Abstract
Life insurance is actually an agreement between the insured and the insurer in which the policy holder accepts to pay regular premium to the insurer. In return, the insurer guarantees monetary protection to the insured in case of any accident or mishaps. If the insured dies in accident, financial help is provided to his family members. Thus, life insurance is necessary as it provides protection to not only for the insured but also to the family of insured in case of any unwanted disaster. A thriving insurance sector is very important to every modern economy. Firstly because it encourages the habit of saving, secondly because it provides safety to rural and urban enterprises and productive individuals. 
 At present the number of customers investing in LIC is increasing rapidly due to various reasons. Some of them are investing to get tax advantage, while some others are for children education,children marriage, pension for future etc.The number of LIC agents are also increasing .They are providing adequate services to their customers. This study helps to find out the awareness level of customers towards various schemes of LIC and to measure the preference and satisfaction of policy holders towards LIC. The data required for the study are collected from 100 customers of LIC from Malappuram district through well designed questionnaire. Simple percentage and chi square test are used for analyzing the collected data.
Highlights
Insurance industry forms a dominant part of financial market consisting of contractual intermediaries which channelize the savings of the society to the productive sectors of the economy
The nationalization resulted in the establishment of Life Insurance Corporation of India (LIC) by an act of the Parliament
Conduct business with utmost economy and with the full realization that the moneys belong to the policy holders
Summary
Insurance industry forms a dominant part of financial market consisting of contractual intermediaries which channelize the savings of the society to the productive sectors of the economy. Life insurance Corporation of India has been marketing insurance product as a monopoly insurer, being the unchallenged leader in the Indian insurer industry. Life insurance business in India was being transacted by private companies until 1956. As a result of the long felt need and in the interest of insuring public, the life insurance business was nationalized in 1956. The nationalization resulted in the establishment of Life Insurance Corporation of India (LIC) by an act of the Parliament. Life insurance industry has assumed a pivotal role in the face of the rapid changes such as liberalization, globalization and privatization and the related technological and market changes. A policyholder pays a definite amount to the insurer which is known as premium, regularly or in a lump sum
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