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CHAPTER - I
INTRODUCTION AND DESIGN OF THE STUDY
1 Introduction
1.2 Statement of the problem
1.3 Review of Literature
1.4 Scope of the study
1.5 Objectives of the study
1.6 Limitations of the study
1.7 Operational Definition of Concepts
1.8 Methodology
1.9 Construction of Tools and Pretest
1.10 Sampling Design
1.11 Geographical Coverage
1.12 Period of the Study
1 .13 Field work and Collection of Data
1.14 Data Processing
1.15 Measurement of Variables and Framework of Analysis
1.16 Scheme of the Report
1.1 Introduction
Safety and security has become the prime concern of everybody. Eventhough
India has considerably developed economically, a section of the people still feels
unsafe and insecure. The growing number of accidents due to natural and unnatural
factors and ethnic issues sporadically erupting at different parts of the country
resulting in group clashes make them feel so. Hence, everything of this land has
become uncertain.
Uncertainty is the only certainty in life. Birth and death are certain and all
other intervening events are uncertain. In mundane life, wherever uncertainty exists,
there will be an involvement of risk also. The instinct and need for security against
such risk is a motivating force for human behaviour and action. In this sense, the
story of insurance is as old as the story of mankind'.
The concept of insurance must have been born as a quest for security. The
urge to provide insurance or protection against the loss of life must have prompted the
people to make some sort of sacrifice willingly in order to achieve security through
collective co-operation2.
Everybody wants to be safe and secure after attaining basic needs. Maslow, in
his theory of Hierarchy of Needs suggested that everybody tempts to attain social
needs as soon as he/she attains his/her basic physiological needs such as food,
clothing and shelter.
In the Indian society, the family is dependent upon the income of the
breadwinner. As long as he/she is good and alive, the family finds it good to have
good shelter, food, clothing and the like. But once when an untoward incident
happens in the life of the breadwinner, the family collapses. The family finds it
difficult to get rid of the pathetic situation. Similarly, when the breadwinner retires
from service, the regular income to the family ceases and that risk makes him/her to
think of an alternative whereby he/she and his/her family is protected from the
financial crisis. There comes insurance as the only substitute for this type of
uncertainty.
Life Insurance, in particular, provides protection to the dependants against the
risk of premature death of the income earning member. It also provides protection
against other life related risks such as longevity, the risk of disability and sickness.
The products provide for longevity are pensions and annuities and the product for the
risk of disability and sickness is health insurance.
Insurance not only serves the ends of individuals / groups of individuals but
also renovates modern social order by providing:
I. Security and Safety
Life insurance provides safety and security against the loss on a particular
event. The loss to the family at a premature death and payment in old age are
adequately provided by life insurance.
ii. Peace of Mind
The security wish is the prime motivating factor which tends to stimulate hard
work. The feeling of insecurity creates a tension which may manifest itself in the
form of an unpleasant reaction and frustration causing reduction in work. Insurance
eliminates insecurity and provides peace of mind.
iii. Economic Independence
Death of a breadwinner brings down the standard of living of the dependants
and their sufferings may go to the extent of begging from their relatives, neighbours
4
3
or friends. The economic independence of the family is reduced or sometimes, lost
totally. Life Insurance protects the family in this regard.
iv. Compulsory Savings
The elements of protection and investment are simultaneously present only in
the case of life insurance. In property insurance, only protection element exists where
as in life insurance, element of savings predominates. The compulsion to pay
premium regularly in life insurance is so high, otherwise the policy will be lapsed. It
motivates the insured to remit the premium in time which indirectly becomes savings.
v. Profitable Investment
The element of investment and return of the capital along with certain
additional return are perfectly observed in life insurance. In India, the insurance
policies carry special exemption from Income Tax, Wealth Tax, Gift Tax and Estate
Duty. An individual on his own may not be able to invest regularly with enough
security and profitability. The life insurance fulfils all these requirements with a
lower cost.
vi. Needs of a Person
The needs of a person are divided into family needs, old age needs, re-
adjustment needs and special needs.
(a) Family Needs
Death of a breadwinner leaves the family only with sufferings and financial
stringencies. Any other provision, except life insurance, will not adequately meet the
financial requirements of the family.
ri
(b) Old age Needs
The provision for old age is required where the person is surviving more than
his earning period. If no other family member starts earning, they will be left with
nothing and if there is no property, it would be a more pitiable state of affairs. The
life insurance provides old age funds along with the protection of the family.
(c) Re-adjustment Needs
At the time of reduction in income whether on account of loss of employment,
disability or death, adjustment in the standard of living is required. Before coming
down to the lower standard, the family requires certain adjustment in income so that
the primary obstacles may be reduced to the minimum. The life insurance helps to
accumulate adequate funds for readjustment.
(d) Special Needs
There are certain special requirements of the family such as education of the
children, marriage of the daughter, settlement of children after education and the like.
These needs can be fulfilled with the help of special types of policies.
The bundling together of risk coverage and savings is the peculiarity of life
insurance
Life insurance is a contract in which the insurer, in consideration of a certain
premium, either in a lump - sum or by other periodical payments, agrees to pay to the
assured or to the person for whose benefit the policy is taken, the assured sum of
money on the happening of a specified event contingent on the human life or at the
expiry of certain period.
The concept of life insurance was brought to India from England. In the initial
years, British Insurance Companies used to issue policies on the lives of Indians by
5
charging extra charges. Gradually, the nationalist and patriotic ideas spread over the
country led to the formation of Indian Life Insurance Companies. Prior to 1956, most
of the private life insurance companies miserably failed due to the ineffective
operations and mismanagement.
In order to give a solution to this serious problem, Shri. C. D. Deshmuk, the
then Finance Minister in the Government of Shri. Pandit Jawaharlal Nehru mooted the
Life Insurance (Emergency Provision) Ordinance 1956. He, while pursuing the Life
Insurance Bill 1956, in Loksabha, stated that in the post - nationalization period, it
would be possible to spread the message of insurance reaching out beyond the
advanced urban areas into the hither to neglected rural areas4.
The ordinance was promulgated on January 19, 1956, by the President of India
and the control of all the 245 Indian and Non-Indian Insurers was taken over by the
Government. The same was passed as an Act in the Parliament in the same year and
came in to force on July I, 1956. The Life Insurance Corporation (LIC) of India
began to function on September 1, 1956 with its Headquarters at Mumbai. It was
established with an initial capital of Rs.5 crores and managed by a board consisting of
15 members including a chairman. The LIC has opened many branches throughout
the country and even abroad to render manifold services. At present, the Corporation
has 7 Zonal Offices, 100 Divisional Offices and 2048 Branches all over the world.
Though the LIC is growing by leaps and bounds, the insurance coverage is low in
rural areas.
The avowed objectives of nationalization of life insurance business in India
were to develop it as a social security cover for all sections of the society and as an
important mechanism for channelising the savings of the people for national
development programmes.
Since its inception, the Life Insurance Corporation of India has been growing
tremendously. The new business transacted in its first year of business as on
December 31, 1957 which stood at Rs.336.37 crores went to Rs.1999698.31 crores
during the financial year 2003 —04. It had an investment of Rs.343 129 crores during
2003-04 as against Rs.381.90 crores in 1957. Life Fund of the Corporation has also
increased from Rs.410.40 crores in 1956-57 to Rs.337986.12 crores in 2003-04.
Likewise, the number of policies issued has increased from 9.42 lakhs in 1957 to 2.64
crores in 2003 - 04. Thus it has recorded a remarkable improvement in all respects.
The nationalization of life insurance business aimed at widening and
deepening all possible channels of public savings. In addition to the Whole Life Plans
and Endowment Plans, new plans are being introduced from time to time to meet the
demands of changing social and economic environments. New plans like Money
Back Plans, Jeevan Anand, Children's Deferred Endowment Plans like Kornai Jeevan
and Jeevan Kishore, Pension Plans like Jeevan Akshay II, New Jeevan Dhara and
New Jeevan Suraksha, Plans for Flandicapped Dependants like Jeevan Aadhar and
Jeevan Vishwas, Unit-linked Plans like Bima plus and Future plus, Social Security
Schemes like Janashree, Bima Yojana and Shiksha Sahayog Yojana, Double cover
policy like Jeevan Saathi, thrice the sum assured policy like Jeevan Mitra and the like
are offered to people in order to give options to their requirements.
Since nationalization but till 1999, life insurance business in India was
coterminous with the state owned LIC, which had a dominant position in the economy
in two ways. First, as a national insurance agency, it serves to pool and redistribute
7
risks associated with the death of policyholders in millions of households. Secondly,
as a major collective savings institution, LIC is a dominant financial intermediary in
the economy, channelling investible funds to the productive sectors.
But, the Maihotra Committee (1994) was critical about the low insurance
coverage, unresponsiveness to customers' needs, poor service, costly insurance cover
with low returns and an excessive lapse ratio of policies. It stated that there was a
large untapped potential for insurance in the country and recommended for the
privatisation and liberalisation of the insurance sector 6 . Globalisation of service
sector also made it necessary to the Government to think about privatisation of life
insurance. Consequently, liberalisation took its course in the insurance sector in India
and 13 private insurance companies were allowed to do life insurance business in
India. Since then there has been competition in the insurance sector in India.
By constantly analysing the challenges and opportunities and also considering
its strengths and weaknesses, LIC has formed an action plan to take on the
competition and remain the numero uno of this industry. The action plan reads as,
• Concentrate on the bulk of rural life insurance business
• Devise attractive plans to suit the needs of the varied people at competitive
pricing and returns
• Inculcate insurance awareness in the minds of rural people.
• Set a target of zero outstanding claims.
• Constantly review the lapses and surrender of policies.
• Raise servicing standards and simplify procedures.
• Introduce info centre and interactive voice response system to boost customer
service and marketing.
8
. Tie up with several banks to improve its reach.
. Focus on aggressive advertising.
Through innovative schemes, LIC and all the private insurance companies are
trying to tap the market potential in India. Eventhough, the competition in the sector
is rough and tough, the LIC of India still continues to be the predominant giant in life
insurance. In the present scenario, the Indian citizens who have either become policy
holders or yet to become policy holders are in dilemma as to which company and/or
which product is the best of all others. On many occasions they are being misled by
the agents.
1.2 Statement of the Problem
Ever since its inception in 1956, the Life Insurance Corporation of India has
been providing better service to the society which is highly insecure. The
policyholders once when they become a part of the LIC, feel free about the safety of
their wards. The families of the non - policyholders meet out uncertainty on the death
of the breadwinner. So there is an attraction towards life insurance. People who care
much about them and their families become policyholders of Life Insurance. The
tastes and preferences of policyholders are indifferent. The LIC of India has been
introducing variety of policies suiting the tastes and preferences of the policyholders.
In life insurance contracts, generally, the lumpsum assured is payable with
bonus either on the death of the policyholder or on the maturity of the policy, which
one happens earlier, whereas in other forms of savings, had the policyholder invested,
the investor would get only the amount saved with interest. Life Insurance facilitates
long term savings through easy instalments called premiums. Policy loans can be
taken on the surrender value of the policies for meeting urgent financial stringencies.
Interim Survival Benefits can be obtained if the policyholder prefers Money Back
Policies. Housing loans can be availed of from the Life Insurance Housing Finance
Limited (a sister concern of LIC providing housing loan) on the security of life
policies. There are schemes in LIC to bear the educational and marriage requirements
of the wards of policyholders. The LIC offers pension linked life insurance plans for
those who are desirous of keeping their savings to provide for their old age
requirements. Unit-linked plans are offered by the LIC for giving an opportunity for
the discerning investor to benefit from the returns available in the capital market
without going for direct investment in the capital market. Special policies are
available in LIC for handicapped children. Health insurance is also available in LIC
today. Tax assessees can avail of tax relief for amounts paid by way of premium for
life insurance subject to the income tax rules in force. In such cases, the assured, in
effect, pays a lower premium for his/her insurance than he/she would have to pay
otherwise. Like this, the utilisation of LIC is different from individual to individual.
In order to satisfy the varied tastes of the people, the Life Insurance
Corporation of India has been introducing a variety of innovative policies. Initially,
the LIC offered only two types of policies viz., Whole Life Policy and Endowment
Policy. Now it has a long list of more than 100 plans. Each policy caters to the needs
of different groups of people. In these competitive days, the LIC introduces new
products with very competitive pricing and returns compared to the offerings of the
private players. By this way, the LIC mops up the savings from the public for
providing the money for welfare schemes.
It is observed that many policyholders have taken more than one policy. It is a
clear indication that they are very much interested in utilizing maximum benefits from
10
LIC. Some people give due importance to money value and high returns on their
investments. But greater risks are inherent in such investments. Risk coverage,
reasonable return and safety are the greatest advantages expected from LIC products.
One can continuously utilize the Corporation in various ways by becoming an
LIC policyholder. The extent of utilisation of LIC policies also differs from person to
person for the above said reasons. Extent of utilisation represents the value and the
number of LIC products purchased and thereby availing multifarious utilities and
services offered by the LIC.
The advent of private foreign insurance companies in India has become a
competition to the LIC of India. The policyholders once satisfied with the services of
the LIC of India started evaluating the services of the other private insurance
companies. Thus, the attitude of the policyholders towards the LIC of India has
started changing in the present days. There are murmurs at different corners as to the
services of the LIC of India.
Thus, it raises the following questions.
1. What are the benefits accruing to the policyholders from the LIC?
2. How far different policyholders have been utilizing different policies of the
LIC?
3. What is the extent of utilisation of the LIC by policyholders?
4. What are the factors, which determine the level of utilisation of the LIC by
policyholders?
5. What is the attitude of the policyholders towards the LIC?
6. What are the motivating factors responsible for becoming a policyholder?
7. What are the insurance products most desired by the policyholders?
I
8. What are the problems faced with the agents of LIC in the utilisation by the
policyholders?
In this context, it is imperative to make a thorough study about the utilisation
of LIC by the policyholders. Hence, this study assumes importance.
1.3 Review of Literature
The researcher has referred to the previous studies made in the field of
insurance to focus on the extent of utilisation of the LIC by the policyholders. These
references helped the researcher to have a basic knowledge about life insurance.
Review of literature related to insurance is presented here.
/ Agarwala (1961), in his historical and analytical study entitled "The LIC in
India", pointed out that in the developing countries, life insurance was an expanding
phenomenon. Before the nationalization of the LIC, the life insurance market was
narrow and highly imperfect, which was due to the under development of the
country's national economy. But after nationalisation, the LIC has made an excellent
progress in the number of policies sold and the sum assured mobilized7.
Desai (1973), in his study entitled, "Life Insurance in India - its History and
Dimensions of Growth", opined that the origin and development of the life insurance
in India over the years has wide spread mindedness in insurance and the significant
sales through service initiatives, executive efficiency, economy and promptness and
spreading the benefits of life insurance to vast sections of the rural population and
industrial workers throughout the country could achieve a formidable growth in LIC8.
National Council of Applied Economic Research (1979) made a study on,
"Attiiudes Towards Life Insurance Cover". The study identified the extent of
awareness of LIC, reasons for opting or not opting for insurance, reasons for policy
12
lapses and the extent of interest in reviving the lapsed policies. The study presents the
profile of the policyholders in rural and urban India and their motivations and
attitudes towards life insurance. It is reported that over 75 per cent of the earners
were not aware of the life insurance cover. Savings for old age, education and
marriages of children together with providing a risk cover were the major factors that
prompted the insured earners to take a policy9.
,. Jeyaraman (1980), on the study with a title, "Development of Insurance
Business", outlined the methods for developing the life insurance business in rural
areas. He also suggested that organizational infrastructure in the rural areas need to
be enlarged so as to bag the growing insurance potential there'°
The study of Satpal Singh (1986) on the title, "Role of Life Insurance in
Economic Development of India", observed that the LIC had failed to compete with
other saving media in tapping the household savings. He also found in his study that
there was a vast scope for mobilisation of savings of household through life insurance.
He suggested that the life insurance protection should be extended to irregular income
earners too11.
Roy (1987) in his study on "Life Insurance Lightens the Hope of the People",
emphasised that the idea of insurance had gained momentum due to the growing and
increasing uncertainties of human lives in the society and also reported that the Rural
Career Agent Scheme and Jana Raksha Policy for the rural masses had made steady
progress in highlighting the idea of life insurance in rural areas12.
Williams (1988) conducted a study on "Challenge of Administering the
Insurance Business", which identified that the major problems in the insurance
industry include the need to limit the expenses within the allowed margins and the
13
need to maximize returns He also observed that policies in medical insurance had
profit margins in good years and sizable losses in bad years13.
Singh, et.al ., (1988), in their research study entitled, "What the Professionals
Think about Life Insurance Corporation Policies?" viewed that there are motivational
factors behind the respondents to purchase an LIC policy along with other features.
They identified that the agents stood first followed by the respondents in purchasing
the LIC policies and except Charted Accountants who opted for tax benefits,
expressed the risk coverage as the rationale behind the purchase of the LIC policies.
The majority of the respondents were satisfied with the policies offered by the LIC14.
/The study entitled, "Appraisal of Marketing Strategies of the LIC of India",
made by Mishra (1988), analysed that the personal attitudes and expertise of the
management had influenced the business. The existing work force of the Corporation
was not properly utilized, trained and motivated. In the Indian situation, sex
composition was a significant factor to determine the market potential. Age, area of
residence (urban and rural) and occupational pattern of the population had influenced
the potential tapped in the life insurance market The LIC had not given much
weightage to the customer satisfaction' 5.
Thanulingom and Muthupandi (1989), in their study entitled, "Working of
Career Agency Scheme in LIC", highlighted the working of the career agency scheme
in the LIC of India. It is established that there was a positive correlation between the
performance of the LIC and the number of career agents. There was an increase both
in the number of policies sold and the sum assured with the increase in the number of
career agents. They also suggested that instead of spending much money on
14
advertisement, it was advisable to recruit more number of career agents and give them
good training and motivation16.
Patel (1989), with a title, "An Aid to the Management", made a study and
suggested to keep the quality of the management information so that it can be decision
supportive as it has a dual role in management namely information for decision
making and information for control which influences future policy and therefore,
needs to have a futuristic character. He emphasised that in order to play effectively a
helping role, the managers in the LIC should equip themselves with better
understanding of systems, procedures and control17.
Mishra (1990), in his study entitled, "Successfully Managing Constraints -
Investment Analysis of the LIC", identified that the business of the LIC had increased
considerably on account of the marketing strategies adopted by the LIC. The
reorganisation of the LIC had also given impetus to its business. It was also reported
that the business of LIC had increased at a faster rate than that of the investment. The
market segmentation - age, sex, rural and urban and occupation—managerial or
executive type, regular income, self employed people, agriculture and allied labour
groups, ordinary and salary savings schemes and market penetration through agents
had also given fruitful results to the organisation18.
The study on "Life Assurance in South Africa", conducted by Ralph Roseman
(1990), highlighted that general climate for insurance in South Africa is unfavourable
mainly caused by inflation. Life Assurance products must compete with those of
other financial institutions and increased taxation will put the life insurance industry
at a disadvantage'9.
15
Nagammai and Nair (1991), in their study entitled, "Investment Pattern of
Middle Income Group", ascertained that the most popular insurance product among
the middle income group was the Endowment Policy followed by the Money Back
Policy. They reasoned that the Endowment Policy had the combined benefits of
compulsory thrift, premature death benefit or retirement benefit. It is also helpful for
meeting heavy expenditure in wedding or higher education of one's children. Money
Back Scheme too had these benefits in addition to the survival benefit of refunding a
part of the sum assured in fixed intervals of time, but the premium payable is higher
than that of the Endowment Plan20.
The study of Joshi (1991) on "Life Insurance in India - A Rambling
Analysis", examined the progress of Life Insurance Corporation of India. He inferred
that despite the lower premium, the non-participating policies (without profits) were
not popular among the clientele. The growth in the number of policies sold grew
faster than that of the population growth. He also identified a growth of individual
assurance new business (number of policies and sum assured) and business in force.
Eventhough there were fluctuations in the percentage of rural business, the percentage
was higher in the later period than the earlier years of the study. According to his
study, 49 per cent of the new policies (sum assumed) was taken for tax relief, Money
Back and Endowment Policies sold being 90.59 percent, topped the list of sales
percentages21.
Mishra (1991), in his study entitled "Life Insurance Corporation of India - A
Study of Working and Performance", analysed the growth of the LIC. He identified
that the insurance business had increased mainly on account of the industrial
development. The Corporation had concentrated on rich people and depended on the
"[Si
existing policyholders for the expansion of its business. The rural business of the LIC
as a percentage to total business was declining. The LIC business had increased
mainly on account of the insurance policies taken by the salaried people. The
policyholders preferred those policies, which provide some payments during the
policy in force22.
Sharma (1995), in his book entitled, "Insurance", pointed out that the failure
of life insurance is very bright. He also suggested that depending upon the conditions,
its availability could be facilitated either through direct state intervention or by its
approach of encouragement, supervision and administration or through both the
practices 23.
Arora and Singh (1995), in their study entitled, "Growth and Performance of
LIC of India - A Study of Jalandhar Division", established that the LIC had made
manifold progress in terms of its business activities at national as well as divisional
levels. The individual business in force and the new business had shown positive
growth rate during the study period. However, the higher growth rate was observed in
the urban than the rural areas24.
Satpal Singh (1995), in his study entitled, "A Profile of Life Insurance
Industry in India with Special Reference to Mobilization of Savings", evaluated the
mobilisation of savings by the LIC with the dimensions of new business and premium
income along with other factors. He opined that the household sector savings in the
form of life insurance showed satisfactory growth in absolute terms during the thirty
seven years of nationalisation of the LIC of India25.
Rao (1997), in his study entitled, "Life Insurance Selling - A Case Study of
Drop-outs", analysed the dropouts in relation to age, education, experience and area
17
of operation. He found that a large number of agents discontinued from their service.
Majority of them were in the first year of their agency, 82 per cent of the agents
discontinued were below thirty five years of age26.
The study of Singh (1999), on "Privatising Insurance - An Analysis",
appraised that despite the overall growth of insurance, several lines of business have
not been sufficiently developed and there was a vast untapped potential. Since
nationalisation, regulation of insurance industry has atrophied27.
(Selvam (1999) conducted a study entitled, "LIC Housing Finance - An
Evaluation", and identified that LICHFL has been established as a leading institution
in the field of housing finance. With the help of catered area and unit offices and
regional offices, LTCHFL has been providing housing finance to the individuals living
in remote areas of the country28.
Bhole (1999) made a study on "Financial Institutions and Markets", and
pointed out that the LIC has diversified its activities considerably in the recent past by
establishing LIC Housing Finance Limited (LICHFL), LIC Mutual Fund (LICMF),
Jeevan Bima Sahoyog Asset Management Limited (JBSAML) and LIC
International29.
The study of Rangachary (1999) on "Insurance - the Unfolding Scenario"
focused that the deregulation and the opening up of markets will increase competition,
cut costs and rationalize business activity. He also opined that the consumer would
benefit from lower insurance prices in the long run. The deregulation of insurance
will lead to a greater range of innovative and customer oriented products 30
Krishna Moorthy (1999), in his study entitled, "Life Insurance Corporation -
Bracing for Competition", highlighted that LIC has strived to infuse credibiflty in
18
operations. Prompt and efficient claim settlement, being the ultimate service,
provides a high degree of customer satisfaction. Internet has offered new vistas in
marketing and the Corporation's presence on the internet has enhanced the sales and
marketing efforts. He also stressed that enunciation of the concept of three 'C's
namely, corporate identity, competition sensitivity and customer orientation and
introduction of modules on corporate identity has helped to harness the emotional
bonding with the organisation and strengthen the umbilical cord31.
Rama Krishnan (1999) made a study on "Insurance - Setting the Record
Straight", and observed that the LIC depends more on individuals than on industries
for its business and its network is so wide and deep that even a combination of
multinationals cannot hope to make any appreciable dent. The LIC also has a well-
developed and committed agency force and has also evolved good training facilities.
It has the required margins in its operational expenses to improve the remuneration to
agents and retain their loyalty in a competitive environment. It will be quite difficult
for any new company to quote more competitive premium rates than L1C32.
Mishra (1999), in his book entitled, "Insurance - Principles and Practice",
stressed that the investment of life funds should be made in those sectors which are
going to benefit the life business in return and suggested that the life funds should be
utilised to finance the schemes of housing, sanitation, medical and education which
will lower the mortality and gear up the standard of living of the people. The
decreased mortality and increased income cause more business to insurer because the
lower mortality tends to reduce the rate of premium which increases the business.
33Higher income induces persons to get more policies.
19
Ajit Ranade and Rajeev Ahuja (2000), in their study on "Issues in Regulation
of Insurance", pointed out that regulation is an imperative at the commencement of
competition, especially in the insurance sector which is vulnerable to market failure.
Apart from the protection of consumer interest, the regulator's main brief would also
be to conduct a fair competition but not let it become 'cut—throat competition' that
results in multiple bankruptcies and market implosion34.
Rai and Rai (2000) conducted a study on "Role of LIC in Industrial
Development - A Pre and Post Liberalisation Review" and observed that the LIC has
given majority of its funds to a few selected industries thereby ignoring the balanced
growth of various industrial segments. It is found that more than 80 per cent of the
funds have been sanctioned to only five industrially developed states during the post
liberalisation period. They further suggested that the Corporation should also
encourage the entrepreneurs of other states to come forward and avail its funds for
productive purposes by organising special camps and advertising their loan schemes
in these neglected areas3.
Tuhin S. Banerjee (2000), in his study entitled, "Corporate Governance in
Indian Insurance Industry", highlighted that Indian Insurance did away with the
hypocrisy of just giving lip service to corporate governance. There will be
considerable trauma in making the transition from traditional to contemporary
governance practices, in bridging the credibility gap caused by the gulf between
expectations and reality. This is the birth of a new Indian insurance industry and birth
is always a painful process. But once this is done, the world is a far better place to
live in 36
20
Punithavathi Pandian (2001), in her study entitled, "Impact of Liberalisation
on the Productivity of LIC Agents" assessed the productivity trend of the LIC agents
before and after economic liberalisation. She analysed that the linear growth rates of
the productivity of the agents in terms of the number of policies and the sum assured
were higher after the economic liberalisation when compared to the earlier period.
The difference between the compound growth rates of the number of policies sold
between the pre and post liberalisation periods was not significant but that of the sum
assured was significant37.
• Varma and Agarwal (2001), in their book 'Insurance' pointed out that life
insurance is superior to an ordinary savings plan because it affords full protection
against risk of death. There lies an inverse relationship between investment and
protection. For a lower investment, the protection will be the highest in the event of
premature death38.
Amarnath Sinha (2001), in his study entitled, "The Service Ideal", opined that(
in competitive times, the quantity of service will be a distinguishing quality of the
insurers and hence, the prospective customer will choose among insurers depending
upon the quality of service. 39
1 Abdul Rahuman (2001), in his study entitled, "Service as a Spear and Shield",
identified that prompt, efficient and effective service blended with utmost courtesy
and palpable empathy alone can provide organisations the much needed edge that will
enable them to forge ahead and ensure them growth and clothe them with the best
form of protection in a competitive environment. Marketing wizards reveal that
service of the above order will simply be the best weapon of offence and defence in a
keenly contested business arena. 40
21
,4 Kutty (2001), in his study entitled, "The Principle of Mutuality and Finance
Intermediation - the Case of Life Insurance", focused that the savings role of life
insurance contracts brings the application of mutuality principle in savings which
involves the pooling and evening out of both mortality and financial risk. This is
done by spreading the risk across various individual lives, different kinds of contracts
and finally various generations of policy holders.''
/'Rangachary (2001), in his study entitled, "Insurance —Regulator's Crucial
Role", highlighted that exposure to global competition is a powerful force that drives
improved efficiency, lowers costs, promotes innovation and professionalism in the
markets. The industry has to get going, not slowly but quickly into high gear. There
is scope for developing alternative distribution channels, which are often more
efficient. The alternatives include independent intermediaries, bancassurance, direct
marketing, internet and telemarketing. 42
1 Rama Krishnan (2001), in his study entitled, "Insurance Exit State
Monopoly", analysed that there is high expectation among the public that the opening
of the insurance sector and the entry of multinationals will not only lead to
introduction of innovative plans of insurance but also result in significant reduction of
premium rates. LIC has not tapped even 25 per cent of the group insurance market
potential. He also suggested that in order to achieve a better penetration into the
untapped group insurance market potential, a life insurance company need not recruit
an army of agents. A small band of well trained professionals (say MBAs) with
computer support, will be sufficient43.
Narasimha Rao (2001) made a study on "Performance of Public Sector - An
Overview of Insurance Industry" and critically analysed that liberalisation and
22
privatisation cannot solve the basic problems of a developing country like India.
Privatisation would only add the possibility of corruption and fraud and weaken the
gains that the economy has already experienced from the expansion of this sector. He
also pointed out that genuine positive reforms are required for generating especially
rural business in the insurance sector by retaining the business in public itself44.
Malliga (2002), in her study entitled, "The Study of Marketing Performance of
LIC Agents in Tirunelveli Division", identified that there was a significant association
between the education of the LIC agents and the marketing performance both in terms
of number of policies sold and sum assured. 45
, Julia Holyoake and William Weipers (2002), in their book entitled
"Insurance", highlighted that there is a link between sound insurance market and
industrial development. They also assessed that the large amount ofmoney at the
disposal of Insurance companies which is used with in the economy as a whole, is the
result of thousands of different people and in one sense, the existence of an insurance
market really brings about a form of enforced saving46.
Periasamy (2003), in his book entitled, "Principles and Practice of Insurance",
narrated that opening up of insurance to the private sector will substantially help in
enhancing savings mobilisation, offering a new range of insurance products, covering
a larger population and increasing the average per capita insurance premium and this
would be channelised for infrastucture development47.
Rangachary (2003), in his study on "Life Insurance Vision for the Future",
observed that despite its teeming one billion population, India still has a low insurance
penetration of 1.95 per cent, which is 51" in the world. There are 8.50 lakh life
insurance agents in India and qualitative selection of agents by insurers is imperative
23
to gain the cutting edge. He identified that 12 per cent of the world's insurance
products is sold through the internet. He also suggested that insurers must constantly
explore avenues to increase the number of distribution channels through a variety of
distribution patterns like internet, telemarketing, bancassurance and call centres' 8.
Mony (2003), in his study entitled, "Life Insurance Private Players
Initiatives", observed that as per Insurance Regulatory and Development Authority
(IRDA) regulations, all insurers have an obligation to fulfil in the rural and social
sectors. They have to sell 5 per cent of the total policies in the first year, 7.5 per cent
in the second year and up to 15 per cent in the fifth year to the rural sector. In the
social sector, insurers are required to insure 5000 policies in the first year, 7500 in the
second and upto 20,000 lives in the fifth year and beyond. To comply with the rural
obligations, the private players have tied up with Panchayat heads and Non—
Governmental Organisations. He expected that insurance will gradually cease to be a
mere urban phenomenon49.
Ramamurthy (2003) conducted a study on "Life Insurance Corpo'ration -
Advantage of Strong Base" and assessed that special efforts were made by LIC to
improve the claim settlement and the outstanding has been brought down to 0.5 per
cent of maturity claims and 4.45 per cent of death claims in 2002. LIC has a
meticulous method of tracing out policyholders who have moved and not claimed
their amounts. Lie opined that with the right kind of leadership and optimal utilisation
of resources, LIC can hope to continue to be the leader in life insurance in India for
decades to come.
0 Ravi Prakash, etal., (2003), in their study entitled, "Globalization - Its Impact
on Insurance Industry", made a modest attempt to discuss on the penetration of
24
insurance in India, challenges in front of the industry and the essentials to meet the
challenges. They assessed that the level of penetration of insurance is very low in
India. Due to poor quality of service, LIC faces the problem of surrender of large
number of policies, as new insurers will woo them by offering of innovative products
at lower prices. They also suggested that selection of the ri t type of distribution
mix, following the best investment practices, increasing the customer base in semi -
urban and rural areas, promoting health insurance and using e - broking are essential
for the growth of the Indian Insurance Industry51.
Raman and Gayathri (2004), in their study on "Customer Awareness Towards
New Insurance Companies", inferred that because of increase of the new companies'
attractive schemes and low premium, the investors have a forced attraction to invest in
the new Companies 52
Urvashi Makkar and Satish Kumar (2004), in their study entitled, "Changing
Scenario of Insurance Sector in the Wake of Privatisation and its Impact on Indian
Economy", assessed that Life Insurance Corporation has nearly eighty products but an
investor knows only about limited policy details and the agents of LIC inform him of
those policies with the highest premium which yield higher commission to them.
They also identified that with 6,00,000 agents in every nook and corner of the vast
country, it has created an invisible brand name, particularly among the rural
population of the country and there lies the potential for foreign players to challenge
this behemoth53.
Rajeev Ahuja (2004), in his study on "Insurance over the Transition",
highlighted the fact that eventhough the public insurance companies still dominate the
market, the fruits of competition are already visible in terms of wide range of
products, innovative bundling of insurance with other financial services, aggressive
marketing and better customer care. With the spread of insurance, people are
beginning to think of insurance as a real service, instead of being driven merely by tax
incentives or statutory insurance requirements54.
Gurusamy (2004), in his book entitled, "Financial Services and System",
viewed that with the liberalisation of the Indian economy, the insurance industry is
witnessing phenomenal growth and development with a large number of players,
especially the private players in the recent past. The Life Insurance Corporation of
India remains the single largest service provider in the realm of life insurance sector
while United India Insurance Corporation dominates general insurance business"55.
Sudarsana Reddy (2005), in his study on, "Customer Perception towards
Private Life Insurance Companies' Policies with Reference to Bangalore City",
identified that only a very few policies of private companies are better alternatives to
the policies of LIC. He also assessed that there is no risk and no need to worry about
their money, since all the private insurance companies are under the regulation of
IRDA56.
Krishnan (2005), in his study entitled, "Bancassurance - Maturing Markets",
stressed that the LIC has forged relationship with several major banks and a good
number of small banks across the country. Customers have also turned to the idea of
buying an insurance product through their banker and the success rate is on the
increase. Special campaigns organised in banks are also yielding excellent results
57especially in sales volumes.
26
1.4 Scope of the Study
The study can be attempted in two angles. One is from the angle of the LIC
which promotes life insurance service to the policyholders. The other is from the
angle of the policyholders who are utilizing various policies and other services of the
LIC. In the present study utilisation has been attempted from the point of view of
policyholders. Hence, the study covers the level of utilisation, factors influencing the
level of utilisation, attitude towards the various services of the LIC of India and its
operational efficiency.
1.5 Objectives of the Study
The present study has the following objectives.
I. To study the various life insurance plans administered by the LIC at present.
2. To study the operational performance of the LIC in Kanyakumari District.
3. To evaluate the extent of utilisation of different policies by different
policyholders in Kanyakumari District.
4. To locate the factors which influence the extent of utilisation of the services of
LIC by policyholders in Kanyakumari District.
5. To identify the attitude of the policyholders in Kanyakumari District towards
LIC and its agents.
1.6 Limitations of the Study
This study investigates the utilisation of the LIC by policyholders in
Kanyakumari District. The LIC authorities in Kanyakumari District hesitate to reveal
real particulars about their performance owing to severe competition from private
players. Hence, only limited information relating to the LIC could be collected from
27
the Kanyakumari District Statistical Hand Books. Based on the availability,
secondary data were collected for ten years up to 2003 - 04.
1.7 Operational Definition of Concepts
1. LIC/Corporation: The term LIC or Corporation is used to denote the Life
Insurance Corporation of India, a nationalized corporation which is
providing insurance and other related services to the public in India.
2. Utilisation: Utilisation means making use of and the extent of availing the
various insurance plans and the accruing benefits offered by the LIC to the
policyholders.
3. Policyholder: A Policyholder is a person who has taken at least one life
insurance policy from any one of the branches of the LIC.
4. Insurance policy: An insurance policy is a product offered by the LIC to
the public.
5. Policy Lapses: Failure or cancellation of policy due to non-payment of
premium even after the expiry of the grace period, by a policyholder.
6. Survival Benefit: The sum assured is paid in instalments when the
policyholders survive during the term of the Money Back Plans.
7. Risk Coverage: Risk coverage means the sum assured to be payable by the
LIC to the dependants of the deceased policyholder in the event of his
premature death.
8. Attitude of Policyholders: Attitude of policyholders means the opinion or
the view of the policyholders towards the services of the LIC.
9. Awareness of Policyholders: It means the bundle of knowledge possessed
by policyholders about the LIC and its products.
28
10. IRDA: It means Insurance Regulatory and Development Authority which
came into force in 1999 for regulating the operations of all insurance
businesses in India including the private sector.
1.8 Methodology
The present study is an empirical study based on the survey method. The
primary data collected from the respondent policyholders who took life insurance
policies from any one of the branches of Kanyakumari District are used for the study.
For the purpose of collecting the primary data, an interview schedule (Vide-
Appendix-A) was constructed by the researcher.
• The secondary data were collected from the annual reports of the IRDA and
LIC, Statistical Iland Books of Tamil Nadu and Kanyakumari District. The
researcher also perused many books, reports and journals containing useful
information pertaining to this research.
1.9 Construction of Tools and Pre-test
The interview schedule employed in this study was constructed by the
researcher with the help of his supervisor. In order to test the validity of the format, it
was given to research experts in the field of social sciences for evaluation. Further, the
researcher had consulted the officials of the LIC in Kanyakumari District in order to
enrich the contents of the schedule.
The variables of the study were identified by referring to various research
reports and in consultation with the supervisor. The variables, thus, identified have
been used to design the interview schedule. Then the rough draft of the schedule was
prepared. Keeping in mind, the suggestions of research experts including the
supervisor, the rough draft was revised and the final draft was prepared. The final
Rej
draft was then pre-tested with 60 policyholders. In the light of the suggestions
obtained from the pre-test, the modified interview schedule was constructed and used
for gathering primary data.
1.10 Sampling Design
The researcher has adopted multi-stage random sampling method to select the
respondent policyholders. There are four Branch Offices of the LIC functioning in
Kanyakumari District, two offices at Nagercoil, one at Thuckalay and the other one at
Marthandom. In order to conduct a deep study with regard to the utilisation of the LIC
by the policyholders, those who became policyholders earlier to March 31, 2005 were
considered. For selecting the respondents, the following process was adopted.
First, the list of all the 2172 agents who were working within the study area as
on March 31, 2005 was obtained from all the 42 LIC Development Officers working
in the four Branches. From the list, 105 agents were selected based on the simple
random sampling method (lottery method) and the complete list of 3517 policyholders
as on March 31, 2005 was obtained from them. Out of these policyholders, only 703
were selected on the simple random sampling (lottery) basis. The researcher directly
contacted the selected respondents and gathered information with the help of the
interview schedule. Since 83 respondents did not respond, only 620 samples were
finally selected for further analysis.
1.11 Geographical Coverage
The area covered for the present study is limited to the operational areas of the
LIC in Kanyakumari District which covers Agasteeswaram, Thovalai, KalkulaiTn and
Vilavancode Taluks. The study area covers urban, semi —urban and rural areas.
1.12 Period of the Study
The present study is aimed at measuring the extent of utilisation of the LIC by
the policyholders and the attitude of the policyholders towards the services of LIC in
Kanyakumari District. The primary data were collected from those who have become
policyholders earlier to March 31, 2005. The secondary data were collected for a
period of 10 years from 1994 - 1995 to 2003-04.
1.13 Field Work and Collection of Data
The researcher undertook the field work by directly meeting the sample
policyholders with the help of the interview schedule. The completed schedules were
checked and edited as soon as the data collection was over.
1.14 Data Processing
After completing the data collection with the help of the interview schedules, a
thorough verification was made. Next to that all the interview schedules were
codified for further analysis. Then all the schedules were processed through computer
with the help of SPSS package.
1.15 Measurement of the Variables and Framework of Analysis
The analysis is made with the help of the classification tables. The evaluation
of performance of LIC is made with the help of Compound Growth Rate and Linear
Trend Analysis.
The significance of relationship between the selected variables and the extent
of utilisation of LIC in terms of the number of policies, the sum assured, the amount
of premium paid and the attitude of the policy holders towards the services offered by
the LIC and its agents have been analysed with the help of Chi-square test.
31
Garrett's Ranking Technique is used to determine the purpose of utilisation of
LIC policies and to assess the factors responsible for the utilisation of LIC and the
policy loan.
Factor Analysis is employed to assess the factors responsible for the utilisation
of Housing Loan and to identify the factors inhibiting the attitude of the policyholders
towards the services of LIC agents.
1.16 Scheme of the Report
The report of the study is presented in six chapters.
The first chapter deals with the design of the study. It contains the
introduction, statement of the problem, review of literature the scope of the study,
objectives of the study, the methodology, the sampling design, the framework of
analysis and the scheme of the report.
The second chapter deals with the historical perspective of the LIC of India.
The third chapter gives a brief account of the appraisal of the functioning of
the LIC at the National, State and the District levels.
fhe fourth chapter analyses the extent of utilisation of the products and
services of the LIC by the policyholders in Kanyakumari District.
The fifth chapter emphasises the attitude of the policyholders towards the
services offered by the LIC and its agents.
The final chapter gives the summary of findings and throws light on the
problems encountered by the policy holders while dealing with the LIC and concludes
with the suggestions for the effective utilisation of the products and services of LIC of
India.
32
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Recommended