CUSTOMER SATISFACTION TOWARDS THE PRODUCTS OF LIFE INSURANCE CORPORATION IN CHENNAI DISTRICT

Abstract

Life insurance is universally acknowledged to be an institution which eliminates risks substituting certainty for uncertainly and comes as timely aid to the family in the unfortunate event of the death of the breadwinner. The study analyses the functions and problems faced by LIC policy holders in Chennai District. The major problems were in sufficient product promotion Entry of the financial institutions in adequate incentives Poor sales channels Linkages. The present study was confined to the six policies that were introduced on July2022.The review of literature that were collected was classified under five headings namely customer awareness and satisfaction of LIC policyholders, agents performance in LIC, issues and problems of LIC policyholders and performance of insurance sector. The researcher has taken only three factors for the study like level of satisfaction, functions of insurance and the issues and problems faced by the LIC policyholders. Research Methodology is a way to solve the research problem. As the study constitute a social group, that is LIC policyholders the researcher has adopted descriptive research design. The research was conducted with the aim of obtaining complete and accurate information about the newly introduced policies by the LIC. Primary data was obtained from the LIC policyholders in Chennai District through structured questionnaire. The proposed questionnaire was classified under the following headings: Demographic profile, details of the policy factors determining the level of satisfaction and issue and problems faced by the policyholders. Secondary data was collected through the books, Journals, Dissertations, Reports and websites. It help edthe researcher to gain knowledge about the concepts used for the study. A research needs a careful planning for selecting the sampling method that will be suitable for the study. The researcher has identified the LIC policyholders of the newly introduced police since 2018 – 2019, 2019 -2020 and 2021–2022 of the five branches in Chennai District. The population of the policyholders taken for the study were heterogeneous, hence stratified random sampling techniques was adopted. The researcher has used disproportionate stratified random sampling method, as the size of the samples elected from each branch was disproportional with the total number of policy older sinthe particular branch.

Keywords: Demographic profile, Customer Satisfaction, and Products of Life Insurance