A Study on Customer Satisfaction Towards LIC Products and Services in Vellore
NARESH S & BOOPATHI RAJ S
Master of Business Administration
School of Management Studies
Sathyabama Institute of Science and Technology, Chennai - 600119
DR. M. SOUNDARYA
Assistant Professor
School of Management Studies
Sathyabama Institute of Science and Technology, Chennai – 600119
ABSTRACT
Financial institutions achieve success and sustain their operations by how well they satisfy their customers particularly within the insurance sector. A study investigates how Life Insurance Corporation of India (LIC) customers evaluate their satisfaction with company products through evaluation of experience-influencing factors. This investigative research combines structured surveys with secondary data to examine customer opinions about Life Insurance Corporation of India products and their difficulties with services. The research examines vital elements which include policy advantage delivery, affordable premiums, efficient claims processing, high-quality service delivery, transparent policy wording and online access as well as effective complaint resolution programs. The research investigates how demographic characteristics including age and income level together with occupation type affect the satisfaction levels of policyholders. The research detects areas where LIC operates effectively and presents zones which require betterment to enhance customer satisfaction. The research uses analysis to create strategic guidelines that will improve LIC's service quality and increase customer trust and enhance its competitive strength in the insurance market. These findings will become useful assets for LIC to improve both its policies and its methods of customer interaction.
KEYWORDS
Customer satisfaction, LIC, insurance services, policy benefits, premium affordability, claims processing, service quality, digital access, grievance redressal, demographics, strategic improvement.
