PERCEPTION OF POLICYHOLDERS RELATED TO LICI AND SELECT PRIVATE LIFE INSURERS: A COMPARATIVE STUDY IN JORHAT DISTRICT OF ASSAM

Shibani Borah; Dr. Subit Dutta

Volume : VII, Issue : VIII, August - 2018

PERCEPTION OF POLICYHOLDERS RELATED TO LICI AND SELECT PRIVATE LIFE INSURERS: A COMPARATIVE STUDY IN JORHAT DISTRICT OF ASSAM

Shibani Borah, Dr. Subit Dutta

Abstract :

The impact of privatization in risk business in India has shown its impact on transformation from the state of monopoly to mushrooming companies offering innovative products to the Indians. The growth in the life insurance sector has shown new heights and the functioning of private companies has given tough challenge to Life Insurance Corporation of India. Within a short span of time, private insurance companies have acquired more than 25% of the life insurance market. Many changes have taken place in the processes and procedures of insurance business in terms of its format and products as well the mindset, motives, interests and expectations on the part of customers also. The customers have become more vigilant, calculative and caliated not only in terms of risk coverage but look forward for safety of investments and higher rate of returns on the savings. Hence, an attempt is being made in the proposed study to compare customers� perceptions towards LICI and selected private life insurers with regard to life insurance products, communication system practiced, convenience to acquire the policies. However, at the end of the study it has been found that the perception of people related to LICI, SBI Life and ICICI is positive whereas perception of people related to Kotak Mahindra, Bajaj Allianz, HDFC is negative.