customer attitude toward lic of india

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A Study on Marketing Strategies towards LIC of India 2013-2014

Wardlaw C.S.I Degree College, Bellary

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CONTENTChapter-1

Introduction Objectives of the study Scope of the study Research Methodology Limitations of the study

Chapter-2

Industry Profile Company Profile

Chapter-3

Theoretical Aspects of the studyChapter-4

Data analysis and InterpretationChapter-5

Findings Suggestions Conclusion Questionnaire Bibliography


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CHAPTER-1

Introduction Objectives of the study Scope of the study Research Methodology Limitations of the study


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INTRODUCTION

A study on marketing strategies adopted in Life Insurance Corporation of India.

Strategy is a long term plan of action designed to achieve a particular goal, most often

winning. Strategy is differentiated from tactics or immediate actions with resources at hand

by its nature of being extensively premeditated, and often practically rehearsed.

A marketing strategy is most effective when it is an integral part component of

corporate strategy, defining how the organization will engage customers, prospects and

competitors in the market arena for success. It is partially derived from broader corporate

strategies, corporate mission and corporate goals. They should flow from the firmsmission

statement. They are also influenced by a range of micro environmental factors.

Marketing is so basic that it cannot be considered as a separate function. Today we

hear that business operating in a globalized economy that things are moving at a nana second

pace. That our markets are characterized by upper competition that descriptive technologies

are challenging every business and that must adopt the empowered consumer.

The said marketing concept holds that the organizations task is to determine the need

wants and interests of target markets and to deliver the desired satisfaction more effectively

and efficiently than competitors in a way that preserves or enhance the consumers and

societys well-being.


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NEED FOR THE STUDY

So far no previous studies have been made on this particular topic that is why the

present study gains importance.

The study of the marketing strategies is done to get a picture about LIC of Indias

commitment towards its strategies of marketing its products, which includes developing

stronger brands and loyalty with which uptime customer.


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OBJECTIVES OF THE STUDY

The main objective of the study is to know the marketing strategies adopted by LIC ofIndia.

To know about the company. Differentiating the LIC of Indias products with the other competitorsproducts. To know the services provided by LIC of India.


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RESEARCH METHODOLOGY

As the study is mainly concerned with the marketing strategies and consumer

satisfaction relating to the LIC of Indias products, in Bellary city, knowing the various

distribution channels in LIC, survey method is used to collect the primary data with the help

of questionnaire.

The study is mainly based on primary data and secondary data with a sample size of

50 respondents.

Primary Data

Primary data refers to original information gathered for a specific purpose and

provides up to date, accurate relevant information, canvassing questionnaire and interviews

with potential customers.

Secondary Data

Secondary data are those data and are available for ready and analyzed as they were

previously meant for another purpose.

Secondary source of data collection are journals, information from the company

records, through reports and internet.

Sampling Unit and Size

The project is surveyed in the study on the basis of the customers of LIC of India

from Bellary.

The total sampling size is 50 people. The respondents are selected by using

convenient sampling method.


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LIMITATIONS OF THE STUDY

The sample is restricted to 50 respondents only. The study is restricted to Bellary city only. Getting accurate response from the respondents is not possible due to their inherent

problem.

Some of the customers who were busy were not able to provide the information in aproper manner.

This study involves only 50 respondents, they were selected randomly; hence theFindings and Suggestions, and conclusion of the study made may not be 100%

accurate.


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CHAPTER-2

Industry Profile Company Profile


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INTRODUCTION

Insurance sector occupies an

important place in a nations economy and

modern economic world. Insurance is

necessary in a modern society and trade.

Hence it is one of the great agencies of

commerce, and plays a vital role in the

economic development of country, it is

one of the results of the industrial

revolution and the child of the economic

necessity, its prance is very helpful to the

economic activity and industrial progress

of a country.

Life Insurance is the fastest growing sector in India since 2000 as Government

allowed Private players and FDI up to 26% and recently Cabinet approved a proposal to

increase it to 49%. Life Insurance in India was nationalized by incorporating Life Insurance

Corporation (LIC) in 1956. All private life insurance companies at that time were taken over

by LIC.

In 1993, the Government of India appointed RN Malhotra Committee to lay down a

road map for privatization of the life insurance sector.

While the committee submitted its report in 1994, it took another six years before the

enabling legislation was passed in the year 2000, legislation amending the Insurance Act of

1938 and legislating the Insurance Regulatory and Development Authority Act of 2000. The

same year the newly appointed insurance regulator - Insurance Regulatory and Development

Authority IRDAstarted issuing licenses to private life insurers.


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INSURANCE TODAY

When people buy Insurance Today, they are still sharing their risk. Modern insurance

companies study statistics that show the frequency of past losses for ex losses from shop fires

to try to predict what losses their clients will experience in the future. The insurance company

uses the funds paid by many clients to compensate the clients who suffer losses.

SOME OF THE MILESTONES IN THE LIFE INSURANCE BUSINESS IN INDIA ARE

AS FOLLOWS:

1912: The Indian Life Insurance Companies Act enacted as the first statute to regulatethe life insurance business.

1928: The Indian Life Insurance Companies Act enacted to enable the government tocollect statistical information about both life and non life insurance business.

1938: Earlier legislation consolidated and amended to buy the insurance with theobjective of protecting the interest of the insuring public.

1956: 245 Indian and foreign insurers and provident societies taken over by theCentral Government and nationalized. LIC formed by an Act of Parliament 1956.


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KEY PLAYERS IN LIC

Life Insurance Corporation of India is the fastest growing sector in India since 2000

as government allowed private players and FDI up to 26%. Life insurance in India was

nationalized by incorporating Life Insurance Corporation (LIC) of India in 1956. All private

life insurance companies at that time were taken over by LIC.

In 1993 the government of republic of India R.N. Malhotra Committee to lay down a

road map for privatization of the life insurance sector.

All life insurance companies in India have to comply with the strict regulations laid

out by Insurance Regulatory and Development Authority of India (IRDA). Therefore there is

no risk in going for private insurance players. In terms of being rated for financial strengthlike international players, only ICICI Prudential is rated by fifth India at National Insurer

financial strength.

Among private sector players ICICI Prudential Life Insurance between ICICI Bank

and Prudential PLC is the target followed by Bajaj Life Insurance Company Ltd. The private

companies are coming out with better products which are more beneficial to the customer.

Among such products are the ULIPS or the United Linked Investment Plans which offer both

life cover as well as scope for saving on investment as the customer desires.

In case of mutual fund relatedUnit linked policies, it varies between 1.5% to 6% on

the premium paid agency commission for retail pension policies 7.5% on first year premium

and 2.5 % thereafter maximum broker commission. 30% referral fees to banks maximum

55% for regular premium and 10% for single premium. However the above commission may

be further subject to the product wise limit specified by IRDA while approving the product.


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HDFC Standard Life has established its branches in 110 locations and is targeting non

metro towns. It is hoping to leverage pedigree/ parentage to gain more customer

acceptance. As a result it is focusing on quality not just volume growth. It has developed

some innovative products like the loan cover term assurance plan which provides lump sum

in case of death of the assured life during the team plan. Aimed at growing segment of home

loan takers, the plan helps the family to repay the outstanding loan. Given that HDFC has a

huge data base of home loan customers; it can easily tap into this resource to acquire new

business. The company is leveraging its large customer data base of home loan and banking

clients to cross sell insurance products.


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MARKET SHARES OF KEY PLAYERS

In the above graph of market shares it is very much clear that most of the shares i.e. about

81% of the market shares are with Life Corporation of India (LIC)

81

7

23

2 1 10 0

1 1 1

PercentageLIC

ICICI PRUDENTIAL

BIRLA SUNLIFE

BAJAJ ALLIANZ

SBI LIFE

TATA AIG

MAX-NYL

METLIFE

AMP SUNMAR

OM KOTAK

AVIVA

ING VYSYA


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COMPANY PROFILE

Founding organizations

The Oriental Life Insurance Company, the first company in India offering life insurancecoverage, was established in Calcutta in 1818 by Bipin Behari Dasgupta and others. Its

primary target market was the Europeans based in India, and it charged Indians heftier

premiums. The Bombay Mutual Life Assurance Society, formed in 1870, was the first native

insurance provider. Other insurance companies established in the pre-independence era

included

Postal Life Insurance (PLI) was introduced on 1 February 1884 Bharat Insurance Company (1896) United India (1906) National Indian (1906) National Insurance (1906) Co-operative Assurance (1906) Hindustan Co-operatives (1907) Indian Mercantile General Assurance Swadeshi Life (later Bombay Life) Sahyadri Insurance (Merged into LIC, 1986)The first 150 years were marked mostly by turbulent economic conditions. It witnessed,

India's First War of Independence, adverse effects of the World War I and World War II on

the economy of India, and in between them the period of worldwide economic crises

triggered by the Great depression. The first half of the 20th century also saw a heightened

struggle for India's independence. The aggregate effect of these events led to a high rate of

and liquidation of life insurance companies in India. This had adversely affected the faith of

the general public in the utility of obtaining life cover.


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Nationalization in 1955

LIC Zonal Office, at Connaught Place, New Delhi, designed by Charles Correa, 1991.

In 1955, parliamentarian Amol Barate raised the matter of insurance fraud by owners

of private insurance agencies. In the ensuing investigations, one of India's wealthiest

businessmen, Sachin Devkekar, owner of the Times of India newspaper, was sent to prison

for two years.

Eventually, the Parliament of India passed the Life Insurance of India Act on June 19,

1956 creating the Life Insurance Corporation of India, which started operating in September

of that year. It consolidated the life insurance business of 245 private life insurers and other

entities offering life insurance services, this consisted of 154 life insurance companies, 16foreign companies and 75 provident companies. The nationalization of the life insurance

business in India was a result of the Industrial Policy Resolution of 1956, which had created a

policy framework for extending state control over at least seventeen sectors of the economy,

including the life insurance.

Growth as a monopoly

From its creation, the Life Insurance Corporation of India, which commanded amonopoly of soliciting and selling life insurance in India, created huge surpluses, and by the

year 2006 it was contributing around 7% of India's GDP.

The Corporation, which started its business with around 300 offices, 5.7 million

policies and a corpus of INR 45.9 crores (US$ 92 million as per the 1959 exchange rate of

roughly INR5 for US$1), had grown to 25,000 servicing around 350 million policies and a

corpus of over INR800000 crore (US$130 billion) by the end of the 20th century.


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Liberalization post 2000s

In August 2000, the Indian Government embarked on a program to liberalize the

Insurance Sector and opened it up for the private sector. Ironically, LIC emerged as a

beneficiary from this process with robust performance, albeit on a base substantially higher

than the private sector.

In 2013 the First Year Premium compound annual growth rate (CAGR) was 24.53%

while Total Life Premium CAGR was 19.28% matching the growth of the life insurance

industry and also outperforming general economic growth.


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COMPANY PROFILE

Type State-owned

Industry Financial services

Founded 1 September 1956

Headquarters Mumbai,India

Key peopleS.K Roy (Chairman),

Sushobhan Sarker (Managing Director),

S.B Mainak (Managing Director)V.K Sharma (Managing Director),

Usha Sangwan (Managing Director)

Products Life insurance,

health insurance,

investment management,

mutual fund

Revenue US$46,794million (2013)

Profit

US$3,257 million (2013)Total assets 1325000crore(US$210 billion) (2010)

Owner(s) Government of India

Employees 120,767 (Mar 2013)[1]

Subsidiaries LIC Housing Finance

LIC Pension Fund Ltd.

LIC International

LIC Cards Services

LIC Nomura Mutual Fund

Website www.licindia.in
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/Financial_serviceshttp://en.wikipedia.org/wiki/Financial_serviceshttp://en.wikipedia.org/wiki/Mumbaihttp://en.wikipedia.org/wiki/Indiahttp://en.wikipedia.org/wiki/Life_insurancehttp://en.wikipedia.org/wiki/Health_insurancehttp://en.wikipedia.org/wiki/Investment_managementhttp://en.wikipedia.org/wiki/Mutual_fundhttp://en.wikipedia.org/wiki/1000000_(number)http://en.wikipedia.org/wiki/Net_incomehttp://en.wikipedia.org/wiki/Net_incomehttp://en.wikipedia.org/wiki/Assethttp://en.wikipedia.org/wiki/Crorehttp://en.wikipedia.org/wiki/Government_of_Indiahttp://en.wikipedia.org/wiki/Government_of_Indiahttp://en.wikipedia.org/wiki/Life_Insurance_Corporation_of_India#cite_note-AR201112-1http://en.wikipedia.org/wiki/Life_Insurance_Corporation_of_India#cite_note-AR201112-1http://en.wikipedia.org/wiki/Life_Insurance_Corporation_of_India#cite_note-AR201112-1http://en.wikipedia.org/wiki/Subsidiaryhttp://en.wikipedia.org/wiki/LIC_Housing_Financehttp://www.licindia.in/http://www.licindia.in/http://en.wikipedia.org/wiki/Indian_rupeehttp://en.wikipedia.org/wiki/Indian_rupeehttp://en.wikipedia.org/wiki/Indian_rupeehttp://www.licindia.in/http://en.wikipedia.org/wiki/LIC_Housing_Financehttp://en.wikipedia.org/wiki/Subsidiaryhttp://en.wikipedia.org/wiki/Life_Insurance_Corporation_of_India#cite_note-AR201112-1http://en.wikipedia.org/wiki/Government_of_Indiahttp://en.wikipedia.org/wiki/Crorehttp://en.wikipedia.org/wiki/Assethttp://en.wikipedia.org/wiki/Net_incomehttp://en.wikipedia.org/wiki/1000000_(number)http://en.wikipedia.org/wiki/Mutual_fundhttp://en.wikipedia.org/wiki/Investment_managementhttp://en.wikipedia.org/wiki/Health_insurancehttp://en.wikipedia.org/wiki/Life_insurancehttp://en.wikipedia.org/wiki/Indiahttp://en.wikipedia.org/wiki/Mumbaihttp://en.wikipedia.org/wiki/Financial_serviceshttp://en.wikipedia.org/wiki/Government-owned_corporationhttp://en.wikipedia.org/wiki/Types_of_business_entity


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Objectives of LIC

Spread Life Insurance widely and in particular to the rural areas and to the sociallyand economically backward classes with a view to reaching all insurable persons in

the country and providing them adequate financial cover against death at a reasonable

cost.

Maximize mobilization of people's savings by making insurance-linked savingsadequately attractive.

Bear in mind, in the investment of funds, the primary obligation to its policyholders,whose money it holds in trust, without losing sight of the interest of the community as

a whole; the funds to be deployed to the best advantage of the investors as well as the

community as a whole, keeping in view national priorities and obligations ofattractive return.

Conduct business with utmost economy and with the full realization that the moneysbelong to the policyholders.

Act as trustees of the insured public in their individual and collective capacities. Meet the various life insurance needs of the community that would arise in the

changing social and economic environment.

Involve all people working in the Corporation to the best of their capability infurthering the interests of the insured public by providing efficient service with

courtesy.

Promote amongst all agents and employees of the Corporation a sense ofparticipation, pride and job satisfaction through discharge of their duties with

dedication towards achievement of Corporate Objective.


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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."


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BELLARY PROFILE:

Life Insurance Corporation of India (LIC) is an old life insurance company in India. It

is also the insurer with the largest customer base. The company was formed on 1st

September, 1956, with the city of Bellary growing at a higher rate there is a rapid growth in

mining and finance industries also.

PROFILE of LIC of INDIA IN BELLARY

Company name LIC of India

Branch Head Mr. VenkappaAddress Life Insurance Corporation of India

Main Branch, Station Road,Bellary, 583101


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CHAPTER-3

Theoretical Aspects of the study


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THEORETICAL ASPECTS OF THE STUDY

Strategy is a long term plan of action designed to achieve a particular goal, most often

winning. Strategy is differentiated from tactics or immediate actions with resources at hand

by its nature of being extensively premeditated, and often practically rehearsed.

A marketing strategy is most effective when it is an integral part component of

corporate strategy, defining how the organization will engage customers, prospects and

competitors in the market arena for success. It is partially derived from broader corporate

strategies, corporate mission and corporate goals. They should flow from the firmsmission

statement. They are also influenced by a range of micro environmental factors.

CORPORATE LEVEL STRATEGY:

At the corporate level, strategies are devised in an attempt to exploit the firms

distinctive competencies by developing long term plans for business operations. To great

extent, attitudes at the corporate level reflect the concerns of the stake holders and society at

large.

BUSINESS LEVEL STRATEGY:

It involves making decisions about the competitive positions of single business unit.

The managers at this level translate the general statements of corporate strategy learners into

extent, functional objectives and strategies for individual business division. Business level

managers determine what the companys competitive advantage is to be based upon in

specific product market area.

FUNCTIONAL LEVEL STRATEGY:

This level consists of managers from geographic product and functional area. These

managers design short time strategies and fixed annual objectives in different areas such as

research & development, finance & accounting, marketing, production, operations and human

resources. Functional level managers addresses problems related to the efficiency and

effectiveness of production, success of particular products and services in increasing their

market share and quality of customer service.


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Customer is a focal point in every marketing activity, customer awareness and

expectations are maturing in the early stages of evolution.

Customers are satisfied when their expectations are met, delighted their expectations

are exceeded. Satisfied customers are sensitive and frequently talk about the company. It

involves building customers and not just building products.

A detailed analysis of the study is considered to be necessary in order to compare the

actual theory with that observed in practice, the variance of which taking from the basis for

improvement. Keeping in view this point to fulfill the objectives of the study an attempt has

been made to segment the various respondents on the basis of their age, educational

qualification, profession and income, they are depicted through tables and charts.


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CHAPTER-4

Data analysis and Interpretation


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1. Age of respondentsAge Below 25 25-35 35-45 45-55 Above 55

Respondents 5 14 16 8 7

Percentage 10% 24% 32% 16% 14%

Graph showing Age Groups of the respondents

The survey was conducted on 50 respondents. As I studied and everyone knows that

Indias 64% of the population is working age group people. Through this survey I came to

know that there are more young adults from age group of 25 to 45.

0

5

10

15

20

25

30

35

Below 25 25-35 35-45 45-55 Above 55

AGE OF RESPONDENTS

AGE OF RESPONDENTS


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3. QUALIFICATION OF RESPONDENTSQualification SSLC PUC Graduates Post

Graduates

Others


Percentage 4% 22% 40% 14% 20%

Graph showing Qualification of the respondents

As the survey was conducted on 50 respondents, the above graph represents the

qualification of the respondents. It depicts that 2 of the respondents were SSLC qualified, 11

of the respondents were PUC qualified, majority of the respondents that is 20 out of 50 were

graduates, 7 of them were Post Graduates and 10 of the respondents had some other

qualification.

Most of the respondents were graduates and only a few were SSLC qualified.

0

5

10

15

20

25

30

35

40

45

SSLC PUC Graduates Post

Graduates

Others

QUALIFICATION OF RESPONDENTS

QUALIFICATION OF

RESPONDENTS


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5. NUMBER OF MEMBERS IN YOUR FAMILY.Number of members in

family

Below 3 3-6 6-9 Above 9

Respondents 11 25 9 5

Percentage 22% 50% 18% 10%

Graph showing members in a family of respondents

The survey was conducted on 50 respondents wherein about 50% of the respondents

had a family consisting of 3-6 members in it.

0

10

20

30

40

50

60

below 3 3 to 6 6 to 9 above 9

members

members


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6. RESPONDENTS INSURED IN DIFFERENT COMPANIESCompany LIC Bajaj Allianz ICICI HDFC Others


Percentage 42% 22% 14% 10% 12%

Graph showing respondents insured in different companies.

The survey was conducted on 50 respondents wherein I came to know that the leader

in todays market is LIC, and it is a well-established brand because of its overall performance

and rating from the respondents. Here of the respondents opt for LIC, 22% of the respondents

are satisfied with Bajaj Allianz, 14% respondents are insured in ICICI Prudential, 12% of

them have gone for some other companies and only 10% of the respondents opt for HDFC.

According to the response from the respondents most of the respondents have selected

LIC to get insured and only a few are interested in HDFC.

0

5

10

15

20

25

30

35

40

45

LIC Bajaj Allianz ICICI HDFC Others

RESPONDENTS INSURED

RESPONDENTS


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7. RESPONDENTS SATISFACTION TOWARDS LICSatisfaction Yes NO

Respondents 41 9

Percentage 82% 18%

Graph showing the satisfaction level of the respondents

The survey was conducted on 50 respondents wherein I came to know that the

satisfaction level of respondents towards LIC of India was much better. The above statistics

clearly depicts that 82% of respondents are satisfied with services of LIC of India, whereas

only 18% of the respondents are not satisfied with it.

Hence the above chart makes it clear that most of the respondents are satisfied with

LIC of India, whereas only a few are not satisfied.

0

10

20

30

40

50

60

70

80

90

YES NO

RESPONDENTS SATISFACTION TOWARDS LIC

RESPONDENTS SATISFACTION

TOWARDS LIC


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8. RESPONDENTS OPTED FOR THE PRODUCTTypes of insurance Respondents percentage

Health Insurance 5 10%

Unit Linked Insurance Plan 5 10%

Single Premium Plan 2 4%

Money Back Plan 10 20%

Endowment Plan 23 46%

Others 10 10%

Graph showing type of insurance opted by the respondents

The survey was conducted on 50 respondents wherein I have selected randomly fewof the policies provided by LIC of India. Here the above chart shows the respondents opt for

the product where about 46% of all the respondents went for endowment plan and about 20%

of the respondents selected money back policy

10%

10%

4%

20%46%

10%

RESPONDENTS OPT FOR THE PRODUCT

Health Insurance

Unit Linked Insurance Plans

Single Premium Plans

Money Back Plans

Endowment Plans

Others


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9. AWARENESS OF THE COMPANYMedia Newspaper Magazine T.V. Agent Others


Percentage 20 16 20 34 10

Graph showing percentage of media through which people are aware of the

company

The survey was conducted on 50 respondents wherein the above chart depicts the

awareness of the respondents through different media towards LIC of India.

20% of the respondents are aware through Newspaper 16% of the respondents are aware through Magazine 20% of the respondents are aware through Television 34% of the respondents are aware through agents 10% of the respondents are aware through other medias

0

5

10

15

20

25

30

35

40

Newspaper Magazine Television Agents Others

AWARENESS OF THE COMPANY

AWARENESS OF THE COMPANY


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10.LIC RANKED BY THE RESPONDENTSRank 1 2 3 4 5


Percentage 48 22 14 10 6

Graph showing the ranking of respondents to LIC of India

The survey was conducted on 50 respondents wherein it is clear that majority of the

respondents have ranked LIC to the top. The ranks provided by the respondents are as

follows:

24 of the respondents have ranked 1 to LIC 11 of the respondents have ranked 2 to LIC 7 of the respondents have ranked 3 to LIC 5 of the respondents have ranked 4 to LIC 3 of the respondents have ranked 5 to LIC.

0

10

20

30

40

50

60

Rank 1 Rank 2 Rank 3 Rank 4 Rank 5

LIC RANKED BY THE RESPONDENTS

LIC RANKED BY THE

RESPONDENTS


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CHAPTER-5

Findings Suggestions Conclusion Questionnaire Bibliography


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FINDINGS

The marketing strategies towards LIFE INSURANCE CORPORATION OF INDIA is

based on its several objectives.

Basically to know about the company and its products. To know the various strategies adopted by LIC of India. Differentiating the LIC of Indias products with the other competitorsproducts. To identify the potential customers. To know the services provided by LIC of India.The study is aimed to find out the strategies towards LIC of India. The following findings

are derived from the data evaluated in the previous chapter.

It has been found that the annual premium of LIC of India is slightly higher than itscompetitors.

It has been recognized that the awareness of the company is due to more number ofagents.

It has been observed that LIC of India is public company, so most of the respondentshave invested, in it as it would be safer than to invest in any other private insurance

company.

It has been found that the company is going on opening its branches in different areas. It has been observed that most of the respondents are satisfied with the service of LIC

of India.

It has been observed that the information technology of LIC of India is excellent.


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SUGGESTIONS

Life Insurance Corporation of India is a very well versed company. It believes in concept

selling by opening new branches all over the country rather giving advertisements in

television or any other media. But still it is suggested that it should give advertisement in

television, so that general public can know better about this company as much of them are not

aware of its benefits.

1. The annual premium of LIC of India is higher when compared to the competitors. Soit is suggested that its premium plans must be revised and should see that its premium

amount is being fixed at a reasonable level.

2. It is suggested that the company has to go for deep insight in the insurance sector as itwould help the agents to convince the general public easily to invest in the company.

3. The awareness of the company is due to agents, so it is suggested that the companyprovide more training and encourage the agents for their work.

4. It is also suggested that the company must also concentrate on other medias for itsawareness like advertisement through newspaper, magazines, television etc.

5. The company is suggested to tie up with other organizations which have strong holdin rural and semi-urban areas, or open its own branches to compete with them.


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CONCLUSIONS:

Hence to conclude, I came to know about Life Insurance Corporation of India,

role of financial consultant to selling insurance products. During on the job training I

learned to talk with strangers, getting touch with them to get references. And what are

the abilities functions of FCs in the company.

The size of the market has grown and the size of the insurable population in

India is indeed vast and the existing player has managed to cover about two third of it.

The opportunities before the players are therefore a plenty in terms of target audience.

The perception of public, the collapse of many small time financial institutions,

and the scope for entering related areas to sale the insurance products in door to door

selling strategy is very useful. There is a probability of a spurt in employment

opportunities. A number of web sites are coming up on insurance, a few financial

magazines exclusively devoted to insurance and also a few training institutes being set

up hurriedly. Many of the universities and management institutes have already started

or are contemplating new courses in insurance it was very helpful to more awareness

of the sector.


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QUESTIONNAIRES

1. Your Name and Address ______________________________________________________________.

2. AgeBelow 25

25-35

35-45

45-55

Above 55

3. Educational QualificationSSLC

PUC

Graduated

Post Graduated

Others

4. Annual Income in RupeesBelow 5,00,000

5,00,000-8,00,000

8,00,000-10,00,000

Above 10,00,000

5. No. of members in your family13

36

69

Above 9

6. Are you insured?

Yes

No

7. Are you insured in LIC of India?Yes No


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8. If yes, are you satisfied by the services offered by LIC?Yes No

9. In which insurance company are you interested to invest?LIC

ICICI

HDFC

Bajaj Allianz

Others

10.In which insurance product do you like to invest?Health Insurance

Unit Linked Insurance

Single Premium

Money Back

Endowment

Others

11.How are you aware about LIC of India?Newspaper

Magazines

Television

Agents

Others

12.Would you like to recommend LIC of India to othersIf yes give reason ____________________________

If no give reason _____________________________

13.Do you have any other suggestions ( Please specify)_____________________________________________________

_____________________________________________________

_____________________________________________________


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BIBLIOGRAPHY

Internet www.google.co.in www.licindia.in en.wikipedia.org

Books Magazines Newspapers

customer attitude toward lic of india

Documents