A STUDY ON LIC SCHEMES WITH REFERENCE TO CHILDREN AND WOMEN

Abstract

Indian financial system is highly influenced by the banking and insurance sector which attracts a flow of savings and investments to the country. The Insurance sector in India is one of the growing sectors of the economy. The insurance sector, along with other elements of marketing, as well as financial infrastructure, have been touched and influenced by the process of liberalization and globalization in India. The customer is the king of the market. Life Insurance Company(LIC) deals in Intangible products, such as Insurance plans, Pension Plans, Unit Linked Plans, Micro Insurance Plans, Withdrawn Plans and, Health Plans. The process of insurance has evolved to safeguard the interests of people from uncertainty by providing certainty of payment at a given contingency. Issuing insurance policies at affordable rates helps to protect the capital of the people by investing funds into government securities. It provides customized insurance solutions based on their unique financial needs and risk profile, as well as assistance in resolving them. LIC is an insurance firm headquartered in Mumbai with 8 zone offices and 101 divisional offices. LIC provides mutual funds, health insurance, and investment management services in addition to life insurance. LIC is India’s largest firm, with 2048 completely computerized branches, 8 zonal offices, 113 divisional offices, 1381 satellite offices, and corporate offices spread around the country. In various Indian cities and towns, the country is divided into 54 customer zones and 25 service centers. For selling life insurance to the general public, LIC has 1,337,064 individual agents, 242 corporate agents, 89 referral agents, 98 brokers, and 42 banks. LIC aims to deploy the funds to the best advantage of the investors and the community as well. This research paper attempts to study the various schemes for a child and women, to know the factors influencing the choice of investors in choosing LIC Policy, and to analyze the performance of LIC by knowing customers' opinions.