Is private insurance a blessing in disguise for life insurance corporation of India? A study in Karnataka

Understanding buyers’ perception towards life insurance post-deregulation has been an interesting study as present life insurance market in India is poised for robust growth in the next decade with major players across the globe venturing into a largely untapped Indian life insurance market. In fact, when private insurers started making inroads into life insurance market, the public sector giant, LIC of India, was in a state of shock. But as the initial euphoria about private life insurance subsided, LIC started consolidating its business, matched the private insurers with respect to product innovations, and improved its service quality with an impeccable claim settlement record.

The present study attempts to know the significant perceptual changes in the minds of Indian insurance buyers towards life insurance services offered by LIC of India after deregulation. Various statistical analyses are carried out using tools such as Descriptive statistics, ANOVA, Levene's Test for Equality of Variances, Tukey-HSD Multiple Comparisons to arrive at concrete findings and based on which suggestions are offered.