PRODUCT PERFORMANCE OF LIFE INSURANCE COMPANIES OF INDIA a COMPARATIVE STUDY

Abstract

Life Insurance Corporation of India was the sole player in the Indian life insurance newlinemarket before 2000. With the entry of private players, LIC has lost considerable market newlineshare to private players. Although both market size and insurance penetration, are on the newlinerise, in India life insurance products were/are bought more as investments for tax savings newlinerather than risk protection. The brand preference while choosing an insurance product has newlinenever been explored in depth. It has been largely assumed that life insurance is an newlineunsought product and customer satisfaction has become a challenge to the private newlineinsurers. Insurance business is of the relationship building process, where one customer newlineleads to the building of other one. A satisfied customer is like a word of mouth newlineadvertisement for the company. newlineThe needs of the existing customers shoul newline