An Empirical Study of Postal Life Insurance in Reference to LIC and Private Insurance in NCR

Abstract

Due to Indias huge population and an untapped insurance market, life insurance companies have been instrumental in mobilizing the savings of the people and have been ranked next to the banking institutions. Saturation of markets in many developed economies has made the Indian market even more attractive for global insurance majors. India has very low insurance penetration and density compared to the world average. One of the main reasons of low insurance penetration in low insurance literacy. If we compare the status of India with global standards, India is lagging behind even with Asians countries. The insurance penetration in India is 5.2 percent and insurance density is US $54.3; whereas the word average is 7 and US$595.1, respectively. The insurance penetration for Asia is 6.1 and insurance density is US$243.1. The objectives of the study are to study to find out the factors influencing the customers, to study the attitude of the consumers regarding the postal Life Insurance, LIC and Private Insurance, to find the reasons for choosing a particular service and to study the satisfaction level and to probe the problems faced by the customers. The study is based on the primary data. Researcher has used Anova-test to test the hypothesis. Towards the end of the study the researcher has given various useful suggestions for the future development and betterment of postal Life Insurance.

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