Abstract
The policyholders once when they become a part of the LIC feel free about the safety of their wards since it takes care of fixed financial benefits based on the premium and the type of the policy the opted for. The families of the nonpolicyholders meet out uncertainty in many cases. So, there is an attraction towards life insurance and concern and awareness about the industry is also improving. People who care much about them and their families hold life insurance. The tastes and preferences of policyholders not the same. The LIC of India has been introducing variety of policies based on the preferences of the policyholders. It is observed that many policyholders have taken more than one policy based on their job nature and family members interest. It is a clear indication that they are very much interested in utilizing maximum benefits from Insurance companies. Some people give due importance to money value and high returns on their investments. But greater risks are inherent advantages expected from LIC products. The present study emphasis the factors influencing customers to prefer the policies of life insurance of India in Palakkad District.
Highlights
REVIE OF LITERATUREThe first plan at the Government level to form an insurance organization was inception by Sir John Child, the Governor of Bombay 1681-90
Ms Babita Yadav (2011) in her study reveals that Life Insurance of India (LIC) is the leading brand in life Insurance sector but its market share is declining after privatization
Agents played a major role in creating awareness and they are the major influencer for taking micro-insurance policy
Summary
The first plan at the Government level to form an insurance organization was inception by Sir John Child, the Governor of Bombay 1681-90. Ms Babita Yadav (2011) in her study reveals that LIC is the leading brand in life Insurance sector but its market share is declining after privatization. LIC needs to improve its service quality to meet changing demands and expectations of customers. These are some of the major findings of the study. The study is significant because it will help LIC to create a positive impact on its customers by working on the qualities it lacks. The study found that there was a vast majority of the respondents are aware about micro-insurance products of LIC and about Jeevan Madhur product. Agents played a major role in creating awareness and they are the major influencer for taking micro-insurance policy
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