Understanding the basis of customer value is perceived as an important source for competitive advantage and the foundation for long-term buyer-supplier relationships as researched by many authors. Creating customer value should be the cornerstone of every business. However, there is little evidence on what creates value in the insurance sector. It is essential to know what consumers value, and what do consumers really want from by buying an insurance policy. What attributes are most important in their judgements of value? What drives them to use one company's insurance policy over others? In order to understand what customers really want from life insurance companies and how much they can spend, the concept of perceived value is chosen, as it represents a consumer's overall assessment of the utility based on perceptions of what is received and what is given. In the relationships between customers and insurance companies, the concept of service takes on a different meaning as insurances are relatively distinct from traditional services. Certain service-specific characteristics, such as intangibility, heterogeneity, customer involvement and confidentiality, are inherent to insurances (Maas and Graf, 2008). A distinguishing peculiarity of an insurance service is that the customer regularly pays for a service which, if the customer is free of losses, may remain extremely intangible throughout the relationship (Gidhagen, 2001). The main motivation for a customer to purchase insurance is to protect himself against property/casualty losses and liability suits (Miller, 1992). The primary function of insurance companies is to compensate policyholders if a pre-specified adverse event occurs in exchange for premiums paid to the insurer by the policyholder (Saunders and Cornett, 2007). The outcomes of insurance purchases are also often delayed, and thus do not allow immediate post-purchase evaluation (Siddiqui and Sharma, 2010). Hence, this study seeks to analyse the factors of customer-perceived values that affect customer satisfaction in both LIC and HDFC Life.