An empirical study on problems of policyholders of LIC of India
by Furquan Uddin; Mohammad Razi-ur-Rahim
International Journal of Financial Services Management (IJFSM), Vol. 10, No. 4, 2020

Abstract: Consumer retention has become indispensable in all industries including insurance. LIC of India is the pioneer in life insurance industry catering for all expectations and benefit services on behalf of insurance. This study aims at assessing the problems of policyholders of LIC of India. This is a descriptive study conducted in Varanasi, India for which 363 completed questionnaires from policyholders were received by adopting snowball sampling. Chi-square test was used to test the hypotheses. The study found various problems of the policyholders of LIC of India such as low return, lack of adequate knowledge about product, complicated documents and procedures, interest conflict, lack of salesmanship, poor response from officials, delay in claim settlement, legal formalities, etc.

Online publication date: Mon, 22-Feb-2021

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