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52
CHAPTER – 4
DATA ANALYSIS
AND
INTERPRETATION
53
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.
54
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.
55
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
56
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.
58
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.
59
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.
60
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.
61
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
62
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.
63
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.
64
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.
65
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.
67
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.
68
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.
69
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.
70
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.
71
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.
72
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.
73
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.
74
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.
75
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.
76
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.
77
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.
78
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.
79
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.
80
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
81
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.
82
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..
83
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.
84
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
85
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
86
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.
87
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.
88
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.
89
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.
90
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.
91
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.
92
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.
93
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.
94
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.
95
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.
96
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.
