THE PRODUCTS OF LIC OF INDIA  ARE MOST PREFERRED BY THE LIFEINSURANCE    CUSTOMER AN ANALYTICAL STUDY (With special reference to Raipur division)

Mukta  Mehrotra; Dr.S.S Khanuja

Volume : V, Issue : VII, July - 2015

THE PRODUCTS OF LIC OF INDIA ARE MOST PREFERRED BY THE LIFEINSURANCE CUSTOMER AN ANALYTICAL STUDY (With special reference to Raipur division)

Mukta Mehrotra, Dr. S. S Khanuja

Abstract :

<p>&nbsp;In India life insurance is synonym to LIC of India. LIC of India was a monopoly up to the year 1999.In the year 2000 with the globalization and privatization of the insurance sector, the private players also entered the insurance industry challenging the monopoly of LIC of India. In 2000&ndash;2001 LIC had a 99.98% market share and private players only 0.02% market share but in the year 2012&ndash;2013 LIC&rsquo;s market share is 72.7% and total private players share is 27.3% .Although % of market share of LIC has declined but the overall business of LIC has increased tremendously. This is possible only when the customers prefer the products of LIC of India over and above the products of other private players of the insurance industry. The present study was conducted on 650 respondents out of which 500(77%) are customers of LIC of India and remaining 150(23%) are customers of private insurance companies. The correlation of above leads to the conclusion that products of LIC are most preferred by the insurance customers.</p>