Perception and Satisfaction Towards LICS Micro Insurance Policies Among Policy Holders in Coimbatore District An Empirical Study

Abstract

India is a fast developing country with progress in all the sectors. The insurance sector plays a crucial role in a country s economic development MicroInsurance MI refers to the insurance of the newlinelowincome people Micro Insurance policies are sold through a specialized well established distribution channels comprising of Non Governmental Organizations NGOs Self Help Groups newlineSHGs Micro Finance Institutions MFIs Corporate Agents and select conventional agents LIC started micro insurance initiative immediately after the IRDA micro insurance regulations newlinewere issued by IRDA in November 2005 It continues to be the dominant player in distributing micro life policies In a Micro Insurance individual category the LIC offered three policies namely Jeevan Madhur Jeevan Mangal and Jeevan Deep This research study is undertaken with the objectives to find out the level of awareness to understand the perception of target groups about micro insurance to assess the level of satisfaction to newlinestudy the role of intermediaries and to identify the specific problems relating to LIC micro insurance Both primary and secondary data was collected In the first phase data is collected from 39 20 NGOs and 19 MI Agents sample LIC MI intermediaries and in the second phase from 650 LIC MI policy holders The data was analyzed using Percentage analysis