Preface

PREFACE

MBA is a stepping-stone to the management carrier and to develop goodmanager itisnecessarythatthetheo reticalmustbe supplemented with exposure to the real environment. Theoretical knowledge just provides the base and its not sufficient to produce a good manager thats why practical knowledge is needed. Therefore the research product is an essential requirement for the student of MBA . This research projectnotonly helpsthestudent toutilizehisskillsproperlylearnfield realities but also provides a chance to the organization to find outtalent among thebuddingmanagersinthe verybeginning. Inaccordancewiththere requirementofMBA courseIhaveProject work on onthetopic SUMMER TRAINING IN LIC OF INDIA Themain objectiveofthe research project was to study the two instruments and make a detailed comparison of the two.

For conductingtheresearchprojectsamplesizeof30customers ofLIC wasselected .Theinformationregardingtheprojectresearchwas collected through the questionnaire formed by me which was filled by the customers there.In the growing global competition, business has taken a new shape in the world.Todays Managerhasto understandthe uncertaintyofbusiness environmenttocope withthesituation. Dissertation foreach andevery student of RGPM is an essential part of completion at the end of 1st year of the course. The prime objective of this summer training to familiar with real lifebusiness environment and apply the theoretical concept of business into reality and know how much theory is applicable in day to day business activity. It alsosharpens theirknowledge, honestheiranalyticalandotherbusiness acumen and develops better appreciation of the practical problems of business, especially from the management point of view. Moreover theexperience acquired bystudent helpstodecidethefuture professional career. As per the module is concern I underwent in a project entitled SUMMER TRAINING IN LIC OF INDIAMONIKA PARASHAR MBA IIIRD SEM..

ACKNOWLEDGEMENT

Preparing a project of this nature is an arduous task and I was fortunate enough to get support from a large number o persons. I wish to express my deep sense of gratitude to all those who generously helped in successful completion of this report by sharing their invaluable time and knowledge.

It is my proud and previledge to express my deep regards to Respected , Head of Department Mr. Pavan Mishra, Department of Business Management , Rajeev Gandhi Proudyogiki Mahavidhyalaya- II Bhopal for allowing me to undertake this project.

I feel extremely exhilarated to have completed this project under the able and inspiring guidance of He rendered me all possible help me guidance while reviewing the manuscript in finalising the report.

I also extend my deep regards to my teachers , family members , friends and all those whose encouragement has infused courage in me to complete to work successfully.

MONIKA PARASHAR MBA IIIRD SEM.

DELCLARATION BY THE CANDIDATE

I declare that the project report titled " SUMMER TRAINING IN LIC, " is nay own work conducted under the supervision, PROF (Dr.) Pavan Mishra To the best of my knowledge the report does not contain any work , which has been submitted for the award of any degree , anywhere. Date :

MONIKA PARASHAR MBA IIIRD SEM.

CERTIFICATE

The project report titled " SUMMER TRAINING IN LIC, " been prepared by MONIKA PARASHAR MBA IIIRD SEM. under the guidance and supervision of DR. PAVAN MISHRA for the partial fulfillment of the Degree of MBA.

PROF. (DR). PAVAN MISHRA

PROJECT GUIDE

TABLE OF CONTENTS

CHAPTER NO.TITLEPAGE NO.

CHPATER 1INTRODUCTION

CHPATER 2COMPANY PROFILE

CHPATER 3OBJECTIVE OF THE STUDY

CHPATER 4RESEARCH METHODOLOGY

CHPATER 5DATA ANALYSIS AND INTERPRETATION

CHPATER 6OBSERVATION AND FINDINGS

CHPATER 7CONCLUSION AND SUGGESTION

BIBLIOGRAPHY

ANNEXURE

INTRODUCTION

LIFE INSURANCE IN INDIA

Life insurance in India made its debut well over 100 years ago. In our country, which is one of the most populated in the world, the prominence of insurance is not as widely understood, as it ought to be. What follows is an attempt to acquaint readers with some of the concepts of life insurance, with special reference to LIC It should, however, be clearly understood that the following content is by no means an exhaustive description of the terms and conditions of an LIC policy or Its benefits or privileges. For more details, please contact our branch or divisional office. Any LIC Agent will be glad to help you choose the life insurance plan to meet your needs and render policy servicing.

What Is Life Insurance?

Life insurance is a contract that pledges payment of an amount to the person assured (or his nominee) on the happening of the event insured against. The contract is valid for payment of the insured amount during:

The date of maturity, or

Specified dates at periodic intervals, or

Unfortunate death, if it occurs earlier.

Among other things, the contract also provides for the payment of premium periodically to the Corporation by the policyholder. Life insurance is universally acknowledged to be an institution, which eliminates 'risk', substituting certainty for uncertainty and comes to the timely aid of the family in the unfortunate event of death of the breadwinner. By and large, life insurance is civilizations partial solution to the problems caused by death. Life insurance, in short, is concerned with two hazards that stand across the life-path of every person:

1. That of dying prematurely leaving a dependent family to fend for itself.

2. That of living till old age without visible means of support.

Customer satisfied with LIC service because the LIC totally concentrate customer relations and it makes customers attract towards the LICLife Insurance Corporation of India (LIC) is embarking on a number of customer relationship management initiatives to retain its foothold in the market, in the wake of private players inching their way up in the life insurance sector.

The Insurance behemoth is planning to tie-up with a number of banks to enable a payment gateway wherein the policyholders can make their premium payments via credit cards.

LIC is planning to start a new portal for its policyholders where a customer can log in, get details on his/her policies, change the resident address when he/she shifts to a new place and even take a printout of the income tax certificate. The portal is likely to be ready in a months time.

Besides, it has already started work on allotment of customer folio number to know each customer's holding.

The allotment of customer folio number for all our holders will still take a years time in this zone, H Nanda, regional manager, information technology, LIC (south-central zone), said.

ABOUT THE ORGANIZATION

Life Insurance in its modern form came to India from England in the year

1818. Oriental Life Insurance Company stated by Europeans in Calcutta was the first life insurance company on Indian Soil. All the insurance companies established during that period were brought up with the purpose of looking after the needs of European community and Indian natives were not being insured by these companies. However, later with the efforts of eminent people like Babu Muttylal Seal, the foreign life insurance companies started insuring Indian lives. But Indian lives were being treated as sub-standard lives and heavy extra premiums were being changed on them. Bombay Mutual Life Assurance Society heralded the birth of first Indian life insurance company in the year 1870, and covered Indian lives at normal rates. Starting as Indian enterprise with highly patriotic motives, insurance companies came tito existence to carry the message of insurance and social security through insurance to various sectors of society. Bharat Insurance Company (1896) was also one of such companies inspired by natioalism. the Swadeshi movement of 1905-1907 gavwe rise to more insurance companies. The United India in Madras, National Indian and National Insurance in Calcutta and the Hindustan Co-operative Insurance Company took its birth in one of the rooms of the Jorasanko, house of the great poet Rabindranath Tagore, in Calcutta. The Indian Mercantile, General Assurance and Swadeshi Life (later Bombay Life) were some of the companies established during the same period. Prior to 1912. India had no legislation to regulate insurance business. In the year 1912, the Life Insurance Companies Act, and the Provident Fund Act were passed. The Life Insurance Companies Act, 1912 made it necessary that the premium rate tables and periodical valuations of companies should be certified by an actuary. But the act discriminated between foreign and Indian companies on many accounts, putting the Indian companies at a disadvantage.

The first two decades of the twentieth century saw lot of growth in insurance

business. From 44 companies with total business-in force as Rs. 22.44 crore, it rose to 176 companies with total business-in-force as Rs. 298 crore in 1938. During the mushrooming of insurance companies many financially unsound concerns were also floated which failed miserably. The Insurance Act 1938 was the first legislation governing not only life insurance but also non-life insurance to provide strict state control over insurance business. The demand for nationalization of life insurance industry was made repeatedly in the past but it gathered momentum in 1944 when a bill to amend the Life Insurance Act 1938 was introduced in the Legislative Assembly. However, it was much later on the 19th of January, 1956, that life insurance in India was nationalized. About 154 Indian insurance companies, 16 non-Indian companies and 75 provident were operating in India at the time of nationalization, nationalization was accomplished in two stages; initially the management of the companies was taken over by means of an Ordinance, and later, the ownership too by means of a comprehensive bill. The Parliament of India passed the Life Insurance Corporation Act on the 19th of June 1956, and the Life Insurance Corporation of India was created on 1st September, 1956, with the objective of spreading life insurance much more widely and in particular to the rural areas with a view to reach all insurable persons in the country, providing them adequate financial cover at a reasonable cost.

LIC had 5 zonal offices, 33 divisional offices and 212 branch offices, apart from its corporate office in the year 1956. Since life insurance contracts are long term

contracts and during the currency of the policy it requires a variety of services need was felt in the later years to expand the operations and place a branch office at each district headquarter, re-organization of LIC took place and large numbers of new branch offices were opened. As a result of re-organization servicing functions were transferred to the branches, and branches were made accounting units. It worked wonders with the performance of the corporation. It may be seen that from about 200.00 crores of New Business in 1957 the corporation crossed 1000.00 crores only in the year 1969-70, and it took another 10 years for LIC to cross 2000.00 crore mark of new business. But with re-organization happening in the early eighties, by 1985-86 LIC had already crossed 7000.00 crore Sum Assured on new policies.

Today LIC functions with 2048 fully computerized branch offices, 100 divisional offices, 7 zonal offices and the corporate office. LICs Wide Area Network covers 100 divisional offices and connects all the branches through a Metro Area Network. LIC has tied up with some Banks and Service providers to offer on-lint

premium collection facility in selected cities. LICs ECS and ATM premium payment facility is an addition to customer convenience. Apart from on-line Kiosks and IVRS, Info Centres have been commissioned at Mumbai, Ahmedabad, Bangalore, Chennai, Hyderabad, Kolkata, New Delhi, Pune and many other cities. With a vision of providing easy access to its policyholders, LIC has launched its SATELLITE SAMPARK offices. The satellite offices are smaller, leaner and closer to the customer. The digitalized records of the satellite offices will facilitate anywhere servicing and many other conveniences in the future. LIC continues to be the dominant life insurer even in theliberalized scenario of Indian insurance and is moving fast on a new growth trajectory surpassing its own past records. LIC has issued over one crore policies during the current year. It has crossed the milestone of issuing 1,01,32,955 new policies by 15th Oct, 2005, posting a healthy growth rate of 16.67% over the corresponding period of the previous year. From then to now, LIC ha crossed many milestones and has set unprecedented performance records in various aspects of life insurance business. The same motives which inspired our forefathers to bring insurance into existence in this country inspire us at LIC to take this message of protection to light the lamps of security in as many homes as possible and to help the people in providing security to their families.

Some of the important milestones in the life insurance business in India are:

1818: Oriental Life Insurance Company, the first life insurance company on Indian

soil started functioning.

1870: Bombay Mutual Life Assurance Society, the first Indian life insurance company

started its business.

1912: The Indian Life Assurance Companies Act enacted as the first statute to

regulate the life insurance business.

1928: The Indian Insurance Companies Act enacted to enable the government to

collect statistical information about both life and non-life insurance businesses.

1938: Earlier legislation consolidated and amended to by the Insurance Act with the

objective of protecting the interests of the insuring public.

1956: 245 Indian and foreign insurers and provident societies are taken over by the

central government and nationalized. LIC formed by an Act of Parliament, viz. LIC

Act, 1956, with a capital contribution of Rs. 5 crore from the Government of India.

The General insurance business in India, on the other hand, can trace its roots

to the Triton Insurance Company Ltd., the first general insurance company

established in the year 1850 in Calcutta by the British.

Life insurance Corporation of India (LIC)

The Life insurance Corporation

was established about 44 years ago with a view to provide an insurance cover against various risks in life. A monolith then, the corporation, enjoyed a monopoly status and become synonymous with life insurance. Its main asset is its staff strength of 1.24 lakhs employed and 2,048 branches and over six-lakhs agency force. LIC has hundred divisional offices and has established extensive training

facility at all levels. At the apex, is the Management Development Institute, seven zonal Training Centre and 35 sales Training Centers. At the industry level, along with the Government and the GIC, it has helped establish the National Insurance Academy. It presently transacts individual Life Insurance business, group Insurance business, social security schemes and Pensions, grants housing loans through its subsidiary. And the markets savings and Investment products through its mutual fund. It pays off about Rs 6,000 crores annually to5.6 million policyholders

LIC OPERATES ALL OVER INDIA

Company profile

Type: Public limited company or Government-owned corporation

Founded: September 1, 1956

Headquarters: Headquarters in Mumbai, India (Various other locations in

India and abroad)

Key people: T. S. Vijayan (Chairman), D. K. Mehta and Thomas Mathew

(Managing Directors)

Industry: Life insurance

Products: Insurance and Pension Plans

Employees: Over 10,00,000

Parent: NIL

Subsidiaries: LIC Housing Finance Limited, etc.

Website: http://www.licindia.comDETAILS OF PRODUCTS Products of LIC

LIC - Jeevan AnuragBenefitsLICs Jeevan ANURAG is a with profits plan specifically designed to take care of the educational needs of children. The plan can be taken by a parent on his or her wn life. Benefits under the plan are payable at prespecified durations irrespective of whether the Life Assured survives to the end of the policy term or dies during the term of the policy. In addition, this plan also provides for an immediate payment of Basic Sum Assured amount on death of the Life Assured during the term of the policy. AssuredBenefitPayment of 20% of the Basic Sum Assured at the start of every year during last 3 policy years before maturity. At maturity, 40% of the Basic Sum Assured along with reversionary bonuses declared from time to time on full Sum Assured for the full term and the Terminal bonus, if any shall be payable. For example, if term of the policy is 20 years, 20% of the Sum assured will be payable at the end of the 17th, 18th, 19th year and 40% of the Sum Assured along with the reversionary bonuses and the terminal bonus, if any, at the end of the 20th year.

Death BenefitPayment of an amount equal to Sum Assured under the basic plan immediately on the death of the life assured.LIC - Jeewan KisoreProduct summary:This is an Endowment Assurance Plan available for children of less than 12 years of age. The policy may be purchased by any of the parent/grand parent.Commencement of risk cover:The risk commences either after 2 years from the date of commencement of policy or from the policy anniversary immediately following the completion of 7 years of age of child, whichever is later.Premiums:Premiums are payable yearly, half-yearly, quarterly or monthly throughout the term of the policy or till earlier death of child.

Bonuses:This is a with-profits plan and participates in the profits of the Corporations life insurance business. It gets a share of the profits in the form of bonuses. Simple Reversionary Bonuses are declared per thousand Sum Assured annually at the end of each financial year. Once declared, they form part of the guaranteed benefits of the plan. A Final (Additional) Bonus may also be payable provided policy has run for certain minimum period.

LIC Childs Career PlanIntroduction: This plan is specially designed to meet the increasing educational and other needs of growing children. It provides the risk cover on the life of child not only during the policy term but also during the extended term (i.e. 7 years after the expiry of policy term). A number of Survival benefits are payable on surviving by the life assured to the end of the specified durations.

Options: You may choose Sum Assured (S.A.), Maturity Age, Policy Term, Mode of Premium payment and Premium Waiver Benefit.

PaymentofPremiums: You may pay the premiums regularly at yearly, half-yearly, quarterly or through Salary deductions over the term of policy. Premiums may be paid either for 6 years or up to 5 years before the policy term.

LIC - Jeevan ChhayaProduct summary:This is an Endowment Assurance plan that provides financial protection against death throughout the term of the plan. Besides payment of Sum Assured immediately on death, one-fourth of Sum Assured is payable at the end of each of last four years of policy term whether the life assured dies or survives the term of the policy.Premiums:Premiums are payable yearly, half-yearly, quarterly, monthly or through salary deductions as opted by you throughout the term of the policy or till the earlier death.

LIC - Child Future PlanIntroduction:This plan is specially designed to meet the increasing educational, marriage and other needs of growing children. It provides the risk cover on the life of child not only during the policy term but also during the extended term (i.e. 7 years after the expiry of policy term). A number of Survival benefits are payable on surviving by the life assured to the end of the specified durations.

Options:You may choose Sum Assured (S.A.), Maturity Age, Policy Term, Mode of Premium payment and Premium Waiver Benefit.

PaymentofPremiums:You may pay the premiums regularly at yearly, half-yearly, quarterly or through Salary deductions over the term of policy. Premiums may be paid either for 6 years or up to 5 years before the policy term.

LIC - Jeevan Shree

Productsummary:This is an Endowment Assurance plan offering the choice of many convenient premium-paying terms. It provides financial protection against death throughout the term of plan with the payment of maturity amount on survival to the end of the policy term.

Premiums:Premiums are payable yearly, half-yearly, quarterly, monthly or through Salary deductions, as opted by you, throughout the premium paying term or till earlier death. Alternatively premium may be paid in onelumpsum.GuaranteedAdditions:The policy provides for the Guaranteed Additions at the rate of Rs. 50/- per thousand Sum Assured for each completed year for first five years of the policy.

LIC - The Whole Life Policy

This plan is mainly devised to create an estate for the heirs of the policyholder as the plan basically provides for payment of sum assured plus bonuses on the death of the policyholder. However, considering the increased longevity of the Indian population, the Corporation has amended the above provision, thereby providing for payment of sum assured plus bonuses in the form of maturity claim on completion of age 80 years or on expiry of term of 40 years from date of commencement of the policy whichever is later.The premiums under the policy are payable up to age 80 years of the policyholder or for a term of 35 years whichever is later.If the payment of premium ceases after 3 years, a paid-up policy for such reduced sum assured will be automatically secured provided the reduced sum assured exclusive of any attached bonus is not less than Rs.250/-. Such reduced paid-up policy is not entitled to participate in the bonus declared thereafter but the bonuses already declared on the policy will remain attach, provided the policy is converted in to a paid-up policy after the premiums are paid for 5 years.LIC Amulya Jeevan : On Death during the Term of the Policy: Sum Assured

On Maturity: Nil

RESEARCH METHODOLOGY

DEFINITION OF RESEARCHAccording to, the Advanced Learners Dictionary of Current English

A careful investigation or inquiry specially through search for new facts in any branch of knowledge.

To gain familiarity with a phenomenon or to achieve new insights into it.

To portray accuracy the characteristics of a particular individual, situation or a group.

To determine the frequency with which something occurs or with which it is associated with something else.

To test a hypothesis of a casual relationship between variables.

TYPE OF RESEARCH

The research design for my research is descriptive in nature where the end objective is predetermined and the objective of my research is to find out the solution of predetermine problem.

Descriptive research is that research which is concern with describing the characteristic of a particular individual or of a group. In descriptive research must be able to define clearly what we want to measure and must find adequate method for measuring it along with a clear cut definition of which he want to study. It includes surveys and fact findings enquiries of different kinds.

OBJECTIVES OF THE STUDY

The main objective of this study is to carry on brief study on Customer satisfaction survey on insurance products of LICOther objectives of this project are as follows:

To identify the insurance needs of the Indian population with respect to their emotional, physical and financial conditions.

Comparative study of various insurance players in the market

To study the varied reasons of availing life insurance plans To clearly understand the rationale behind the investment in policies of LIC and private sector insurance companies

To test the awareness of customers on various aspects of life insurance policies offered by LIC and other private sector insurance companies and find whether there is any relation between them.

The prime objective of the study is to find out the level of satisfaction of a

customer (policy holders or beneficiary) so far as the settlement of claims.

To find out the procedure of claim policy holder or the beneficiary

NEED OF THE STUDY

To study the customer satisfaction of LIC of India. To study the selling mechanism and various technique involved in the LIC of India To understand the consumer perceptions regarding the LIC of India.

To study the consumer behavior and reaction towards the LIC of India

To study the investors behavior and perception towards LIC of India

SAMPLING METHOD

SAMPLE UNIT The sample unit which is used for collecting data about the ICICI retirement policy is customer having the LIC of India.

SAMPLE TECHNIQUE- Deliberate technique is used in this study. Deliberate samplings involve purposive or deliberate selection of particular unit of the universe for constituting a sample.

DIFFERENT TYPE OF SAMPLE DESIGN

There are different types of sample design based on two factors they are as follows:

A) On the basis of presentation

B) On the basis of selection of technique

On the basis of presentation it can be classified as follows

a) probability sampling

b) non-probability sampling

on the basis of element selection technique it can be classified as follow:

a) restricted selection technique

b) unrestricted selection technique

But the sample design are basically two types:

a) probability sampling

b) non probability sampling

In this study we have used the probability sampling technique i.e selecting randomly from the large no of universe.

DATA COLLECTION The data collection which is used in this project are as follow:

Primary data- this is the data collocated a fresh and for the first time. And thus happen to be original in character for the purpose of research.

investigation at hand there are various methods of collecting primary data such as

Observation methods

Interview method

Through schedules etc.

I have selected questionnaire method collection the primary data.

2- Secondary data

This is the data collected usually start their investigation by examining secondary data to see whether their problems could problems could partly or wholly is solved without collecting costly primary data

Secondary data provide starting points for research and offers by advantage of low and ready availability. Secondary data can be collected from various sourced like.

Internal sources

Govt. publications

Periodical and journals

Commercial data

Books, magazine and newspapers

Telephones & internet

LIMITATION OF STUDY1. Only LIC of India have been studied

2. Only few customers were considered for the study

3. The study was carried out in sagar only, hence the results cannot be extended to national level.

4. Few respondents are not cooperative enough owing to their busy

Schedule.

5. Time was not enough to study the all aspects of the project report

SCOPE OF STUDY

The various scope of study are as follows:

The study was conducted at the macro level it can also be conducted at the national level

The study was improvement LIC of India it can also be used to study other insurance plans of LIC of India.

The study can also be extended to study the market share of the different insurance company

The study can also be about the HR system of LIC of India The study can also be about the investors behavior towards LIC of India

ORGANISATION STRUCTURE OF LICChairman

Managing Director

Executives Directors

Chiefs

Zonal Managers

Regional Managers

Divisional Managers

100 Seniors Divisional Managers

Marketing Managers

Sales Managers

Senior Branch Managers (Head of the Branch)

Assistant Branch Managers Sells

Development Officers

Different AgentPUBLIC RELATION DEPARTMENT

The Public Relation Department in LIC is divided into three major

categories. Namely:

1. Communication Department

2. Crisis Management Department

3. Publicity Department

Chief Public Relation Officer

PRO (Communication Dept.)

PRO (Crisis Management Dept.)

PRO (Publicity Dept.)

CHAIRMAN OF LIC PUBLIC RELATIONS

COMMUNICATION DEPARMENT

PUBLICITY DEPARMENT

CRISIS MANAGEMENT DEPATMENTWhat is customer satisfaction?

Customer satisfaction refers to how satisfied customers are with the products or services they receive from a particular agency. The level of satisfaction is determined not only by the quality and type of customer experience but also by the customers expectations.

A customer may be defined as someone who:

has a direct relationship with, or is directly affected by your agency and receives or relies on one or more of your agencys services or products. Customers in human services are commonly referred to as service users, consumers or clients.

An organisation with a strong customer service culture places the customer at the centre of service design, planning and service delivery. Customer centric organisations will:

determine the customers expectations when they plan

listen to the customer as they design focus on the delivery of customer service activities

Value customer feedback when they measure performance.

Why is it important?

There are a number of reasons why customer satisfaction is important in

Insurance Sector:

Meeting the needs of the customer is the underlying rationale for the

existence of community service organizations. Customers have a right to

quality services that deliver outcomes.

Organizations that strive beyond minimum standards and exceed the expectations of their customers are likely to be leaders in their sector.

Customers are recognized as key partners in shaping service development and assessing quality of service delivery. The process for measuring customer satisfaction and obtaining feedback on organizational performance are valuable tools for quality and continuous service improvement.Customer satisfaction, asinebussterm, is a measure of how products and services supplied by a company meet or surpass customer expectation. It is seen as a key performance indicator within business and is part of the four of aBalanced Scorecard.

In a competitive marketplace where businesses compete for customers, customer satisfaction is seen as a key differentiator and increasingly has become a key element of business strategy.[1]There is a substantial body of empirical literature that establishes the benefits of customer satisfaction for firms.

Organizations need to retain existing customers while targeting non-customers;[2]. Measuring customer satisfaction provides an indication of how successful the organization is at providing products and/or services to the marketplace.

Customer satisfaction is an abstract concept and the actual manifestation of the state of satisfaction will vary from person to person and product/service to product/service. The state of satisfaction depends on a number of both psychological and physical variables which correlate with satisfaction behaviors such as return and recommend rate. The level of satisfaction can also vary depending on other factors the customer, such as other products against which the customer can compare the organization's products.

Customer Satisfaction in 7 Steps in LIC

It's a well known fact that no business can exist without customers. In the business of Website design, it's important to work closely with your customers to make sure the site or system you create for them is as close to their requirements as you can manage. Because it's critical that you form a close working relationship with your client, customer service is of vital importance. What follows are a selection of tips that will make your clients feel valued, wanted and loved.1. Encourage Face-to-Face Dealings

This is the most daunting and downright scary part of interacting with a customer. If you're not used to this sort of thing it can be a pretty nerve-wracking experience. Rest assured, though, it does get easier over time. It's important to meet your customers face to face at least once or even twice during the course of a project.

My experience has shown that a client finds it easier to relate to and work with someone they've actually met in person, rather than a voice on the phone or someone typing into an email or messenger program. When you do meet them, be calm, confident and above all, take time to ask them what they need. I believe that if a potential client spends over half the meeting doing the talking, you're well on your way to a sale.

2. Respond to Messages Promptly & Keep Your Clients InformedThis goes without saying really. We all know how annoying it is to wait days for a response to an email or phone call. It might not always be practical to deal with all customers' queries within the space of a few hours, but at least email or call them back and let them know you've received their message and you'll contact them about it as soon as possible. Even if you're not able to solve a problem right away, let the customer know you're working on it.

A good example of this is my Web host. They've had some trouble with server hardware which has caused a fair bit of downtime lately. At every step along the way I was emailed and told exactly what was going on, why things were going wrong, and how long it would be before they were working again. They also apologised repeatedly, which was nice. Now if they server had just gone down with no explanation I think I'd have been pretty annoyed and may have moved my business elsewhere. But because they took time to keep me informed, it didn't seem so bad, and I at least knew they were doing something about the problems. That to me is a prime example of customer service.

3. Be Friendly and ApproachableA fellow SitePointer once told me that you can hear a smile through the phone. This is very true. It's very important to be friendly, courteous and to make your clients feel like you're their friend and you're there to help them out. There will be times when you want to beat your clients over the head repeatedly with a blunt object - it happens to all of us. It's vital that you keep a clear head, respond to your clients' wishes as best you can, and at all times remain polite and courteous.

4. Have a Clearly-Defined Customer Service PolicyThis may not be too important when you're just starting out, but a clearly defined customer service policy is going to save you a lot of time and effort in the long run. If a customer has a problem, what should they do? If the first option doesn't work, then what? Should they contact different people for billing and technical enquiries? If they're not satisfied with any aspect of your customer service, who should they tell?

There's nothing more annoying for a client than being passed from person to person, or not knowing who to turn to. Making sure they know exactly what to do at each stage of their enquiry should be of utmost importance. So make sure your customer service policy is present on your site -- and anywhere else it may be useful.

5. Attention to Detail (also known as 'The Little Niceties')

Have you ever received a Happy Birthday email or card from a company you were a client of? Have you ever had a personalised sign-up confirmation email for a service that you could tell was typed from scratch? These little niceties can be time consuming and aren't always cost effective, but remember to do them.

Even if it's as small as sending a Happy Holidays email to all your customers, it's something. It shows you care; it shows there are real people on the other end of that screen or telephone; and most importantly, it makes the customer feel welcomed, wanted and valued.

6. Anticipate Your Client's Needs & Go Out Of Your Way to Help Them Out

Sometimes this is easier said than done! However, achieving this supreme level of understanding with your clients will do wonders for your working relationship.

Take this as an example: you're working on the front-end for your client's exciting new ecommerce endeavour. You have all the images, originals and files backed up on your desktop computer and the site is going really well. During a meeting with your client he/she happens to mention a hard-copy brochure their internal marketing people are developing. As if by magic, a couple of weeks later a CD-ROM arrives on their doorstep complete with high resolution versions of all the images you've used on the site. A note accompanies it which reads:

"Hi, you mentioned a hard-copy brochure you were working on and I wanted to provide you with large-scale copies of the graphics I've used on the site. Hopefully you'll be able to make use of some in your brochure."Your client is heartily impressed, and remarks to his colleagues and friends how very helpful and considerate his Web designers are. Meanwhile, in your office, you lay back in your chair drinking your 7th cup of coffee that morning, safe in the knowledge this happy customer will send several referrals your way.

7. Honour Your Promises

It's possible this is the most important point in this article. The simple message: when you promise something, deliver. The most common example here is project delivery dates.

Clients don't like to be disappointed. Sometimes, something may not get done, or you might miss a deadline through no fault of your own. Projects can be late, technology can fail and sub-contractors don't always deliver on time. In this case a quick apology and assurance it'll be ready ASAP wouldn't go amiss.

Conclusion

Customer service, like any aspect of business, is a practiced art that takes time and effort to master. All you need to do to achieve this is to stop and switch roles with the customer. What would you want from your business if you were the client? How would you want to be treated? Treat your customers like your friends and they'll always come back.

DATA ANALYSIS AND INTERPRETATION DATA GIVES PREFERENCE OF RESPONDENTS OF INSURANCE COMPANIESCOMPANYS NAMENO.OF RESPONDENTSHARE (%)

L.I.C.7878

RELIANCE LIFE INSURANCE 33

ICICI PRUDENTIAL1010

SBI LIFE 77

HDFC22

TOTAL100100

INTERPRETATION

78% of the people contacted prefer LIC policy to any other and therefore it is ranked no.1 by that percent of respondents.DATA GIVES BENEFITS OF INSURANCE PERCEIVED BY RESPONDENTS

BENEFITSNO.OF RESPONDENTSSHARE (%)

Cover Future Uncertainty5555

Tax Deductions2020

Future Investment2525

TOTAL100100

INTERPRETATION

55% of the respondents believe that covering future uncertainty is the biggest benefit of an insurance policy.

Whereas, 20% and 25% of them believe that the other benefits are Tax deduction and future investments respectively.DATA PROVIDES FEATURES OF INSURANCE POLICY THAT ATTRACTED RESPONDENTS

FEATURENO.OF RESPONDENTSSHARE (%)

Money Back Guarantee1515

Larger Risk Coverance3737

Easy Access to Agents77

Low Premium3030

Companys Reputation1111

TOTAL100100

INTERPRETATION

Majority of the respondent (37%) found Larger risk coverance as the most attracted feature of the all.

DATA PROVIDES NUMBER OF INSURANCE POLICY TYPE RESPONDENTS

POLICY TYPENO. OF RESPONDENTS SHARE (%)

LIFE POLICY7575

NON LIFE POLICY2525

BOTH4545

INTERPRETATION

75% of the respondents have Life Insurance Policy while 45% have both. (The % is calculated out of 280 positive response)

DATA GIVES PEOPLE PERCEPTION ABOUT INSURANCE

RESPONSENO. OF RESPONDENTSSHARE (%)

A saving tool 8181%

A tax saving device 7474%

A tool to protect your family 100100%

INTERPRETATION

81% of the respondents have perception of Insurance being a saving tool.

And 74% of the respondents have perception of Insurance being a tax saving device.

But 100% of the respondents are with the view that Insurance is a tool to protect your family.

Findings1) Perception of most of the respondents i.e., 42% is good, 32% is very good, 19% excellent and only 7% have a poor perception about LIC.

2) 33% the respondents came to know about LIC products from friends, 29% from various advertisement, 21% from family members and 17% from other sources.

3) Majority of the customers are satisfied with the service of the company. 39% say the service is very good, 32% say its good, 17% say its excellent and only 12 are not satisfied.

4) Majority of the customers are satisfied with the beneficial schemes the company. 67% say that LIC is giving beneficial schemes to its customers, 24% they are not getting any such schemes and 9% cant sat about these things

5) 83% of respondents say that the charges are reasonable and only 17% are not happy with the service charges

6) .93% of respondents prefer to pay by cheque, 7% by draft and non of the respondents prefer cash for paying premium.

7) 87% of respondents say that they are satisfied with the companys service and only 13% are not happy with the service.

8) 76% of respondents say that they are satisfied with the products surrender value and only 24% are not happy.

9) 92% of respondents say that they are satisfied with the online facility and only 8% are not satisfied.

10) 94% of respondents say that they are satisfied with the promotional schemes and only 8% are not satisfied.

CONCLUSION

Working with LIC Life Insurance for two months was a very nice and a good learning experience. It has helped me a lot learning about different kinds of investments and the pros-corns of its. It has also helped me to know about how works in a corporate world is done.

Though we had a very nice experience but we had to face some problems even, like we were not given any identity card by the company so sometime it became very difficult for us to convince people that we are from the company and not an agent.Mostly small investors are not satisfied with the charges of the LIC.

1. Customers are much more relying upon LIC.

2. People dont rely upon private insurance sector.

3. All products are not attractive to the customers so that kind of products are very hard to sale.

4. Less number of traditional plans thats why people who really need traditional plans are still not satisfied.

5. Majority of the customers are satisfied with the beneficial schemes the company.

6. Majority of the customers are satisfied with the service of the company

REFERENCE Books:

Marketing Management : Philip Kotler

Marketing Research : C.R.Kothari

Websites:

www.hdfcinsurance.comwww.iciciprulife.comwww.licindia.com

QUESTIONNAIRE

Name:. Address:.

Profession

Age:

Contact No:..

1)What do you think about LIC product?

A)Excellent

B)Very Good

C)Good

D)Poor

2) From where did you got information of LIC products?

A)Friends

B)Family membersC)AdvetisementsD)Others

3) Whether LIC giving eficient service to its customers?

A)ExcellentB)Very GoodC)GoodD)Poor

4) Whether LIC gives beneficial schemes to its existing customers?

A)Yes

B)No

C)Cant say

5) Is the maintenance charges & fees are reasonable?A)Yes

B)No

6) Which mode of payment do you prefer to pay your premium?

A)Draft

B)Cheque

C)Cash

7) Are you satisfied with the service of LIC ?

A)Yes

B)No

8) Are you satisfied with the products surrender value?

A)Yes

B)No

9) Whether LIC offering additional online facilities?

A)Yes

B)No

10) Whether LIC offering effective promotional schemes?

A)Yes

B)No

11) Any furher suggession to serve you better?

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