THE ROLE OF LIC TOWARDS CUSTOMER SATISFACTION

Life insurance may be a big opportunity in India due to its huge population and untapped market. After liberalization, privatization and globalization, it's been duly realised by all the insurance players that customer satisfaction is that the pivotal element for enhancing business performance. However, there's absolutely no exaggeration in mentioning that the quantity of customer grievances within the insurance domain has gone up steeply. Redressal of customers' grievances is simply a reactive way of insurers providing the minimum expected customer service. The necessity of the hour may be a more proactive approach geared toward seeking what additional elements would delight the customer more and more. Life Insurance Corporation of India (LIC) still continues to be dominant life insurer within the liberalized scenario of Indian insurance. With a greater choice and awareness, there's continuous increase within the customers’ expectations and that they demand better quality service. The study attempts to live the policyholder’s perception and expectation on service quality dimensions of LIC. This study explores satisfaction level of shoppers towards Insurance Corporation in Mumbai city. Thanks to increasing awareness among people about their uncertainty of life and increasing competition in Insurance sector, it's significant for Insurance Companies to know the requisite of their customers. The most aim of this study is to grasp the buyer satisfaction towards LIC. This study relies on primary data which is collected through questionnaire among 150 policyholders in Mumbai and data were analyzed with multi variety statistical tools like percentage, cross tabulation and chi-square to spot the factors liable for consumer satisfaction towards LIC.