CHAPTER – 4 DATA ANALYSIS AND...

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CHAPTER – 4

DATA ANALYSIS

AND

INTERPRETATION

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CHAPTER - 4 DATA ANALYSIS AND INTERPRETATION

1) Age Group

Total Below 30 years 31-40 years 41-50 years 51-60 years Above 60 years

200 100 64 32 4 0

Percentage 50 32 16 2 0

Interpretation

According to the graph given above out of 200 respondents 50 % are below 30 years of age,

32% are between age group of 31-40 years, 16% are between the age group of 41-50 years, 2 %

are between the age group of 51-60 years and none above 60 years, which describes that LIC

policies have got maximum faith among the youths.

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2)Gender

Total Male Female

200 136 64

Percentage 68 32

Interpretation

According to the graphs given above out of the total 200 respondents included in the study 68 %

were males and 32 % were females, which clearly defines the gender biasness, that the males

have more liking towards the LIC policies.

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3)Marital Status

Total Married Unmarried

200 154 46

Percentage 77 23

Interpretation

According to the graphs given above out of the total 200 respondents included in the study 77%

were married and 23 % were married, hence we can say married persons are more interested in

the investment criteria’s offered by LIC

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4)Place of residence

Total Rural Urban

200 148 52

Percentage 74 26

Interpretation

According to the graphs given above out of the total 200 respondents included in the study 74%

were from urban area and 26 % were from rural area, which clearly indicates that LIC has got the

opportunity to make inroads in rural sector. They should design policies as per the liking of rural

people so as to have improved market share.

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5)Total number of policies bought

Total One Two More than two

200 74 102 24

Percentage 37 51 12

Interpretation

According to the graphs given above out of the total 200 respondents included in the study, 37%

were having one policy of LIC, 51% had two policies and 12 % more than two, which clearly

defines the faith of the people towards LIC policies.

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6)Mode of Payment

Total Monthly Quarterly Half-yearly Yearly

200 22 22 54 102

Percentage 11 11 27 51

Interpretation

According to the graphs given above out of the total 200 respondents included in the study, 11%

have opted for monthly payments, 11% opted for quarterly payment, 27% opted for half-yearly

payment and 51% opted for yearly payments of the premium.

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7)Educational Qualification

Total Undergraduate Graduate Post-Graduate Doctorate

200 32 46 94 28

Percentage 16 23 47 14

Interpretation

According to the graphs given above out of the total 200 respondents included in the study 16%

were undergraduate, 23% were graduate, 47% were post graduate and 14 % were doctorate,

which clearly indicates the liking of the educated sectors towards LIC policies.

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8)Occupation

Total Student Service Self Employed Others

200 20 90 48 42

Percentage 10 45 24 21

Interpretation

According to the graphs given above out of the total 200 respondents included in the study, 10 %

were students, 45% were from service class, 24% were Self employed and 21 % were from other

category, which clearly indicates the liking of the service class people in LIC policies and

services.

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9)Annual Income

Total Below 1 Lac 1 Lac – 5 Lac 5 Lac – 10 Lac Above 10 lac

200 66 120 8 6

Percentage 33 60 4 3

Interpretation

According to the graphs given above out of the total 200 respondents included in the study, 33%

were having income below 1 lac, 60% were having income between 1-5 lac, 4% had income

range of 5-10 Lac and 3% were having income above 10 lac, which clearly defines the hold of

LIC among the largest segment i.e. average middle class

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10)What Percentage of Monthly Salary do you save

Total Upto 10 % 11 – 20 % 21 – 30 % Above 30 %

200 60 90 34 16

Percentage 30 45 17 8

Interpretation

According to the graphs given above out of the total 200 respondents included in the study, 30 %

of subjects save 10% of their monthly salary, 45% save 11-20% of monthly salary, 17% saves

21-30% of their monthly salary and 8% saves more than 30% of their monthly salary.

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11)What Kind of Investment do you prefer?

Total Short Term Long Term Both

200 68 102 30

Percentage 34 51 15

Interpretation

According to the graphs given above out of the total 200 respondents included in the study, 34%

liked short term investment, 51% liked long term investment and 15% liked both types, which

gives an opportunity for LIC to give due emphasis on short-term investment policies.

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12)Are you satisfied with the services of LIC of India?

Total Yes No

200 164 36

Percentage 82 18

Interpretation

According to the graphs given above out of the total 200 respondents included in the study, 82 %

were satisfied by the LIC policies and services rest 18 % were not satisfied.

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13)Give reasons for insuring with LIC

Total Brand Grievances Handling Undue Delay in Claims Public Sector

200 84 46 40 30

Percentage 42 23 20 15

Interpretation

According to the graphs given above out of the total 200 respondents included in the study, 42 %

have invested on the brand name, 23 % on it’s ways to handle grievances, 20 % on the basis of

timely claim settlements and rest 15% as LIC is government owned sector so the customers are

secure.

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14)What scheme of insurance policy have you taken?

Total Whole Life Endowment Plus Money Back Pension Fund Others

200 34 56 68 32 10

Percentage 17 28 34 16 5

Interpretation

According to the graphs given above out of the total 200 respondents included in the study, 17%

have invested in Whole life, 28% in endowment plus 34% in Money back, 16% in Pension fund

and rest 5% in other policies. Its an alarming signal for LIC to concentrate on policies and make

more lucrative for customers, which comes under other categories.

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15)Most Likely Periodicity of Policy

Total 5 years 5-15 years 15-25 years 25 years

200 14 84 76 26

Percentage 7 42 38 13

Interpretation

According to the graphs given above out of the total 200 respondents included in the study, 7%

like policy of 5 years, 42% liked policies ranging from 5-15 years, 38% liked in the range of 15-

25 years and rest 13% liked policies of 25 years.

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16)Whether you are aware of all details of policy you have from LIC

Total Yes No

200 145 55

Percentage 72.5 27.5

Interpretation

According to the graphs given above out of the total 200 respondents included in the study,

72.5% were aware of all the details of policies and 27.5 % were not aware of the details, which

indicates the inquisitive level of the today’s customer.

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17)Satisfaction level towards services offered by LIC

Total Fully satisfied Partially Satisfied Not Satisfied

200 124 56 20

Percentage 62 28 10

Interpretation

According to the graphs given above out of the total200 respondents included in the study, 62%

were satisfied by the services offered by LIC, 28% were partially satisfied and rest 10% were not

satisfied.

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18)Accessibility of the employee / agents of LIC

Total Yes No

200 152 48

Percentage 76 24

Interpretation

According to the graphs given above out of the total 200 respondents included in the study, 76%

stated that agents/employees of LIC are easily accessible and 12% said that agents/employees

were not easily accessible.

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19)Do LIC have complex Formalities?

Total Yes No

200 54 146

Percentage 27 73

Interpretation

According to the graphs given above out of the total 200 respondents included in the study, 27%

said that LIC has got complex formalities while rest 73% said that while investing with LIC they

don’t have to go through complex formalities.

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20)Grievance Redressal Mechanism

Total Fully satisfied Partially Satisfied Not Satisfied

200 90 68 42

Percentage 45 34 21

Interpretation

According to the graphs given above out of the total 200 respondents included in the study, 45%

were satisfied by the grievance redressal mechanism of LIC, whereas 34% were partially

satisfied and 21% were not at all satisfied.

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21)Undue Delay in Claim Settlement Process

Total Yes No

200 37 163

Percentage 18.5 81.5

Interpretation

According to the graphs given above out of the total 200 respondents included in the study, 82%

said that there is no delay from the side of LIC in claim settlements, where as 18% said that they

felt there is delay in claim settlement, which LIC has to look in order to increase satisfaction

level.

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22)Do agents of LIC provides the correct information

Total Yes No

200 164 36

Percentage 82 18

Interpretation

According to the graphs given above out of the total 200 respondents included in the study, 82%

said that the agents provides the correct information regarding the policies and services offered

by LIC whereas 18% said no as they were not given clear information by the agents. LIC should

impart training regarding Ethics and moral value which agents have to follow.

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23)Rationale behind the investment in LIC

Total Individual Risk Coverage

Tax Benefits

Growth and Return on investments

Risk Coverage of Family

Child Welfare

200 56 36 30 45 33

Percentage 28 18 15 22.5 15.5

Interpretation

According to the graphs given above out of the total 200 respondents included in the study, 28%

opted for the policies on Individual risk coverage, 18% on the basis of Tax benefits, 15% on the

basis of Growth and return on investment, 22.5% on the basis of risk coverage of the family,

15.5% on the basis of Child welfare.

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24)If you buy a new policy would you like to go for LIC

Total Yes No

200 164 36

Percentage 82 18

Interpretation

According to the graphs given above out of the total subjects 200 included in the study, 82% said

that if they will buy new policy they will definitely go with LIC only 18% said no regarding

further investment with LIC.

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25)What would you like more in Insurance Policies of LIC of India?

Total More Benefits More Security Others, Please specify

200 86 72 42

Percentage 43 36 21

Interpretation

According to the graphs given above out of the total 200 respondents included in the study, 43%

wants more benefits in the policies, 36% wanted more security and rest 43% wanted some

addition of lucrative schemes followed with benefits and security.

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26)Rate your overall satisfaction with Insurance Policies of LIC of India?

Total Highly

Satisfactory

Satisfactory Average Dissatisfactory

Highly

Dissatisfactory

200 92 46 32 20 10

Percentage 46 23 16 10 5

Interpretation

According to the graphs given above out of the total subjects 200 included in the study, 46% said

that they are highly satisfied by LIC, 23% were satisfied, 16% were averagely satisfied, while

10% and 5% were dissatisfied and Highly dissatisfied respectively.

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27)What do you feel after investing in Insurance Plans of LIC of India?

Total Good Average Satisfied Cheated

200 113 76 11

Percentage 56 38 6

Interpretation

According to the graphs given above out of the total 200 respondents included in the study. 56%

they are satisfied and have good feeling after investing with LIC, 38% said that they are

averagely satisfied, whereas 11 % said that they felt like being cheated by the LIC.

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Rank these various investment alternatives according to your preferences

Investment alternatives Weighted Average Rank

a) Bonds and Debentures 1.74 IX

b) Equity/Shares 3.84 VII

c) Mutual Fund 4.83 VI

d) Public Provident Fund 3.78 VIII

e) Post Office 5.57 III

f) Insurance 6.46 II

g) Bank Deposit 6.75 I

h) Real Estate 5.07 V

i) Gold & Silver 5.33 IV

j) Others 1.22 X

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28)Policies/plans of LIC superior to or more attractive than the private insurance companies

Total StronglyAgree

(SA)

Agree

(A)

Neither Agree nor

Disagree(NAND)

Disagree

(D)

Strongly

Disagree(SD)

200 94 42 40 14 10

% 47 21 20 7 5

Interpretation

According to the graphs given above out of the total 200 respondents included in the study, 47%

strongly agreed, 21% agreed, 20% were neutral, 7% disagree and 5 % strongly disagree that the

Plans and Policies of LIC are superior or attractive than what is being offered by private

companies. 

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29)Flexible products/ new products that meet customers’ needs

Total StronglyAgree

(SA)

Agree

(A)

Neither Agree nor

Disagree(NAND)

Disagree

(D)

Strongly

Disagree(SD)

200 94 42 40 14 10

% 47 21 20 7 5

Interpretation

According to the graphs given above out of the total 200 respondents included in the study, 47%

strongly agreed, 21% agreed, 20% were neutral, 7% disagree and 5 % strongly disagree that LIC

has got flexible plans or new products that meets consumer needs.. 

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30)Provides information/details about service innovations on a regular basis

Total StronglyAgree

(SA)

Agree

(A)

Neither Agree nor

Disagree(NAND)

Disagree

(D)

Strongly

Disagree(SD)

200 98 44 24 26 8

% 49 22 12 13 4

Interpretation

According to the graphs given above out of the total 200 respondents included in the study, 49%

strongly agreed, 22% agreed, 12% were neutral, 13% disagree and 4 % strongly disagree that the

LIC agents/employees provides information/details about services innovation on regular basis. 

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31)Premium paid is too low as compared to the benefits derived

Total StronglyAgree

(SA)

Agree

(A)

Neither Agree nor

Disagree(NAND)

Disagree

(D)

Strongly

Disagree(SD)

200 95 53 28 8 16

% 47.5 26.5 14 4 8

Interpretation

According to the graphs given above out of the total200 respondents included in the study,

47.5% strongly agreed, 26.5% agreed, 14% were neutral, 4% disagree and 8% strongly disagree

that Premium paid for the policies is too low compared to benefits derived. 

High rate of return on insurance products as compared to the other saving instruments (fixed

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32)deposit in banks, national saving certificates etc.)

Total StronglyAgree

(SA)

Agree

(A)

Neither Agree nor

Disagree(NAND)

Disagree

(D)

Strongly

Disagree(SD)

200 80 54 30 20 16

% 40 27 15 10 8

Interpretation

According to the graphs given above out of the total 200 respondents included in the study, 40%

strongly agreed, 27% agreed, 15% were neutral, 10% disagree and 8% strongly disagree that

there are high rate of return on insurance products as compared to other saving instrume 

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33)Reasonable penalty charged for late premium payment

Total StronglyAgree

(SA)

Agree

(A)

Neither Agree nor

Disagree(NAND)

Disagree

(D)

Strongly

Disagree(SD)

200 104 58 18 10 10

% 52 29 9 5 5

Interpretation

According to the graphs given above out of the total 200 respondents included in the study, 52%

strongly agreed, 29% agreed, 9% were neutral, 5% disagree and 5% strongly disagree that in LIC

reasonable penalty charged on late premium payment.

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34)LIC Emphasize high quality services than the volume of sales 

Total StronglyAgree

(SA)

Agree

(A)

Neither Agree nor

Disagree(NAND)

Disagree

(D)

Strongly

Disagree(SD)

200 90 57 23 15 15

% 45 28.5 11.5 7.5 7.5

Interpretation

According to the graphs given above out of the total200 respondents included in the study, 45%

strongly agreed, 28.5% agreed, 11.5% were neutral, 7.5% disagree and 7.5% strongly disagree

that LIC emphasize high quality service than the volume of sales.

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35)Provides customer feedback card system for their level of satisfaction with the services of the

insurer

Total StronglyAgree

(SA)

Agree

(A)

Neither Agree nor

Disagree(NAND)

Disagree

(D)

Strongly

Disagree(SD)

200 100 50 10 20 20

% 50 25 5 10 10

Interpretation

According to the graphs given above out of the total 200 respondents included in the study, 50%

strongly agreed, 25% agreed, 5% were neutral, 10% disagree and 10% strongly disagree that LIC

provides customer feedback card system for their level of satisfaction with the service of insurer.

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36)Promotes ethical conduct in everything it does

Total StronglyAgree

(SA)

Agree

(A)

Neither Agree nor

Disagree(NAND)

Disagree

(D)

Strongly

Disagree(SD)

200 105 25 30 20 20

% 52.5 12.5 15 10 10

Interpretation

According to the graphs given above out of the total 200 respondents included in the study,

52.5% strongly agreed, 12.5% agreed, 15% were neutral, 10% disagree and 10% strongly

disagree that LIC promotes ethical conduct in whatever it does.

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37)Agents and employees who have the proper knowledge and competence to answer

customers‟ specific queries and requests

Total StronglyAgree

(SA)

Agree

(A)

Neither Agree nor

Disagree(NAND)

Disagree

(D)

Strongly

Disagree(SD)

200 105 45 10 20 20

% 52.5 22.5 5 10 10

Interpretation

According to the graphs given above out of the total 200 respondents included in the study,

52.5% strongly agreed, 22.5% agreed, 5% were neutral, 10% disagree and 10% strongly disagree

that LIC Agents and employees have the proper knowledge and competence to answer

customers‟ specific queries and requests.

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38).Providing promised services as per the set schedule  

Total StronglyAgree

(SA)

Agree

(A)

Neither Agree nor

Disagree(NAND)

Disagree

(D)

Strongly

Disagree(SD)

200 125 45 10 10 10

% 62.5 22.5 5 5 5

Interpretation

According to the graphs given above out of the total 200 respondents included in the study,

62.5% strongly agreed, 22.5% agreed, 5% were neutral, 5% disagree and 5% strongly disagree

that LIC provides promised services as per set schedules.

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39)Agents inform and guide the customers at regular intervals as regards the policy status, due

date of premium, new products and services

Total StronglyAgree

(SA)

Agree

(A)

Neither Agree nor

Disagree(NAND)

Disagree

(D)

Strongly

Disagree(SD)

200 105 57 18 10 10

% 52.5 28.5 9 5 5

Interpretation

According to the graphs given above out of the total200 respondents included in the study,

52.5% strongly agreed, 28.5% agreed, 9% were neutral, 5% disagree and 5% strongly disagree

that LIC Agents inform and guide the customers at regular intervals as regards the policy status,

due date of premium, new products and services.

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40)Timely revival of lapsed policies, change of nominations, addresses and mode of premium

payment etc.

Total StronglyAgree

(SA)

Agree

(A)

Neither Agree nor

Disagree(NAND)

Disagree

(D)

Strongly

Disagree(SD)

200 95 57 28 10 10

% 47.5 28.5 14 5 5

Interpretation

According to the graphs given above out of the total 200 respondents included in the study,

47.5% strongly agreed, 28.5% agreed, 14% were neutral, 5% disagree and 5% strongly disagree

that LIC manages timely revival of lapsed policies, change of nominations, addresses and mode

of premium payment etc.

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41)Attractive and informative media, theme layout, and language of the advertisement

Total Strongly Agree

(SA)

Agree

(A)

Neither Agree nor

Disagree(NAND)

Disagree

(D)

Strongly

Disagree(SD)

200 60 57 28 28 25

% 30 28.5 14 14 12.5

Interpretation

According to the graphs given above out of the total200 respondents included in the study, 30%

strongly agreed, 28.5% agreed, 14% were neutral, 14% disagree and 12.5% strongly disagree

that LIC gives Attractive and informative media, theme layout, and language of the

advertisement.

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42)Enhancement of technological capability (e.g. computerization, networking of operation, etc.)

to serve customers more effectively

Total Strongly Agree

(SA)

Agree

(A)

Neither Agree nor

Disagree(NAND)

Disagree

(D)

Strongly

Disagree(SD)

200 70 57 23 25 25

% 35 28.5 11.5 12.5 12.5

Interpretation

According to the graphs given above out of the total 200 respondents included in the study, 35%

strongly agreed, 28.5% agreed, 11.5% were neutral, 12.5% disagree and 12.5% strongly disagree

that LIC goes for Enhancement of technological capability (e.g. computerization, networking of

operation, etc.) to serve customers more effectively.

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43)In one word perception toward LIC of India

Total Positive Negative

200 176 24

% 88 12

Interpretation

According to the graphs given above out of the total respondents 88% have got positive

perception towards LIC whereas 12% have got negative perception towards LIC, which fulfils

the motive of our study that customers of LIC have got faith in it and want to stuck with it in

near future, they feel that their investment is secure and hassle free returns they will get at due

time.