Dimension Wise Satisfaction Level on Service Quality with LIC

Customer satisfaction in life insurance is the difference between the desired level of performance by the customers from the insurer and the actual experience of the customer on performance of insurer. In today's competitive market customer and his satisfaction is of immense importance for the marketers to survive. Life insurance industry is not an exception to this. Customer satisfaction with the best quality of service, need based, customized, innovative and competitive products, will be the key to succeed in this competition. Keeping this in view, the topic under study has made an attempt to find out the dimension wise level of satisfaction on service quality offered by LIC. The dimensions viz. Product/Plans of LIC, Price, Advertisements, Culture and Process have been considered for the purpose and sample of 2500 have been taken to collect the primary data. The statistical tools percentage, mean, SD, ranks and One Sample ‘t' test were used for analysis. The research revealed that the samples are satisfied with the simplicity of claim settlement procedure of LIC and grievance redressal mechanism while highly dissatisfied with Rate of additional Premium for Riders