A Study on Perception of Policy Holders Towards Marketing of Life Insurance Products by the LIC of India

A Study on Perception of Policy Holders Towards Marketing of Life Insurance Products by the LIC of India

NISHU TOMAR MBA DUAL SPECIALIZATION

SCHOOL OF BUSINESS

GALGOTIAS UNIVERSITY

ABSTRACT
Policyholder impressions of the marketing tactics used by the Life Insurance Corporation of India (LIC) for its life insurance products are examined in this study. Understanding policyholder views is essential for LIC, the leading company in the Indian insurance market, to improve customer happiness and marketing efficacy. Analyzing how current policyholders view several marketing initiatives, such as advertising, sales agent interactions, product information distribution, and post-sales servicing, is the main goal of this study. A structured questionnaire was given to 300 LIC policyholders in Delhi who were chosen by convenience sampling as part of a descriptive study strategy. Key perceptual dimensions and their associations with demographic variables were identified through data analysis using chi-square tests, component analysis, and descriptive statistics. Although policyholders generally value LIC's trustworthiness and dependability, preliminary results indicate that digital marketing campaigns and product feature clarity may use some work. This study offers LIC useful information to improve its marketing efforts, emphasizing customer-centric tactics and better utilizing digital platforms to satisfy changing policyholder demands and fortify its position in the market.