PERCEPTION OF POLICYHOLDERS RELATED TO LICI AND ICICI PRUDENTIAL LIFE INSURANCE COMPANY: A COMPARATIVE STUDY IN JORHAT DISTRICT OF ASSAM

Shibani Borah; Dr. Subit Dutta

Volume : VIII, Issue : VII, July - 2019

PERCEPTION OF POLICYHOLDERS RELATED TO LICI AND ICICI PRUDENTIAL LIFE INSURANCE COMPANY: A COMPARATIVE STUDY IN JORHAT DISTRICT OF ASSAM

Shibani Borah, Dr. Subit Dutta

Abstract :

The impact of privatization in India has shown its impact on transformation from the state of monopoly to sprouting companies offering various innovative products to the Indians. The growth in the life insurance sector has shown new heights and the functioning of private companies has given tough challenge to Life Insurance Corporation of India. Within a short span of time, private insurance companies have acquired more than 25% of the life insurance market. Many changes have taken place in the processes and procedures of insurance business in terms of its format and products as well as the mindset, motives, interests and expectations on the part of customers also. The customers have become more informative and caliated in terms of risk coverage and also look forward for safety of investments and higher rate of returns on the savings. Hence, an attempt is being made in the proposed study to compare customers’ perceptions towards LICI and ICICI Prudential with regard to life insurance products, communication system practiced, convenience to acquire the policies. However, at the end of the study it has been found that the perception of people related to LICI and ICICI Prudential is positive in many aspects whereas negative in some. It is evident from the study that majority of the policyholders were satisfied with the policies and preferred new innovative marketing insurance plans and policies at different times.