A STUDY ON PREFERENCE OF POLICYHOLDERS ABOUT PUBLIC AND PRIVATE LIFE INSURANCE COMPANIES IN TIRUNELVELI DISTRICT

I Meenakshi

doi:10.29121/granthaalayah.v6.i4.2018.1485

Abstract

There are currently, a total of 24 life insurance companies in India. Of these, Life Insurance Corporation of India (LIC) is the only public sector insurance company. All others are private insurance companies. The Life Insurance Corporation of India (LIC) is the largest life insurance company in India and also the country's largest investor. More and more new private insurance companies are coming up year after year. And, these new and private life insurance companies adopt aggressive marketing strategies to introduce their products and to tap the potential policyholders. It is witnessed that new policies like ULIPs are introduced by these new private life insurance companies. It is in this concept this study has been undertaken to assess and analyze the preference of policyholders towards insurance services offered by public and private life insurance companies in Tirunelveli district.

Highlights

Indian insurance market has been going through a transition phase in the wake of LPG (Liberalization, Privatization and Globalization)
In the pre-liberalization era, Life Insurance Corporation of India (LIC) of India was the monopoly in the insurance sector in India
Life Insurance Life insurance is a contract between a person and the insurance company covering either the life term or a fixed number of years

Summary

Introduction

Indian insurance market has been going through a transition phase in the wake of LPG (Liberalization, Privatization and Globalization). In the pre-liberalization era, LIC of India was the monopoly in the insurance sector in India. It was not duly concerning about customer services. The products were limited and insurance was mainly purchased for risk covering. In the year 2000, the insurance sector was opened up for private players. The insurance sector has changed drastically after this. The new insurance companies concentrate more on the areas which were uncovered by LIC. The impact of private players can be felt in the areas like product innovation, promotion and service standards. Http://www.granthaalayah.com ©International Journal of Research - GRANTHAALAYAH [105]

Operational Definition of Concepts

Review of Literature

Data Analysis and Interpretation

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Conclusion