Present Status of LIC of India in comparison with the Private Life Insurance Companies in Post Liberalization Landscape An Exploratory Factor Analysis

Dr. J D Chandrapal

Volume : V, Issue : XI, November - 2016

Present Status of LIC of India in comparison with the Private Life Insurance Companies in Post Liberalization Landscape An Exploratory Factor Analysis

Dr. J D Chandrapal

Abstract :

?ere is a substantial amount of debate regarding the emerging strategic and regulatory issues, appraisal of industry development, deregulation of industry and economic growth nexus, changing trend structure and innovation in post liberalization phase of the life insurance industry; however very few studies have examined varying aspects such as Concentration, Efficiency, Productivity and Innovation in respect of LIC of India in comparison with the Private Life Insurance Companies. ?e main purpose of this paper is to examine the ief overview of Status of LIC of India vs. Private Life Insurance companies in post liberalization phase by extracting factors. Using primary data of 552 respondents from various categories such as Intermediaries, Employees, and Customers across the nation; it was empirically examined to extract factors that interpret a present status of LIC of India in comparison with the private life insurance players. Exploratory Factor Analysis was applied for identifying groups or clusters of variables that relate to each other. Based on the results obtained; present status of LIC of India in comparison with the private life insurance players was mainly be explained by the two factors namely Services and Sales. ?e research results undoubtedly confirm the construct validity and produce more interpretable solution by reducing number of dimensions in terms of the relationship between liberalization trends and the status of LIC of India, hence providing a background for further research in this area with the description and illustration of ief and step by step overview of exploratory factor analysis (principal component analysis) by using SPSS