficult if you and your employees achieve these 10 basic rules:

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1. Commit to quality service: In LIC of India Everyone devoted to creating a positive experience for the customer. Always try to go above and beyond customer expectations. 2. Knowledge about products: Convey an articulate and in-depth knowledge of products and services to win customer trust and confidence. They know their companys products, services, and return policies inside and out. Also try to anticipate the types of questions that customers will ask. Anyone can easily Update and amend their FAQ page frequently. 3. Know your customers. They can try to learn everything about the customers in order to tailor their service approach to customers needs and buying habits. Talk to customers about their experience with the company, and listen their complaints. In this way, they can get to the root of customer dissatisfaction. 4. Treat people with courtesy and respect: Employee or the agents of the LIC of India always treat or react with respect to their customers. Whether its by email, phone, written correspondence, or a face-to-face meeting. This interaction leaves an impression with that customer. Use conciliatory phrases "Sorry to keep you waiting," "Thanks for your order," "Youre welcome," and "Its been a pleasure helping you" etc. 5. Never argue with a customer: They know very well that the customer isnt always right. However, they do not focus on the missteps of a particular situation; instead, concentrate on how to fix it. Research shows that 7 out of 10 customers will do business with a company again if that business resolves a complaint in their favor.s

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6. Dont leave customers in limbo: LIC agents or employee Repairs, callbacks, and emails handled with a sense of urgency. They know Customers want immediate resolution, and if they can give it to them, they will probably win their repeat business. Research shows that the instance of repeat business goes up to 95 percent when complaints are resolved on the spot. 7. Always provide what you promise: They know very well that if they fail to do this than they will lose both credibility and customers. If they guarantee a quote within 24 hours, they quote out in a day or less. when they neglect to make good on their promise, apologize to the customer and offer some type of compensation, such as a discount or free delivery. 8. Assume that customers tell the truth: Even though it may appear that customers lie to manipulate a situation to their advantage, they hope that it is their advantage to give them the benefit of the doubt. The majority of customers dont like to complain; in fact, they will go out of their way perhaps all the way to a competitor to avoid it. If they hear unhappy rumblings from their customers, take their complaints to heart and do their best to appease their dissatisfaction. 9. Focus on making customers not on sales.: Salespeople, especially those who get paid on commission, sometimes focus on the volume instead of on the quality of the sale. But an agent or employee of LIC give more important to customers business is more than to close a sale. Research shows that it costs six times more to attract a new customer than it does to keep an existing one. Moreover, happy customers are the best and most effective way to find new customers.

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Make it easy to buy: The buying experience in their store, on Web site, or through catalog should be as easy as possible. People cant find unnecessary paperwork and forms. They help people to find what they need, explain how products work. What is customer loyalty? The term customer loyalty is used to describe the behavior of repeat customers, as well as those that offer good ratings, reviews, or testimonials. Some customers do a particular company a great service by offering favorable word of mouth publicity regarding a product, telling friends and family, thus adding them to the number of loyal customers. However customer loyalty includes much more. It is a process, a program, or a group of programs geared toward keeping a client happy so he or she will provide more business. Customer loyalty can be achieved in some cases by offering a quality product with a firm guarantee. Customer loyalty is also achieved through free offers, coupons, low interest rate on financing, high value trade-ins, extended warranties, rebates, and other rewards and incentive programs. The ultimate goal of customer loyalty programs is happy customers who will return to purchase again and persuade others to use that company's products or services. This equates to profitability, as well as happy stakeholders The key to a successful business is a steady customer base. After all, successful businesses typically see 80 percent of their business come from 20 percent of their customers. Too many businesses neglect this loyal customer base in pursuit of new customers. However, since the cost to attract new customers is significantly more than to maintain your relationship with existing ones, your efforts toward building customer loyalty will certainly payoff.

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Here are ten ways to build customer loyalty: 1. Communicate. Employees or the agent of the LIC of the India sent an email newsletter, monthly flier, a reminder card for a tune up, or a holiday greeting card, reach out to their teddy customers. 2. Customer Service. LIC of India go the extra distance and meet their customer needs. They also Train the staff to do the same. Customers remember being treated well. 3. Employee Loyalty. Loyalty works from the top down. they are loyal to their employees, they will feel positively about their jobs and pass that loyalty along to your customers. 4. Employee Training. They train their employees in the manner that they want them to interact with customers. Empower employees to make decisions that benefit the customer. 5. Customer Incentives. They Give customers a reason to return to their business. For instance, they give bonus to their customers or offer free gift coupons etc; 6. Product Awareness. They Know what steady customers purchase and keep these products to sell them . and they also add other products and/or services that accompany or compliment the products that your regular customers buy regularly. And they are sure about that their staff understands everything about their products.

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7. Reliability. They always reliable to their customers. If something goes wrong, they immediately inform to their customers and compensate them for their inconvenience. 8. Be Flexible. They are always ready to solve customer problems or complaints to the best of their ability. And provide accurate result in a short time period. 9. People over Technology. The harder it is for a customer to speak to a human being when he or she has a problem, the less likely it is that you will see that customer again. 10. Know Their Names. They know the names of regular customers or at least recognize their faces.

Relationship Between Service quality and Customer Loyalty:

In various studies the relationship between service quality and customer preference loyalty had been examined (Boulding, Kalra, Staelin, & Zeithaml, 1993; Cronin & Taylor, 1992). In their study Cronin and Taylor (1992) focused solely on repurchase intentions, whereas Boulding et al. (1993) focused on the elements of repurchasing as well as the willingness to recommend. In the study by Cronin and Taylor service quality did not appear to have a significant (positive) effect on repurchase intentions (in contrast to the significant positive impact of satisfaction on repurchase intention), whereas Boulding et al. (1993) found positive relationships between service quality and repurchase intentions and willingness to recommend.

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Products of LIC
LIC - Jeevan Anurag:
Benefits: LICs Jeevan ANURAG is a - with profits plan specifically designed to take care of the educational needs of children. The plan can be taken by a parent on his or her own life. Benefits under the plan are payable at pre specified durations irrespective of whether the Life Assured survives to the end of the policy term or dies during the term of the policy. In addition, this plan also provides for an immediate payment of Basic Sum Assured amount on death of the Life Assured during the term of the policy. Assured Benefits: Payment of 20% of the Basic Sum Assured at the start of every year during last 3 policy years before maturity. At maturity, 40% of the Basic Sum Assured along with reversionary bonuses declared from time to time on full Sum Assured for the full term and the Terminal bonus, if any shall be payable. For example, if term of the policy is 20 years, 20% of the Sum assured will be payable at the end of the 17th, 18th, 19th year and 40% of the Sum Assured along with the reversionary bonuses and the terminal bonus, if any, at the end of the 20th year. Death Benefit: Payment of an amount equal to Sum Assured under the basic plan immediately on the death of the life assured.

LIC - Jeewan Kisore:

Product summary: This is an Endowment Assurance Plan available for children of less than 12 years of age. The policy may be purchased by any of the parent/ grandparent.

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Commencement of risk cover: The risk commences either after 2 years from the date of commencement of policy or from the policy anniversary immediately following the completion of 7 years of age of child, whichever is later. Premiums: Premiums are payable yearly, half-yearly, quarterly or monthly throughout the term of the policy or till earlier death of child.

Bonuses:
This is a with profits plan and participates in the profits of the Corporations life insurance business. It gets a share of the profits in the form of bonuses. Simple Reversionary Bonuses are declared per thousand Sum Assured annually at the end of each financial year. Once declared, they form part of the guaranteed benefits of the plan. A Final (Additional) Bonus may also be payable provided policy has run for certain minimum period.

LIC Childs Career Plan:

Introduction:

This plan is specially designed to meet the increasing educational and other needs of growing children. It provides the risk cover on the life of child not only during the policy term but also during the extended term (i.e. 7 years after the expiry of policy term). A number of Survival benefits are payable on surviving by the life assured to the end of the specified durations.

Options: You may choose Sum Assured (S.A.), Maturity Age, Policy Term, Mode of Premium payment and Premium Waiver Benefit.

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Payment of Premiums: You may pay the premiums regularly at yearly, half-yearly, quarterly or through Salary deductions over the term of policy. Premiums may be paid either for 6 years or up to 5 years before the policy term.

LIC - Child Future Plan:

Introduction:

This plan is specially designed to meet the increasing educational, marriage and other needs of growing children. It provides the risk cover on the life of child not only during the policy term but also during the extended term (i.e. 7 years after the expiry of policy term). A number of Survival benefits are payable on surviving by the life assured to the end of the specified durations. Options: You may choose Sum Assured (S.A.), Maturity Age, Policy Term, Mode of Premium payment and Premium Waiver Benefit. Payment of Premiums: You may pay the premiums regularly at yearly, half-yearly, quarterly or through Salary deductions over the term of policy. Premiums may be paid either for 6 years or up to 5 years before the policy term.

LIC New Jeevan Shree:

Product summary: This is an Endowment Assurance plan offering the choice of many convenient premium-paying terms. It provides financial protection against death throughout the term of plan with the payment of maturity amount on survival to the end of the policy term.

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Premiums: Premiums are payable yearly, half-yearly, quarterly, monthly or through Salary deductions, as opted by you, throughout the premium paying term or till earlier death. Alternatively premium may be paid in one lump sum. Guaranteed Additions: The policy provides for the Guaranteed Additions at the rate of Rs. 50/- per thousand Sum Assured for each completed year for first five years of the policy.

LIC - The Whole Life Policy:

This plan is mainly devised to create an estate for the heirs of the policyholder as the plan basically provides for payment of sum assured plus bonuses on the death of the policyholder. However, considering the increased longevity of the Indian population, the Corporation has amended the above provision, thereby providing for payment of sum assured plus bonuses in the form of maturity claim on completion of age 80 years or on expiry of term of 40 years from date of commencement of the policy whichever is later. The premiums under the policy are payable up to age 80 years of the policyholder or for a term of 35 years whichever is later. If the payment of premium ceases after 3 years, a paid-up policy for such reduced sum assured will be automatically secured provided the reduced sum assured exclusive of any attached bonus is not less than Rs.250/-. Such reduced paid-up policy is not entitled to participate in the bonus declared thereafter but the bonuses already declared on the policy will remain attach, provided the policy is converted in to a paidup policy after the premiums are paid for 5 years.

LIC Amulya Jeevan :

On Death during the Term of the Policy On Maturity : Nil
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Sum Assured

RESTRICTIVE CONDITIONS:

Minimum age at entry Maximum age at entry Maximum age at maturity Minimum Policy Term Maximum Policy term Minimum Sum Assured Maximum Sum Assured

18 years (completed) 60 years (nearest birthday) 70 years (nearest birthday) 5 years 35 years Rs.25,00,000/No Upper Limit

(Policies will be issued in multiples of Rs.100,000/- for Sums Assured more than the minimum Sum Assured) Mode of premium payment: Yearly, Half-yearly & Single Premium

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36

Customer Satisfaction in 7 Steps in LIC

It's a well known fact that no business can exist without customers. In the business of Website design, it's important to work closely with your customers to make sure the site or system you create for them is as close to their requirements as you can manage. Because it's critical that you form a close working relationship with your client, customer service is of vital importance. What follows are a selection of tips that will make your clients feel valued, wanted and loved.

1. Encourage Face-to-Face Dealings

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This is the most daunting and downright scary part of interacting with a customer. If you're not used to this sort of thing it can be a pretty nerve-wracking experience. Rest assured, though, it does get easier over time. It's important to meet your customers face to face at least once or even twice during the course of a project. My experience has shown that a client finds it easier to relate to and work with someone they've actually met in person, rather than a voice on the phone or someone typing into an email or messenger program. When you do meet them, be calm, confident and above all, take time to ask them what they need. I believe that if a potential client spends over half the meeting doing the talking, you're well on your way to a sale. 2. Respond to Messages Promptly & Keep Your Clients Informed This goes without saying really. We all know how annoying it is to wait days for a response to an email or phone call. It might not always be practical to deal with all customers' queries within the space of a few hours, but at least email or call them back and let them know you've received their message and you'll contact them about it as soon as possible. Even if you're not able to solve a problem right away, let the customer know you're working on it. A good example of this is my Web host. They've had some trouble with server hardware which has caused a fair bit of downtime lately. At every step along the way I was emailed and told exactly what was going on, why things were going wrong, and how long it would be before they were working again. They also apologised repeatedly, which was nice. Now if they server had just gone down with no explanation I think I'd have been pretty annoyed and may have moved my business elsewhere. But because they took time to keep me informed, it didn't seem so bad, and I at least knew they were doing something about the problems. That to me is a prime example of customer service.

3. Be Friendly and Approachable

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A fellow Site Pointer once told me that you can hear a smile through the phone. This is very true. It's very important to be friendly, courteous and to make your clients feel like you're their friend and you're there to help them out. There will be times when you want to beat your clients over the head repeatedly with a blunt object - it happens to all of us. It's vital that you keep a clear head, respond to your clients' wishes as best you can, and at all times remain polite and courteous. 4. Have a Clearly-Defined Customer Service Policy This may not be too important when you're just starting out, but a clearly defined customer service policy is going to save you a lot of time and effort in the long run. If a customer has a problem, what should they do? If the first option doesn't work, then what? Should they contact different people for billing and technical enquiries? If they're not satisfied with any aspect of your customer service, who should they tell? There's nothing more annoying for a client than being passed from person to person, or not knowing who to turn to. Making sure they know exactly what to do at each stage of their enquiry should be of utmost importance. So make sure your customer service policy is present on your site and anywhere else it may be useful. 5. Attention to Detail (also known as 'The Little Niceties') Have you ever received a Happy Birthday email or card from a company you were a client of? Have you ever had a personalised sign-up confirmation email for a service that you could tell was typed from scratch? These little niceties can be time consuming and aren't always cost effective, but remember to do them. Even if it's as small as sending a Happy Holidays email to all your customers, it's something. It shows you care; it shows there are real people on the other end of that screen or telephone; and most importantly, it makes the customer feel welcomed, wanted and valued.

6. Anticipate Your Client's Needs & Go Out Of Your Way to Help Them Out
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Sometimes this is easier said than done! However, achieving this supreme level of understanding with your clients will do wonders for your working relationship. Take this as an example: you're working on the front-end for your client's exciting new ecommerce endeavour. You have all the images, originals and files backed up on your desktop computer and the site is going really well. During a meeting with your client he/she happens to mention a hard-copy brochure their internal marketing people are developing. As if by magic, a couple of weeks later a CD-ROM arrives on their doorstep complete with high resolution versions of all the images you've used on the site. A note accompanies it which reads: Your client is heartily impressed, and remarks to his colleagues and friends how very helpful and considerate his Web designers are. Meanwhile, in your office, you lay back in your chair drinking your 7th cup of coffee that morning, safe in the knowledge this happy customer will send several referrals your way. 7. Honour Your Promises It's possible this is the most important point in this article. The simple message: when you promise something, deliver. The most common example here is project delivery dates. Clients don't like to be disappointed. Sometimes, something may not get done, or you might miss a deadline through no fault of your own. Projects can be late, technology can fail and sub-contractors don't always deliver on time. In this case a quick apology and assurance it'll be ready ASAP wouldn't go amiss.

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DATA ANALYSIS AND FINDINGS

1) Among Stall company is who is providing good services

LIC 50% HDFC 20% ICICI 20% OTHRS 10%

LIC HDFC ICICI OTHERS

(LIC IS HAVE MORE CUSTOMERS RATHER THAN OTHERS)

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2) WHO IS PRIVIDING GOOD VERITY OF POLICIES

LIC 50% HDFC 20% ICICI 20% OTHRS 10%

LIC HDFC ICICI OTHERS

LIC IS ONE OF FIRST INSURANCE COMPANY WHICH PROVIDE MORE SERVICES

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Q 3) Do you have Product of LIC?

Particular Yes No Number 90 10 Percentage 90% 10%

Interpretation:From the above chart we can say that 90% customer have product of LIC and 10% customer have product of other companies, from that we can say that the trust of the people towards LIC is too much high as compared to other players in insurance sector.

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Q 4) Expectation When companies do something by a certain time, they do. Reliability 1 2 3 4 5

When customer has a problem, company will show sincere interest in solving it.

Excellent firms will perform the activity of issuing cheque of sum assured right the first time. Life insurance company will provide the services at the time they promise to do so.

Excellent life insurance company will insist on error-free record.

Average Reliability

Perception When companies do something by a certain time, they do.

Reliability 1 2 3 4 5

When customers (you) have a problem, LIC company will show sincere interest in solving it.

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LIC Company will perform the activity of issuing cheque of sum assured right the first time. LIC Company will provide the services at the time it promises to do so.

LIC company will insist on error-free record.

Average Reliability

30

25

20 AVERAGE - perception AVERAGE - Expectation 10 DIFFERENCE

15

0 Time punctuality -5 Problem solution issue of cheque fulfillment of promise error free record

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Time punctuality Problem solution issue of cheque fulfillment of promise error free record

AVERAGE AVERAGE DIFFERENCE perception Expectation 25.6 25.93 -0.33 25.53 23.07 26 26.93 26.4 26.27 25.13 27.07 -0.87 -3.2 0.87 -1.04

Interpretation:From the above chart we can say that as there is not much difference between perception perceived by the company and the expectation fulfillment of customers. we can say that company is successful in providing customers value services as per the expectations of customers. Only in case of issue of cheque company is unable to provide satisfactory services to extent. Q.5) Expectation Responsiveness 1 2 3 4 5

Employees of excellent life insurance firms will tell the customers when services will be performed. Employees of excellent life insurance firms will give prompt services to customers. Employees of excellent life insurance firms will always be willing to help customer. Employees of excellent life insurance firms will never be too busy to respond to customers requests.

Average Responsiveness

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Responsiveness Employees of LIC company will tell the customers when services will be performed. 1 2 3 4 5

Employees of LIC Company will give prompt services to customers.

Employees of LIC Company will always be willing to help customers.

Employees of LIC company will never be too busy to respond to customers requests.

Average Responsiveness

30 25 20 15 10 5 0 -5 EMPLOYEES INFORMED TO CUSTOMERS EMPLOYEES GIVE PROMPT SERVICES EMPLOYES WILLING TO HELP CUSTOMER EMPLOYEES NEVER TO BUSY TO RESPOND AVERAGE EXPECTATION AVERAGE PERCEPTION DIFFERENCE

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AVERAGE EXPECTATION EMPLOYEES INFORMED TO CUSTOMERS EMPLOYEES GIVE PROMPT SERVICES EMPLOYES WILLING TO HELP CUSTOMER EMPLOYEES NEVER TO BUSY TO RESPOND 29.4 23.6 25.13 22.8

AVERAGE PERCEPTION 23.93

DIFFERENCE

0.5

22.87

-2.26

29.53

5.93

29.4

Interpretation:As per above chart we can say that as compared to other factors the back office which is also known as employee help desk is not organized enough to help the customers and solve their quarries 24/7 and are not able to provide them a value services. Q.6) Expectation Responsiveness 1 2 3 4 5

Employees of excellent life insurance firms will tell the customers when services will be performed. Employees of excellent life insurance firms will give prompt services to customers. Employees of excellent life insurance firms will always be willing to help customer.
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Employees of excellent life insurance firms will never be too busy to respond to customers requests.

Average Responsiveness

Responsiveness Employees of LIC company will tell the customers when services will be performed. Employees of LIC Company will give prompt services to customers. Employees of LIC Company will always be willing to help customers. Employees of LIC company will never be too busy to respond to customers requests. 1 2 3 4 5

Average Responsiveness

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30

25

20

15

AVERAGE EXPECTATION AVERAGE PERCEPTION

10

DIFFERENCE

0 EMPLOYEES INFORMED TO CUSTOMERS EMPLOYEES GIVE PROMPT SERVICES EMPLOYES WILLING TO HELP CUSTOMER EMPLOYEES NEVER TO BUSY TO RESPOND

-5

EMPLOYEES INFORMED TO CUSTOMERS EMPLOYEES GIVE PROMPT SERVICES EMPLOYES WILLING TO HELP CUSTOMER EMPLOYEES NEVER TO BUSY TO RESPOND Interpretation:-

AVERAGE EXPECTATION 22.8 25.13 23.6 29.4

AVERAGE PERCEPTION 23.93 22.87 29.53 29.4

DIFFERENCE 0.5 -2.26 5.93 0

As per above chart we can say that as compared to other factors the back office which is also known as employee help desk is not organized enough to help the customers and solve their quarries 24/7 and are not able to provide them a value services.

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Q7) Expectation Assurance 1 2 3 4 5

The behavior of employees in excellent life insurance firms will instill confidence in customers. Insured customers of excellent life insurance firms will feel safe with insurance services. Employees in excellent life insurance firms will be consistently courteous to customer. Employees in excellent life insurance firms will have the knowledge to answer the customers questions.

Average Assurance

Perception

Assurance 1 2 3 4 5

The behavior of employees in LIC company will instill confidence in customers. Insured customers of LIC company will feel safe with insurance services. Employees in LIC company will be consistently courteous to customers. Employees in LIC company will have the knowledge to answer the customers questions. Average Assurance

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25

20

15 AVERAGE EXPECTATION 10 AVERAGE PERCEPTION DIFFERENCE 5

0 BEHAVIOUR OF SAFE WITH THE EMPLOYEES INSURANCE -5 COURTEOUS TO CUSTOMERS KNOWLEDGE TO ANSWER

BEHAVIOUR OF EMPLOYEES SAFE WITH THE INSURANCE COURTEOUS TO CUSTOMERS KNOWLEDGE TO ANSWER Interpretation:-

AVERAGE EXPECTATION 21.67 24.33 22.4 21.87

AVERAGE PERCEPTION 20.8 22.8 21.6 20.13

DIFFERENCE -0.87 -1.53 -0.8 -1.74

From the above chart we can say that employees behavior towards customers with relation to various services is not satisfactory and their response is not solving the quires and giving knowledge to various customers

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Q 8) Expectation Excellent company individual attentions. will give Empathy customers 1 2 3 4 5

Excellent company will have working hour convenient for all the customers Excellent company will have employees who give customers personal attention. Excellent company will have their customers best interest at heart. The employees of excellent companies will understand the specific needs of their customers.

Average Empathy

Perception

Empathy 1 2 3 4 5

LIC company will give individual attentions on customers. LIC company will have working hour convenient for all its customers. LIC company will have employees who give customers personal attention. LIC company will have their customers best interest at heart. The employees of LIC company will understand the specific needs of their customers.

Average Empathy

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25 20 15 10 AVERAGE EXPECTATION 5 0 -5 AVERAGE PERCEPTION DIFFERENCE

INDIVIDUAL ATTENTION CONVENIENT TO CUSTOMERS CUSTOMER PERSONEL ATTENTION BEST INTEREST AT HEART UNDERSTAND THE SPECIFIC NEEDS

AVERAGE EXPECTATION 25 24.07 23.13 24.6 22.67

AVERAGE PERCEPTION 23.53 22.6 22.2 23.47 21.4

DIFFERENCE -1.47 -1.47 -0.93 -1.13 -1.27

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Interpretation:From the above chart we can say that unlike other services and their personal attention facilities life insurance companies agents and employees are unable to provide the personal needs and likes of different customers at up to the mark level.

Q 9) SERVQUAL SCORE CRITERIA Weight Weighted Average score TANGIBILITY RELIABILITY RESPONSIVENESS ASSURANCE EMPATHY TOTAL 10 30 20 10 30 100 10 -27.3 20.8 -12.2 -37.5 -46.2

Average of Weighted Average score = Weighted Average score 5 = (- 46.2 / 5) = -9.24

Average
30 20 10 0 -10 -20 -30 -40 TANGIBILITY RELIABILITY RESPONSIVENESS ASSURANCE EMPATHY

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As per above chart we can say that as services can only be felt and not be touched tangibility secures the least average as compared to others and even we cannot assure the same satisfaction every time.

Project Analysis:
The Positive side of LIC as well as Negative side of LIC. I encourage other readers to correct me if I am wrong and also add light to any point that I may have missed. First lets talk about the Positive side of LIC 1. LIC is owned by the government and therefore it is the only company besides the PPF that has the sovereign guarantee of the govt. of India. It is a different story that today LIC has become so powerful that the govt. leans on LIC every time that the Stock Market crashes. Imagine having an Asset base of over Rs 6 Lac Crore. . Thats a 14 digit number! No company in India can boast of such figures. Mind boggling. 2. LIC is the only Life Insurance Company making profits. Most of the Private Insurers including the self proclaimed market leaders like ICICI and Bajaj Allianz are booking heavy losses. Check IRDA website in the Annual Report column. The point is that if an insurance company makes losses year over year, then how will they manage to pay the Claim amount? After all no Insurance company is here to do charity business. 3. When it comes to paying claims, again LIC is Number One with the claims settlement ratio of more than 99%. Private Insurers cannot match LICs ability on claims settlement. Again, please visit IrDAs website to see the claims settlement performance of various companies. 4. LIC has the worlds largest sales force, yes over 10 lac agents and now universities in western countries are trying to study how a company managed to appoint such a large sales force. A sales force of over 1 million! Truly a remarkable achievement. 5. Many people argue that LIC has not been able to penetrate the market as it has insured only 15% of the population. My point is, in a poor country like India where there are so many

56

people living below the poverty line, so many people who die of starvation, so many people who dont have access to basic medication, so many people who dont have basic necessities of life like food, shelter, education and clothing. Will such a person first feed his children or buy Insurance? Lets not forget that a majority of the Indian population is poor and a substantial percentage is living below the poverty line. At a personal level I feel that LIC has done a satisfactory job of insuring people. FINDINGS Most of the respondents have LIC policy because they are concern about their future and their family In my study I found that most of the respondents have life insurance policy that is 65% have considered that because they think if something happens to them, their family doesnt have to take any help for survival through others. While researching I found that there are many consumers of LIC policy and most of them have consumed from 4 to 6 years before. I found that the expectation of the consumer is mostly satisfied by the company because the company gives best to their customers. Documentation of any insurance policy takes the most time but here I found 55% of the respondents agree that it take less time while 10% doesnt agree with it There is not much difference between perception perceived by the company and the expectation fulfillment of customers. We can say that company is successful in providing customers value services as per the expectations of customers. We can say that company is successful in providing customers value services as per the expectations of customers. Only in case of issue of cheque company is unable to provide satisfactory services to extent. LIC services is concerned with the life of various respondents they need to be made satisfied for the purchase of services so the concerned professional are able to reach the expectation level of various customers.
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Because of great technologies used in corporate world the time taken to get any service is quiet easier as compare to past era. People are concerned of their near and dear ones and family members they are always interested to take up a various new policies concerned with their lifes so that they fell insured and the risk of paying high amount during any mishap is almost reduced. People are satisfied even for after sale services and they think of buying its various products and services thats why they would like to recommend its products to their friends and relatives.

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SUGGESTION & CONCLUSION

SUGGESTION:
Followings are some of the suggestion given by the customer of LIC for serve people in an improved way. People suggest that LIC should have increased their bonus rate. People suggest that LIC should have provided good services after sale of product or policy of it. SUGGESTIONS FOR IMPROVEMENT Advertise about the company and its products it motivates individuals to purchase insurance Create a positive perception about insurance. Speak about the good features a plan offers like high returns, life cover, tax benefits, indexation, accident cover while prospecting customers Try to sell the product/plan which the consumer requires and not the plan where the advisors benefit is higher Improve the efficiency in operations Attract the youth of India with higher returns on investment as returns are the motivating factor which influence purchase of insurance Promote insurance in colleges and corporate houses Should have partial withdrawals from the first year onwards Tap the rural market where there is large potential Diversify product portfolio Make products more straight forward reduce complexities

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Conclusion
From the report I have concluded that most of the respondent has taken the policy of LIC but they still lacking in providing good service after sales Investment in LIC is more preferable because it is government oriented and it is follow rules and regulation of IRDA.

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QUESTIONNAIRE
NAME: Age: Occupation: 1. Do you have any policy? a) YES b) NO 2. If yes, which company policy do you own? a) Lic b) Icici c) Hdfc standard d) Max newyork 3. What is your annual income? a) 1-2 lakhs b) 2-3 lakhs c) 3-4 lakhs d) Above 4 4. Are you satisfied with the policy? a) YES b) NO 5. In your opinion what should the company focus on? a) Conventional products b) Non conventional products 6. Which advertisement affected you in purchasing the policy? a) Electronic media b) Print media 7. Are you aware of L I C?
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a) Yes b) No 8. Are you satisfied with the feature of policies? a) Yes b) No 9. Do you feel force available when ever need their services? a) Agents b) Development Officer 10. Are you happy satisfy sales services? a) Policy Services b) Revival 11. Do you think that L I C selling needs base products? a) Yes b) No c) None of these 12. Are you satisfied with customer to relation staff officers? a) Yes b) No 13. Do you feel that customer relationship management should be improved in L I C? a) Yes b) No 14. Are you satisfied with claim settlement in L I C? a) Yes b) No c) None of these 15. Why do you prefer L I C Policies?
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a) Risk coverage b) Returns c) Safe d) Above all 16. Are you satisfied with the Returns? a) Yes b) No 17. Do you think the private players competing with L I C? a) Yes b) No c) To some extent d) None of these 18. What respect suggests improving further? a) Customer relations b) Product Features c) Policy services its any branches.

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BIBILOGRAPHY
1. Principles of Marketing by PHILIP KOTLER & GARY ARMSTRONG 2. Marketing Research by DONALD S TULL & DEL I HAWKINS. 3. Dr. P. Periasamy Principles Practice of Insurance, Himalaya Publishing House. 4. Website IRDA. 5. 52nd Chairmans Review 2008-09 LIC of India. 6. Mathew M.J. Insurance (Principles and Practice) RBSA Publishers, Jaipur. 7. 53rd Annual Report 2009-10 of LIC of India. 8. Yogeakshema Journal May 2008 LIC of India. 9. II. web sites www.wikipedia.com www.google.com www.lic.com www.icici.com www.licindia.com
www.bimadeals.com en.wikipedia.org

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