Title: An empirical study on problems of policyholders of LIC of India

Authors: Furquan Uddin; Mohammad Razi-ur-Rahim

Addresses: Department of Management & Business Administration, Aliah University, Kolkata, West Bengal, India ' Department of Business Administration, Aligarh Muslim University Centre Malappuram, Chelemala, Perintalmanna, Kerala, India

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.

Keywords: economic security; LIC of India; life insurance; policyholders; India.

DOI: 10.1504/IJFSM.2020.113156

International Journal of Financial Services Management, 2020 Vol.10 No.4, pp.342 - 349

Received: 26 Feb 2020
Accepted: 01 Jul 2020
Published online: 22 Feb 2021 *

Full-text access for editors Full-text access for subscribers Purchase this article Comment on this article