Customer Satisfaction and Business Performance of LIC With Special Reference to Nanded District

Abstract

Human beings are tackled with various risks in their everyday life. It is not possible for any person, however clever he may be, to avoid risks. It is also very difficult to predict all the risks and calamities that are store for us. Many happy families are ruined by unkindly death of the earning member, many performs lose their limbs in accidents. Many babies die for want of medical facilities. Precious properties are at times consumed by fire. Thus, floods, fires, earthquakes, wars, accidents, burglaries, diseases take a heavy to all of human life and property every year. These sufferings may be reduced by precautionary measures, but they cannot be totally eliminated. For example, a very efficient police department will reduce the incidence of burglaries, but cannot eliminate them. Relief may lessen the suffering due to floods but cannot eliminate floods. Efficient medical service, improved sanitation and nutritive diet may enhance the average expectation of life, but cannot avoid death. A very alert fire brigade can control a fire and reduce the loss, but cannot prevent the occurrence of fire. Hence, there is a necessity for a device or machinery or institution to provide the needed help to these unfortunate individuals. Such a device is known as insurance and the institution which provides such help is called insurance company. newlineLIC is the leading service industry which play very important role in development of the nations. It is state owned government insurance company. The insurance industry of India consists of 53 insurance companies, of which of 24 are in life insurance companies and 29 non-life insurance companies. Among the life insurers, only Life Insurance Corporation is the sole public sector insurance company. newlineSlogan of LIC is Yogakshemam Vahamyaha which is derived from ancient Hindu text, the Bhagvad Gita s in Sanskrit language, translates in English as, Your Welfare is our Responsibility. The life Insurance Corporation of India has been a nation builder since its formation in 1956. True to