POST PURCHASE BEHAVIOUR OF CONSUMER OF LIC CHAPTER 1 INTRODUCTION OF INSURANCE INDUSTRY BRIEF HISTORY OF INSURANCE IMPORTANT MILESTONE IN THE LIFE INSURANCE BUSINESS IN INDIA. INDIAN INSURANCE IN GLOBAL SCENERIO LIFE INSURANCE INDUSTRY GROWTH ETOP ANALYSIS OF THE INSURANCE INDUSTRY B.M. COLLEGE OF BUSINESS ADMINISTRATION Page 1
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POST PURCHASE BEHAVIOUR OF CONSUMER OF LIC
CHAPTER 1
INTRODUCTION OF INSURANCE
INDUSTRY
BRIEF HISTORY OF INSURANCE
IMPORTANT MILESTONE IN THE LIFE INSURANCE
BUSINESS IN INDIA.
INDIAN INSURANCE IN GLOBAL SCENERIO
LIFE INSURANCE INDUSTRY GROWTH
ETOP ANALYSIS OF THE INSURANCE INDUSTRY
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CHAPTER 1
INTRODUCTION OF INSURANCE INDUSTRY
BRIEF HISTORY OF LIFE INSURANCE
The story of insurance is probably as old as the story of mankind. The same instinct that prompts
modern businessmen today to secure themselves against loss and disaster existed in primitive
men also. They too sought to avert the evil consequences of fire and flood and loss of life and
were willing to make some sort of sacrifice in order to achieve security. Though the concept of
insurance is largely a development of the recent past, particularly after the industrial era – past
few centuries – yet its beginnings date back almost 6000 years.
Life Insurance in its modern form came to India from England in the year 1818. Oriental Life
Insurance Company started by Europeans in Calcutta was the first life insurance company on
Indian Soil. All the insurance companies established during that period were brought up with the
purpose of looking after the needs of European community and Indian natives were not being
insured by these companies. However, later with the efforts of eminent people like Babu
Muttylal Seal, the foreign life insurance companies started insuring Indian lives. But Indian lives
were being treated as sub-standard lives and heavy extra premiums were being charged on them.
Bombay Mutual Life Assurance Society heralded the birth of first Indian life insurance company
in the year 1870, and covered Indian lives at normal rates. Starting as Indian enterprise with
highly patriotic motives, insurance companies came into existence to carry the message of
insurance and social security through insurance to various sectors of society. Bharat Insurance
Company (1896) was also one of such companies inspired by nationalism. The Swadeshi
movement of 1905-1907 gave rise to more insurance companies. The United India in Madras,
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National Indian and National Insurance in Calcutta and the Co-operative Assurance at Lahore
were established in 1906. In 1907, Hindustan Co-operative Insurance Company took its birth in
one of the rooms of the Jorasanko, house of the great poet Rabindranath Tagore, in Calcutta. The
Indian Mercantile, General Assurance and Swadeshi Life (later Bombay Life) were some of the
companies established during the same period. Prior to 1912 India had no legislation to regulate
insurance business. In the year 1912, the Life Insurance Companies Act, and the Provident Fund
Act were passed. The Life Insurance Companies Act, 1912 made it necessary that the premium
rate tables and periodical valuations of companies should be certified by an actuary. But the Act
discriminated between foreign and Indian companies on many accounts, putting the Indian
companies at a disadvantage.
The first two decades of the twentieth century saw lot of growth in insurance business. From 44
companies with total business-in-force as Rs.22.44 crore, it rose to 176 companies with total
business-in-force as Rs.298 crore in 1938. During the mushrooming of insurance companies
many financially unsound concerns were also floated which failed miserably. The Insurance Act
1938 was the first legislation governing not only life insurance but also non-life insurance to
provide strict state control over insurance business. The demand for nationalization of life
insurance industry was made repeatedly in the past but it gathered momentum in 1944 when a
bill to amend the Life Insurance Act 1938 was introduced in the Legislative Assembly. However,
it was much later on the 19th of January, 1956, that life insurance in India was nationalized.
About 154 Indian insurance companies, 16 non-Indian companies and 75 provident were
operating in India at the time of nationalization. Nationalization was accomplished in two stages;
initially the management of the companies was taken over by means of an Ordinance, and later,
the ownership too by means of a comprehensive bill. The Parliament of India passed the Life
Insurance Corporation Act on the 19th of June 1956, and the Life Insurance Corporation of India
was created on 1st September, 1956, with the objective of spreading life insurance much more
widely and in particular to the rural areas with a view to reach all insurable persons in the
country, providing them adequate financial cover at a reasonable cost.
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LIC had 5 zonal offices, 33 divisional offices and 212 branch offices, apart from its corporate
office in the year 1956. Since life insurance contracts are long term contracts and during the
currency of the policy it requires a variety of services need was felt in the later years to expand
the operations and place a branch office at each district headquarter. re-organization of LIC took
place and large numbers of new branch offices were opened. As a result of re-organisation
servicing functions were transferred to the branches, and branches were made accounting units.
It worked wonders with the performance of the corporation. It may be seen that from about
200.00 crores of New Business in 1957 the corporation crossed 1000.00 crores only in the year
1969-70, and it took another 10 years for LIC to cross 2000.00 crore mark of new business. But
with re-organisation happening in the early eighties, by 1985-86 LIC had already crossed
The primary objective of the study is to find out the post purchase behaviour of the customer and
their activity after purchasing the policy.
Secondary Objectives:
The secondary objective of the study was to get the practical reasons for the problems faced by
the customer after their acquisition of the policy. This will help to serve the customer well
LIMITATION OF THE STUDY
Some of the major limitations of study are mentioned below.
The survey work was conducted in Surat and nearby areas only so, it cannot cover
preference of other region.
The sample size taken for the survey work was 100 so the reliability of data is not
adequate.
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There is a chance of mistake in the answer because of the limited knowledge of the
respondent.
There is also possibility of giving wrong answer by respondents because of mood of
Customers and due to the familiarity they cannot express their views correctly.
SCOPE OF THE STUDY
The topic of the study “Post Purchase Behavior” resembles the customer’s behavior after the
product what is there attitude towards it and it is helpful to the Life Insurance Corporation of
India to get the exact reason for the lapsation of the policy and cases of surrendering the policy,
which is day by day increasing. So to identify the basic problem why the insured is closing and
ending the contracted policy. I have done the study of post purchase behavior of the customer of
LIC.
RESEARCH DESIGN
Research Design constitutes the blueprint for the collection, measurement, and analysis of data.
It also express both structure of research problem- the framework, organisation, or configuration
of the relationships among variables of the study- and plan of investigation used to obtain
empirical evidence on those relationships.
Research Design is classified into main 3 types, out of them Exploratory Study is used. The
purpose of choosing this method is to develop the hypothesis or question for further research and
use of the data which is first hand for appropriate use.
Exploratory research:
An exploratory research focuses on the discovery of new ideas and is generally based on the
secondary data. It is preliminary investigation which does not have a rigid design.
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Descriptive research:
In the second stage, descriptive research design has been used because it described the
phenomena under the study and recommendation / findings were specific under this study.
Descriptive studies are undertaken in many circumstances. When the researcher is interested in
knowing the characteristics of certain groups such as age, sex, educational level, occupation, a
descriptive study may be necessary.
Causal research:
Causal Design is used when researcher is interested in knowing cause and effect relationship
between the two or more variables.
DATA COLLECTION METHOD
Data collection is related to the sources of data and data collection technique. It is very much
important to select the appropriate source of data which is very much necessary while conducting
the survey. There are two types of sources are available from which one can select the data.
1. Primary Data
2. Secondary Data
Primary data are those data that are collected for the first time. This data is never used before by
any one. I have collected primary data through Personal and Telephone Survey.
Secondary data are those that are not collected for the first time. They are gathered and collected
through various sources such as newspaper, magazine, radio, etc. In my project I have collected
secondary data from the Internet to get the information about my topic.
The fifth step of the research process is about decision on data collection techniques. Data
Collection Techniques are the ways in which information is gathered. Also, there are various
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ways to collect the data. Some of them are “Observational Method”, “Survey Method”.
According to my topic, I have chosen to do survey through questionnaire and through personal
survey, as it the best method for my survey.
DEFINING POPULATION
For my survey, the population selected is LIC’s customer as the post purchase behaviour can be
surveyed by a person who has a LIC policy.
SAMPLING DECISION
ANALYSIS OF INFORMATION
There are many ways of processing and analyzing the information, they are as follows:
Tabulation
Central tendency
Measures of dispersion
Multivariate analysis
Graphical representation etc
I have analysis of the information through graphical representation as it is easy to be understood
by everyone who reads this report.
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Research Chart
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Formulating the research
problem
Choice of research design
Determing The Sources Of Data
Organising And Conducting The
Field Survey
Determing Sampling
Design And Size
Designing Data Collection Forms
Processing And Analyzing The Collected Data
Preparing The Research Report
POST PURCHASE BEHAVIOUR OF CONSUMER OF LIC
CHAPTER 5
DATA ANALYSIS &
FINDINGS
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CHAPTER 5 DATA ANALYSIS AND FINDINGS
Here the detailed analysis of the survey conducted and the detailed findings from the
questionnaire.
The following are the detailed analysis of the questionnaire in question wise analysis
1. Which factor influenced you to buy LIC product?
(a) Need (b) Advertisement
(c) LIC Agent (d) if others then specify……………………………
Statistical information
Factor influencing to buy LIC product Response
Need 18
Advertisement 19
LIC agent 63
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If others 0
Total 100
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18
19
63
NeedAdvertisementLIC agentIf others
Analysis:
By seeing the graph we can come to know that the major influencing factor is LIC agent. There
is also scope of advertise ment but it cannot surpass the reality. So the company should focus on
giving training to lic agent to sell more and more policy as they areinfluencing the most to the
customer.
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2. Which type of policies you have? (multiple answer are acceptable)
(a) Endowment (b) Term insurance
(c) ULIP
Staistical information
Type of Policy Response
Endowment 32
Term insurance 60
ULIP 49
Total 141
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Type of Policy
endowmentterm insuranceULIP
From this graph we can firstly know the LIC customers are interested in buying more than one
policy. There is a rush of buying term insurance from LIC. It does not mean that endowment and
ULIP”S are not preferred but customers first preference is term insurance
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3. If endowment the term of payment is.
(a) 10-15 years (b)15-20 years
(c) 20 years or more (d) if others then specify
Years Response
10-15 years 7
15-20 years 10
20 years or more 15
Total 32
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Premium paying years
15-2015-2020 years more
The customers prefer to pay the premium for more than 20 years. So company should take it into
consideration an should bring more competitive policies of endowment so that customers will be
attracted and buy more policies which will be beneficial in long run to customers and the
company.
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4. If term insurance then the term of payment is.
(a) 10-15 years (b) 15-20 years
(c) 20 years or more (d) if others then specify
Years Response
10-15 years 5
15-20 years 30
20 years or more 25
Total 60
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Premium paying years
15-2015-2020 years more
This question was to know the prospect selecting the term plan and its maturity, normally in term
plan the lower age group keeps higher maturity periods as to incur good amount with additional
bonuses, but the people in the age bracket of 35 and above selecting early maturity as in their
older age they become financially independent.
The above were the response of them.
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5. If ULIP then which plan you have?
(a) Endowment plus (b) Market plus-1
(c) Market plus-2 (d) if others then specify…………………………
Type of ULIP plan Response
Endowment plus 7
Market plus-1 16
Market plus-2 20
Others 06
Total 49
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Type of ULIP plan
Endowment plusmarket plus 1market plus 2others
The data obtained can be analyzed that as endowment plus is a new plan iits sale is still lacking. There is a high sale of market plus-2 and alco market plus-1. The other ULIP are still not favoured like these three policies.
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6. In case if the term insurance matures then are you satisfied with the time duration of the
payment of LIC?
(a) Satisfied (b) average
(c) Unsatisfied (d) not applicable
Level of satisfaction Response
Satisfied 24
Average 10
Unsatisfied 2
Not applicable 64
Total 100
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Level of satisfaction at the time of payment By LIC
satisfiedaverageunsatisfiednot applicable
Here it can be seen that most of the customers are satisfied with the payment procedure of LIC after the maturity of the term insurance.But the company’s goal should be the satisfaction of all the customers. So company should collect feedback on this so that the actual thing comes up.
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7. By what way do you prefer to pay the premium in LIC?
(a) Going personally (b) By agent
(c) Online payment (d) if others then specify…………………………..
Way to pay premium Response
Going personally 8
By agent 85
Online payment 3
if others then specify 4
Total 100
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Way of paying Premium
going personallyLIC Agentonline paymentother
Most of the customers are paying the premium through LIC agent..The customers are being benefitted due to agent’s service. But there are some customers who are going personally or paying through internet.
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8. If you go personally then how is the behaviour of employee to you?
(a) Satisfactory (b) Average
(c) Unsatisfactory
Satisfaction Level Response
Satisfactory 5
Average 3
Unsatisfactory 1
Total 8
Level of Satisfaction towards employee of LIC
satisfactoryaverageunsatisfactory
The customers who are going personally are mostly satisfied with the employees but LIC should take care that all are being satisfied
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9. IN case you claim, then how was the response of the company?
(a) Satisfactory (b) Average
(c) Unsatisfactory (d) not applicable
Satisfaction level Response
Satisfactory 12
Average 12
Unsatisfactory 2
Not applicable 74
Total 100
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Satisfaction level at the time of claim
satisfactoryaverageunsatisfactorynot applicable
There are many who have not claim as they have not face such circumstances and that is good for them and company. But those who have claimed there are equal customers who are satisfied and those arehaving an average experience. This is not very good sign for a company. Still customers are not fully satisfied with the clauiming process of the company. So process should be made fast and accurate so that each and every customer is satisfied.
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10. Is the premium notice properly received at time?
(a) yes (b) no (c) sometimes
Premium notice Response
Yes 55
No 7
Sometimes 38
Total 100
Premium notice delivery
yesnosometimes
As there is a large customer base of LIC there is a possibility that the premium notice may not be delivered every time.so the customers response shows that they receive the premium notice sometimes and some donot receive only so LIC should consider this and should inform the customers about the premium notice so the customers will be ready with finance at the time of the premium paying date.
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11. Do you have any insurance policies of any other company?
(a) yes (b) no
If yes, then specify the company name……………………………………………………
Customer Loyalty Response
YES 15
No 85
Total 100
Customer Loyalty
yesno
The main Question to the customer is about their loyalty. Most of the customers are loyal to the LIC, but in this competitive world and the aggressive advertisement and new innovative policies of private companies some of the customers are attracted towards the private customers .so, LIC should keep this in mind and try to maximum retain their customers.
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12. What do you feel that LIC’s return provide value for your money?
(a) Satisfied (b) average
(c) Unsatisfactory
Satisfaction Level Response
Satisfactory 79
Average 318
Unsatisfactory 13
Total 100
Satisfaction with return of LIC
satisfactoryaverageunsatisfactory
Most of the customers are satisfied with the return if LICand few of them are not satisfied so LIC should do a research about satisfaction with return and shuld find the reasons of the dissatisfaction of customers and overcome it.
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13. How do you feel being a LICian?
(a) Very good (b) average
(c) Very bad
Feeling Response
very good 47
average 49
very bad 4
Total 100
Feeling of being an LICian
very goodaveragevery bad4th Qtr
Many of the customers think that it is an average experience of being LICian. Many thinks that it is really a good feeling that the are LICian but they are than above one.LIC backs here for creating an excellent good image in customers mind, which is a bad sign for the company.
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FINDINGS:
1. Most of the respondent prefers to stick to the particular company due to its
performance and brand tag of “Government of India” Guarantee.
2. From the research it was found that the aged one wanted to stick to the one particular
brand as they are brand conscious and the young blood of age group 21-30 wanted to
be dynamic and performance oriented.
3. From the research I have found that most of the people are satisfied with the service
medium of agent as no negative score was given to the question asked about the
satisfaction of service medium.
4. It was found from the research that the young people of age group 21-30 prefer the
combination of endowment and term insurance plans, well the aged group prefer the
combination of endowment and ulips as for them the term insurance is very expensive
and not cost effective
5. It was clear from the research that the customer prefers to pay the premium in shorter
period in endowment insurance.
6. It was the positive point for the LIC that most of the respondents were on an average
satisfied with the post purchase service.
7. The customers preferences are tending towards the ULIP products rather than the
conventional business.
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CHAPTER 6
SUGGESTIONS AND CONCLUSIONS
Suggestions Conclusions Bibliography Annexure
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CHAPTER 6 SUGGESTIONS AND CONCLUSIONS
SUGGESTIONS
1. I would suggest the advisor to increase the transparency of the insurance and show
the facts of the plan selected.
2. The respondent is blindly taking the insurance by brand name LIC so the advisor
should deliberately ask their need and judge properly and deliver a plan.
3. A proper prospected plan to customer led to the eradication of the dissatisfaction.
4. I recommend the advisor to use the above datas and assess the customers.
5. The lapsation of policies are on increasing rate so the company has to take the step
where their customers are finding problems and stop continuing policy.
6. One more thing it represent that many of the people almost 47% are tending towards
accepting the other rival products and having their view performance oriented. So the
agent should not be in a notion that their customer will always be loyal to them.
CONCLUSIONS
From the survey conducted by me I have come across many conclusions. The first thing that I
would like to conclude is that LIC is having brand equity and so policies are selling But, People
must be explained the plan properly and then to be sold and many of the advisors force the
customers to take the insurance where they get high monetary benefits, this should be stopped.
And strong thing identified about the insurance is that from the study most of the respondent has
been on an average satisfied and many who were not satisfied have to stop paying the premium
or have to surrender the policy. And for the loan there was not so much of awareness and the
customer feel cheated as their feelings were that they get their money for interest. This is to be
considered and some steps should be taken for that.Many of the people I studied posses less
knowledge about the insurance most of them were not able even to trace out the product which
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they have consumed, they have taken the product simply for tax exemption or risk motive but
they are of aware of the features and terms and condition of product they have blindly taken the
policy on trusting the agent, they wait for the agent to come and collect the premium otherwise
not caring for paying premium ,this is the reason the customer not selecting the other medium to
pay the premium.So effective advertisement and customer should be educated about their
responsibility of paying premium and benefits of the product.
A Survey on Post Purchase Behaviour of Customer of LICDear respondent, I am Patel Nikita, student of Bhagvan Mahavir College of Business Administration; I am conducting a survey on the “POST PURCHASE BEHAVIOUR OF CUSTOMER” of LIC Products. So kindly give your valuable response fairly. NAME:……………………………………………………AGE:…………ADDRESS:………………………………………………………………………………………
CONTACT NO:………………………………
1. Which factor influenced you to buy LIC product?
(a) Need (b) Advertisement
(c) LIC Agent (d) if others then specify……………………………
2. Which type of policies you have? (multiple answer are acceptable)
(a) Endowment (b) Term insurance
(c) ULIP
3. If endowment the term of payment is.
(a) 10-15 years (b)15-20 years
(c) 20 years or more (d) if others then specify
4. If term insurance then the term of payment is.
(a) 10-15 years (b) 15-20 years
(c) 20 years or more (d) if others then specify
5. If ULIP then which plan you have?
(a) Endowment plus (b) Market plus-1
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(c) Market plus-2 (d) if others then specify…………………………
6. In case if the term insurance matures then are you satisfied with the time duration of the payment of LIC?
(a) Satisfied (b) average
(c) Unsatisfied (d) not applicable
7. By what way do you prefer to pay the premium in LIC?
(a) Going personally (b) By agent
(c) Online payment (d) if others then specify…………………………..
8. If you go personally then how is the behaviour of employee to you?
(a) Satisfactory (b) Average
(c) Unsatisfactory
9. IN case you claim, then how was the response of the company?
(a) Satisfactory (b) Average
(c) Unsatisfactory (d) not applicable
10. Is the premium notice properly received at time?
(a) yes (b) no (c) sometimes
11. Do you have any insurance policies of any other company?
(a) yes (b) no
If yes, then specify the company name……………………………………………………
12. What do you feel that LIC’s return provide value for your money?