Policyholders Service Satisfaction on Marketing Mix of Life Insurance Corporation of India

In today's challenging business environment, customer service and customer satisfaction are emerging as key competitive advantages. Life Insurance Corporation of India (LIC) enjoyed monopoly in life insurance sector during the pre-nationalized period. Life insurance is customer based business where retention of existing customers is the biggest challenge in present-day market competition. The study attempts to measure customer satisfaction level on various insurance services offered by LIC. This paper also presents different marketing strategies that the LIC will use to achieve its objectives, and it consists of broad decisions on target markets and market positioning and mix. The primary research was conducted through a market survey consisting of 600 respondents from urban and rural areas of Coimbatore district in Tamilnadu with a well structured questionnaire. Simple statistical tools like percentage and mean ranking scores were employed for data analysis. The study reveals the fact that the majority of the respondents were highly satisfied with the features of the policy, loan on policy, premium charged and effectiveness of advertisement.