Tuesday 22 January 2013

Presented by SANJEEV R POTADAR e-mail:POTADARSANJEEV@GMAIL.COM PHO NO:9900804198

Retire and enjoy plan presentation from ME



Presented by
SANJEEV R POTADAR
e-mail:POTADARSANJEEV@GMAIL.COM
PHO NO:9900804198



The objective of this proposal is to provide financial security to your family during your
productive span and a happy independent retired lifestyle for yourself and your spouse
when you decide to retire.
Under this insurance proposal you will need to make
premium payments of Rs.87809/- p.a. from your own
funds till your age of 59 years. This proposal provides
for a high riskcover of Rs.2067225/- starting at age 40
and growing to Rs.3915426/- upto age 60.
In the year 2033 when you become 60 years of age,
this plan will provide for regular tax-free income to
support your comfortable retired life till age 75. The
income has been planned such that it takes care of
inflation of 6% every year. Additionally, this plan also
keeps your life covered in this period. In case of death
during this period a lumpsum amount shall be paid to
your nominee.
No premiums are payable from own fund after deferment
period, that is, after age 59.
Premiums are available for exemption under sec.80 CCE
of income tax act upto Rs.100000/- per annum.
In the event of any emergency or financial difficulties,
there is a provision under this Magic Plan to provide loan
against the insurance policy. The loan is available after 2
years of completion of the policy and payment




Quotation Ref.No.
Proposer’s Name Proposer’s Age
Quotation Date
Dr. DR.SANJAY B PATIL 40 (nearer birthday)
DR.SBPATIL 21/01/2013
Sum Proposed 1975000 Yearly Premium 87809
:
:
:
:
:
:
Sec.80 CCE Invt. Lmt. : 100000 Sec.80 CCE Tax Rebate : 30.90 %
Benefits During Deferment Period
Age  YearlyPremiumLoan Year Available Risk Cover Normal Accident
2013 40 2067225 2567225 87809 0
2014 41 2159450 2659450 87809 0
2015 42 2251675 2751675 87809 51500
2016 43 2343900 2843900 87809 119750
2017 44 2436125 2936125 87809 164500
2018 45 2528350 3028350 87809 215750
2019 46 2620575 3120575 87809 274250
2020 47 2712800 3212800 87809 340750
2021 48 2805025 3305025 87809 414250
2022 49 2897250 3397250 87809 498500
2023 50 2989475 3489475 87809 592500
2024 51 3081700 3581700 87809 696750
2025 52 3173925 3673925 87809 812250
2026 53 3266150 3766150 87809 939750
2027 54 3378125 3878125 87809 1082500
2028 55 3480225 3980225 87809 1240750
2029 56 3582325 4082325 87809 1417500
2030 57 3684425 4184425 87809 1615750
2031 58 3786525 4286525 87809 1840250
2032 59 3915426 4415426 87809 2090000
1756180
* The above projection is based on assumptions




Monday 21 January 2013

about jeevan tarang plan THIS IS 3G PLAN


introduction:
This is a with-profits whole of life plan which provides for annual survival benefit at a rate of 5½ % of the Sum Assured after the chosen Accumulation Period. The vested bonuses in a lump sum are payable on survival to the end of the Accumulation Period or on earlier death. Further, the Sum Assured, along with Loyalty Additions, if any, is payable on survival to age 100 years or on earlier death.
Accumulation Period : 
The plan offers three Accumulation periods – 10, 15 and 20 years. A proposer may choose any of them.
Payment of Premium:
Premiums can be paid regularly at yearly, half-yearly, quarterly or monthly intervals or through salary deductions over the Accumulation Period. Alternatively, a Single Premium can be paid on commencement of a policy.
Sample Premium Rates:
The tables below provide tabular premiums for various age-term combinations for Rs. 1000/- Sum Assured.
Regular premiums
Accumulation period
Age
10 years
15 years
20 years
Up to 40 years
109.10 
71.40 
51.50
41 to 45 years
109.10
71.40
53.40
46 to 50 years
109.10
73.80
56.60
51 to 55 years
111.80
77.90
-
56 to 60 years
116.60
-
-


Single premiums
Accumulation period
Age
10 years
15 years
20 years
Up to 46 years 
756.00
644.00
548.00 
47 years
756.00
644.00
549.00
48 years
756.00
644.00
552.00
49 years
756.00
644.00
555.20
50 years
756.00
644.00
558.90
51 to 55 years
756.00
644.00
-
56 to 60 years
756.00
-
-
Participation in Profits:
Policies under this plan shall participate in profits of the Corporation. During the accumulation period policies shall be entitled to receive simple reversionary bonuses which will be payable on survival to the end of the accumulation period or on earlier death. After the accumulation period, policies will be entitled to receive a Loyalty Addition payable on maturity or earlier death. The amount of simple reversionary bonus and Loyalty Addition will depend on the experience of the Corporation.

premium calculator

U CAN MAKE ONLINE PAYMENTS HERE

by clicking here CLICK HERE

visit lic of india main site

MERCHANT PREMIUM COLLECTION PORTAL

little introduction about LIC



Introduction
Life Insurance Companies In India History &Future
History Of Life Insurance Companies Till Life Insurance Corporation Established
In India, insurance has a deep-rooted history. It finds mention in the writings of Manu
(Manusmrithi ), Yagnavalkya ( Dharmasastra) and Kautilya (Arthasastra). The writings talk in
terms of pooling of resources that could be re-distributed in times of calamities such as fire,
floods, epidemics and famine. This was probably a pre-cursor to modern day insurance. Ancient
Indian history has preserved the earliest traces of insurance in the form of marine trade loans and
carriers’ contracts. Insurance in India has evolved over time heavily drawing from other
countries, England in particular.
   1818 saw the advent of life insurance business in India with the establishment of the
Oriental Life Insurance Company in Calcutta. This Company however failed in 1834. In 1829,
the Madras Equitable had begun transacting life insurance business in the Madras Presidency.
1870 saw the enactment of the British Insurance Act and in the last three decades of the
nineteenth century, the Bombay Mutual (1871), Oriental (1874) and Empire of India (1897) were
started in the Bombay Residency. This era, however, was dominated by foreign insurance offices
which did good business in India, namely Albert Life Assurance, Royal Insurance, Liverpool and
London Globe Insurance and the Indian offices were up for hard competition from the foreign
companies.
     In 1914, the Government of India started publishing returns of Insurance Companies in
India. The Indian Life Assurance Companies Act, 1912 was the first statutory measure to
regulate life business. In 1928, the Indian Insurance Companies Act was enacted to enable the
Government to collect statistical information about both life and non-life business transacted in
India by Indian and foreign insurers including provident insurance societies. In 1938, with a view
to protecting the interest of the Insurance public, the earlier legislation was consolidated and
amended by the Insurance Act, 1938 with comprehensive provisions for effective control over
the activities of insurers.4
   The Insurance Amendment Act of 1950 abolished Principal Agencies. However, there
were a large number of insurance companies and the level of competition was high. There were
also allegations of unfair trade practices. The Government of India, therefore, decided to
nationalize insurance business.
      Life Insurance Corporation Of India Birth
An Ordinance was issued on 19
th
January, 1956 nationalizing the Life Insurance sector and Life
Insurance Corporation came into existence in the same year. The LIC absorbed 154 Indian, 16
non-Indian insurers as also 75 provident societies—245 Indian and foreign insurers in all. The
LIC had monopoly till the late 90s when the Insurance sector was reopened to the private sector.
     The history of general insurance dates back to the Industrial Revolution in the west and
the consequent growth of sea-faring trade and commerce in the 17
th
century. It came to India as a
legacy of British occupation.
     In 1968, the Insurance Act was amended to regulate investments and set minimum
solvency margins. The Tariff Advisory Committee was also set up then.
     IRDA And Opening Of Life Insurance Business In India
This millennium has seen insurance come a full circle in a journey extending to nearly 200 years.
The process of re-opening of the sector had begun in the early 1990s and the last decade and
more has seen it been opened up substantially. In 1993, the Government set up a committee
under the chairmanship of RN Malhotra, former Governor of RBI, to propose recommendations
for reforms in the insurance sector.The objective was to complement the reforms initiated in the
financial sector. The committee submitted its report in 1994 wherein, among other things, it
recommended that the private sector be permitted to enter the insurance industry. They stated
that foreign companies be allowed to enter by floating Indian companies, preferably a joint
venture with Indian partners.
     Following the recommendations of the Malhotra Committee report, in 1999, the
Insurance Regulatory and Development Authority (IRDA) was constituted as an autonomous
body to regulate and develop the insurance industry. The IRDA was incorporated as a statutory 5
body in April, 2000. The key objectives of the IRDA include promotion of competition so as to
enhance customer satisfaction through increased consumer choice and lower premiums, while
ensuring the financial security of the insurance market.
   The IRDA opened up the market in August 2000 with the invitation for application for
registrations. Foreign companies were allowed ownership of up to 26%. The Authority has the
power to frame regulations under Section 114A of the Insurance Act, 1938 and has from 2000
onwards framed various regulations ranging from registration of companies for carrying on
insurance business to protection of policyholders’ interests.
Today 23 life insurance companies operating in the country, including LIC a  Public
sector Company and 22 other Private Sector Life Insurance Companies competing with LIC for
Life Insurance Business from the Customers in India.
   The  insurance sector is a colossal one and is growing at a speedy rate of 15-20%.
Together with banking services, insurance services add about 7% to the country’s Gross
Domestic Product(GDP). A well-developed and evolved insurance sector is a boon for economic
development as it provides long- term funds for infrastructure development at the same time
strengthening the risk taking ability of the country.
Role of IRDA
IRDA’s primary function is to protect consumer interests. This means ensuring proper
disclosure,  keeping prices affordable but also insisting on mandatory products, and most
importantly making sure that the consumers get paid by insurers.Further,ensuring the solvency of
insurers. Growth of insurance business entails better education and production to customers,
creating better incentives for agents and intermediaries. It has evolved guidelines on the entry
and functions of such intermediaries. Licensing of such agents and brokers are required to check
their indulgence in activities such as twisting, fraudulent practices, rebating and misappropriation
of funds.
Market Structure:
The market structure for insurance marketsshall be tested as to see whether it be monopoly (state
or regulated) or should there be unlimited private entry or should there only be a few regulated
players. Keeping in view the recommendations of insurance reforms committee that a limited
number of high capital private companies be licensed, and no firm be allowed to operate both in 6
life and non-life insurance,
Role of Information Techno-logy:
The Business of selling life insurance requires assessing the profile of the customer and
assigning the right policy. This process is facilitated by a database and is completely driven by
information technology. If it uses this network of database to offer their products, it would have
utilized this vastly underutilized capacity.
Creating Insurance awareness:
It is the need of hour to create insurance awareness among the general public. It will
require a whole lot of efforts on the supply and distribution side.
Innovative Products
Insurance companies should offer innovative products to tap huge amount of resources
for the developmental activities. In developed economies, insurance products are sold. Focus of
insurance industries is changing towards providing a mix of both protection/risk cover and long
term investment opportunities.
Insurance Sector in India- Future Scenario:
In India, only 10% of the market share has been tapped by LIC and GIC and the balance
90% of the market still remains untapped. This vast potential can be tapped only by a large
number of insurance. To serve the population of more than 100crore Indians, Indian Insurance
market offers tremendous opportunities to private insurers. With the increase in the life
expectancy of individuals and disintegration of joint-family system, each individual now has
arranged cover for himself and for his family. Therefore, coverage of insurers has to grow very
fast.
Grievances Of Customers
The Insurance Industry occupies a very important place amongst financial services all over the
world. Reforms in the Insurance Sector were initiated  with the passage of the IRDA Bill in
December 1999.The IRDA has a task  of framing regulations amongst others grievances handling
mechanism of  customers of Life Insurance Companies. At Present along with Life
InsuranceCorporation of India, being a public sector Life Insurance Company, there are twenty two
other private limited Life Insurance  Companies operating in the Insurance Sector. Customer
satisfaction is a measure of how products and services meet or surpass customer expectation. The 7
dissatisfaction amongst the customers in the areas of services of the Insurance companies leads to
grievances of customers.
Utility of the Study of Research
In the world of Globalization economic model adopted by our India, the  Insurance Sector is
opening up not only to the Private Insurance providers along with the Public Sector Undertaking
like Life Insurance Corporation Of India (LIC), also there is increasing participation by foreign
investors which shall led to setting up of Insurance Companies by Foreign Institutions  having
higher capital base and expertise.
In view of the above, the Insurance Companies in India will have to administer the system of
operations in such a way that the consumer satisfaction shall be kept at utmost importance leading
to not only the retaining the customer base but expanding the larger customers which shall lead to
keep themselves positioned to the foreign insurance providerscompetition.
Our Research Study shall also keep the consumers aware about the various needs vis-à-vis various
Insurance products and services, the awareness  about the consumers rights as assured by the
Regulatory Body of Insurance (I.R.D.A) set up under the Insurance Act.
This proposed Research study shall ultimately lead to high level of consumer satisfaction and better
services by the Insurance providers.
Limitations of the Study
The scope of the proposed Research study is limited to the Mumbai region only and the sample
size out of the total population limited to2300 only, hence the results of the studies may differ from
other regions in Maharashtra as well as in other parts of India.
The results of the proposed study are based on the information given by the support administrative
staff of the Insurance Providers and the Life  Insurance Policyholders, being Individuals, Such
information is based on an element of bias while providing such information which is the basis of
our study, However on and average, the results of the study shall be representative of the mass
population. 8
Scope
According to Census of India 2001 out of the total population of Maharashtra State is 5.03 crs of
which 52.00 % Male and the rest is Female. Our scope of Study of Research shall be limited to
Mumbai Region only.
In Mumbai, out of the total sample size which shall be selected purely on random basis consisting
of2300 individuals  who had subscribed to the life  Insurance Policies equal proportion shall be
taken consisting of both Male  and Female since in the total population also approximately the
equality of Gender is existing.
In the city of Mumbai, all the regions of Mumbai shall be given equal weightage while selecting the
sample size. 9
Literature Review
A.A. Maiyanki, S.S. Mokhtar (2011) In this ICT age, we have witnessed a substantial growth of
internet based services. One of the key  challenges of the online as a service delivery channel is
how they manage service quality, which holds a significant importance to customer satisfaction.
The purpose of this study was to gain a better understanding of the service quality dimensions that
affect customer satisfaction in online marketing from a customer  perspective. The data were
collected through a questionnaire with 127 online shoppers. Exploratory factor analysis was
conducted to narrate the important service quality factors in online marketing. This study identifies
seven service quality dimensions having a strong impact on customer satisfaction.
A. E. Roger, M. F. Ndjodo, A. C. Lopez , A. A. Ghislain (2010)The authors are of the opinion that
the criteria should then be use to reengineer the business processes and work flows accordingly for
the satisfaction of each of the customers.
A. Ismail, N. Ali, M. M. Abdullah, B. Parasuraman (2009)The authors highlighted that service
quality is a critical determinant of  organizational competitiveness. The ability of an organization
implements service quality program will positively motivate customers’ perceive value; thismay lead
to increased their satisfaction.
A. K. Ahmad, (2011)The authors had explored the adoption of e-banking functionality and
investigates the impact of e-banking on the outcomes of customer satisfaction namely, loyalty and
positive WOM within the Jordanian Commercial Banks. Design/ methodology/ approach.
A. Lucadamo (2010)The author examined the factors of evaluation of attitudes, capabilities and
individual satisfaction is one of the most important problem of experimental sciences. These
qualities in fact, are not directly observable, but they are expressed with polycotomous measure
scales. The authors concluded that to perform the evaluation it’s necessary to substitute the
qualitative modalities with some scores. These measures can be determined in different ways, but
problems of quantification or relative to the conditions in which the survey is conducted can arise.10
A. P. Korda, B. Song(2011)The authors investigated the concept of service quality in the marketing
literature. Several measurement scales have been proposed, but some of these take into account only
the method of measurement and ignore the idea that the same instrument may not be able to be
automatically applied in different industries or in different cultures.
A. S. Aburoub,  A. M.  Hersh, K. Aladwan (2011)The authors aims to investigate the relationship
between internal marketing  and service quality to customers' satisfaction in Jordan commercial
banks,  through answering the following questions:  Do commercial banks in Jordan apply the
appropriate concept of internal marketing? What are the possible procedures that can be applied
in the banking sector? Is there any relationship  between bank services quality and customer
satisfaction? In order to achieve the studobjectives, two questionnaires were designed and
distributed over two samples of Jordan bank employees and customers totaling (231) and (384)
respectively. The questionnaires were collected and analyzed by using the SPSS. The study's
conclusions are as follows:  -Study's  sample  attitudes  were  positive  towards  internal
marketing (service  culture,  human  resources development, motives system and rewards)
totaling (0.5693) more than virtual mean  -Study's sample evaluations were positive towards
internal marketing procedures from employees perspectives since its mean is more than the
virtual mean (3), totaling (0.6935). Study's sample attitudes were positive towards banking
service quality represented by (tangibility, reliability, responsiveness, assurance, empathy), since
evaluations before benefiting from the banking service were (3.566) i.e. (0.566) more than the
virtual mean, while after benefiting, the evaluations were (0.778) more that the virtual mean.
A.Y. Darestani, A. E. Jahromi (2009)The authors studied a new method called FCSMM
(Fuzzy Customer  Satisfaction Measurement  Method) for measuring  individual customer
satisfaction using a fuzzy inference system.
B. Culiberg (2010)This paper explores service quality in a retail bank setting in Slovenia and its
influence on customer satisfaction. In previous studies both SERVQUAL and SERVPERF scales have
been used for measuring service quality. Based on SERVPERF a 28-item scale has been developed for
this study. Through factor analysis four dimensions of service quality have been obtained. The results
from regression analysis suggest that all four dimensions of service quality as well as service range
influence customer satisfaction. The information provided by this research can be used when designing
marketing strategies to improve customer satisfaction in retail banking.11
B. Das, S. Mohanty, N. C. Shil (2008)This paper makes an earnest attempt to study the behavior of
the investors in the selection of these two investment vehicles in an Indian perspective by making a
comparative study.
C. Christou,E. Christou, P. Kassianidis, M. Sigala (2009)The authors examined that the
marketers have been working tirelessly to determine the factors that lead to customer satisfaction
presuming that  customer satisfaction automatically leads to repeated customers. Service  quality,
customer satisfaction, customer loyalty and repeat business are  issues well recognized  and
investigated by researchers.
C.B. Wong(2009)The objective of this research was to develop a model  that  examines  the
direct  effects  of customer satisfaction  and  switching  costs  on customer retention  as  well
as  the  moderating  effect  of switching costs on the relationship between customer satisfaction
and customer retention in the segments of basic and advanced Internet banking users.
D. Dordevic, D. Cockalo , Z. Sajfert , M. Nikolić(2009)The paper presents research results
obtained during  the process of modelling a system (processes) for providing satisfaction of a
company’s customer needs. The cybernetic model assumes a process approach and appropriate
marketing research at the beginning and corresponding evaluation at the end; it is also harmonised
with the conditions in which Serbian companies (production and services) work and it is created to
enable easier managing of these processes with the aim of achieving business excellence.
F. Monge,
,
P. Brandimarte (2011)In this case study the authors described an ongoing effort by
Piedmont Region to foster MICE tourism in Turin and surrounding areas. This seems one of the
promising ways to overcome the traditional image of an industrial city dominated by car industry.
G.Dominici, (2010) The authors focused that in order to be successful in the market it is not
sufficient to attract new customers managers must concentrate on retaining  existing customers
implementing effective policies of customer satisfaction and loyalty.
G. K. Agyapong (2011) The author objectively examined the relationship between service quality
and customer satisfaction in the utility industry (telecom) in Ghana The resultsshowed that all
the service quality items were good predictors of customer satisfaction.12
H. Khurana,  J.S. Sohal (2011) The author highlighted the model that of one of the production
unit located  at Ludhiana. The model concentrates how the team members should  function in
order to improve organization performance in a continuously changing situation.
H. Nagprasad, (2009) The authors elucidated that In the past manufacturers could sell all they
made. Service organizations didn't worry about the service they provided. It does this by motivating
the workforce and improving the way the company operates. The customer is more sophisticated and
knowledgeable.
H. S. Abdullah, M. Kalianan (2010)  The authors presented relationship of Producer-Customer
Paradigm within  which much of the service improvement efforts have been undertaken is
highly circumscribed and problematic paradigm for local government services.
H.Tulai (2009)  Besides  the  established  functions  of  the  insurance,  those  regarding  the
prevention and the compensation of the damages and the payment of the insured sums, inthe last
decades the financial side of insurances has got a big importance. On one side the specialized
companies are more and more involved in the financial market, looking the best investments; on the
other side, they offer the clients a very wide range of life insurances with capitalized component.In
this material there are described the main products of this type and there are presented some criteria
of analysis and selection of contracts depending on their adaptation to the needs and the personal
situation of each insured.
I.  Bostan (2011) The  author authenticated the  present scenario  a vision in the sphere of the
problematic of assets and liabilities’ evaluation that are reflected in the  balance sheet of the
insurance companies, inside the theory of the contingent claims, and of the marginal theory inside
the insurance  sphere.
J. Munusamy , S. Chelliah (2011) This paper investigated the level of customer satisfaction among
the passengers who fly with Air Asia, a budget airline in Malaysia. The factors which investigated
are the on-line services, third-party services, fare charging practices, advertisement and customer
services. The independent variable which measured is customer satisfaction.
J. N. Mojekwu (2011) The author examined the various intricacies of Life Insurance contract He
opines that the Life Insurance Contract is that under which one party pays a certain sum of money 13
referred to as premium to another party in return on the  happening of specified contingency
(ices). These contingencies include: deaths, maturity, surrender lapsed and paid-up. Based on the
findings, the study recommends that life insurance companies should enlighten the public  more on
the benefits of life assurance and evolve some incentives so as to  avoid the negative impact of
these modes of decrement on life assurance portfolios
K. O. Siddiqi (2011)  The main objective of this study is to find the interrelationships
betweenservice quality attributes, customer satisfaction and customer loyalty in the retail banking
sector in Bangladesh.
K. Ravichandran, B. T. Mani, S. A. Kumar, S. Prabhakaran(2010) The authors examined that
the financial liberalization has led to intense  competitive pressures and private banks
dealing in retail banking are consequently   directing   their   strategies   towards   increasing  
service quality   level   which   fosters   customer satisfaction and loyalty through  improved
service quality.
L. L. Kheng, O. Mahamad, T. Ramayah,  R. Mosahab (2010)  The findings show that
improvement in service quality can enhance customer loyalty. The service quality dimensions that
play a significant role in this equation are reliability, empathy, and assurance. The findings indicate
that the overall respondents evaluate the bank positively, but still there are rooms for improvements.
L. V.  Rao (2008) The author dwelt with the  life  insurance  industry in Global perspective and of
the opinion that the industry    is  facing  major changes and the leading insurers are innovating
their  services  in  order  to  compete.  Services are the engines of expansion in the modern
economies and service  innovation is of vital importance  to these service organizations. In this
exploratory study, an attempt is made by the author    to understand how service firms actually
innovate. Zonal managers of select ten private life insurance companies in India are interviewed.
M. A. Okunnu  (2007)  The paper examines the level of awareness of the importance Life
Insurance policy among the Nigerian students using students of Lagos State University, Ojo-Lagos,
in the South-West part Nigeria as our case study.
M. H Siddiqui , T. G. Sharma (2010) The authors investigated that Liberalization of the financial
services sector has led to insurance companies functioning increasingly under competitive
pressures; so companies are consequently directing their strategies towards  increasing customer 14
satisfaction and loyalty through improved service quality.
M. I. Ishaq (2011)The author investigated the purpose of the study to determine the impact of service
quality on the overall customer satisfaction in telecommunication industry of Pakistan. Survey
questionnaires are used by the authors  to collect the data from the postpaid users of different
telecommunication service providers. The results show that service quality has positive association
with the overall customer satisfaction. The findings of this research provide insights for the managers to
develop and maintain the customer’s desired service quality. Implications for marketing strategists and
researchers are presented.
M. M. Butt , E. C. Run (2009) The authors examined that low tariffs, wider coverage and decent
quality keep Pakistani cellular phone market growth at an alarming pace. Despite highest growth
rate in the region, the lucrative Pakistani market is not free from challenges. The common answer
to such challenges is retaining customers through satisfaction.
M. S. Malik,  (2011) They conducted the Study with reference to the Pakistan’s insurance companies,
they are of the view that the Life Insurance Industry there is not lacking behind and using latest IT
systems for performance improvements.
R. A. Boohene, G. K. Agyapong, K. A. Boohene (2011)Outdoor Advertising companies, in searching
for new approaches to satisfy customers, are increasingly using   service as a differentiator and as a
means of integrating themselves into the customers’ supply chain systems. This study explored the
concept of employing service quality in an outdoor industry to create customer longevity using the
SERVQUAL model. Simple random sampling was used to select forty customers of Alliance Media
Ghana Limited (AMG). A multiple regression analysis was employed to find out which of the
service quality Variables had significant impact on customer satisfaction. The results revealed that
service    quality indicators such as responsiveness and empathy significantly impact on customer
satisfaction. Based on these findings, it is recommended that management should develop strategies
to enhance its service quality delivery.
R. M. Potluri , V.S. Mangnale (2011) The principal objective of this research of the author is to
explore Ethiopian service sector customer satisfaction levels. This study used both quantitative  as
well qualitative survey research designs. The study measured customer satisfaction levels with
recalled service encounters and the method of data collection was convenience type.15
R. Mosahab, O. Mahamad, T. Ramayah, (2010)  In this research, the service quality standard
model has been used for evaluation of service quality. The results of this research show that in all
aspects, customers’ expectation, are higher than their perceptions of the Bank’s operation, and in
fact the quality of offered services is low.
S. Akbar, A. P. Matsom , F. Wadood , N. J.  Alzaidiyeen (2010)  The authors elucidated the
relationships between hotel service quality  failure, customer perceived value, revitalization of
service quality, customer satisfaction and loyalty in the hotel industry.
S. Liu, Z.  Fang(2009) The authors examined the relationship between customer satisfaction and
logistic costs and concluded that they were mainly analyzed in the article, and the grey correlation
analysis method was used to study the relationship  between customer satisfaction and various
activity centers.
T. Gonsalves,  K.  Itoh (2011)  The author examined the factors of optimization of customer
satisfaction in service systems using the Artificial Immune System (AIS). The objective function
defined as the average residence time of the customers in the system provides a direct measure of
customer satisfaction.
The authors elucidated the relationships between hotel service quality  failure, customer
perceived value, revitalization of service quality,  customer satisfaction and loyalty in the hotel
industry.
V. Sima, I. G. Gheorghe (2010) The authors evaluated the implementation of the sustainable
development  concept, for every organization. This requests the reconsideration of the
environmental protection and quality assurance policies role, inside of the organizations.
Z. Yaacob (2010)  The author elucidated that the customer satisfaction effect of continuous
improvement at different intensity levels. The findings indicated that there exists a significant
difference in customer satisfaction between highly extensive and less extensive implementers.16
Objective
1. The purpose of study is to analyze the gap between the needs of the customers in relation
to the servicing of their life insurance policies and the life insurance providers in meeting
such needs in terms of the satisfaction to the customers.
2. To study the  difference between Public Sector Insurance Company and Private Sector
Insurance Company with regard to customer satisfaction.
3.   To study the relationship between Settlement of claims and type of Insurance Company.
4. To Study the relationship between Insurance Consultants and Office Support Staff with
regard to services offered.
5. To study relationship between  Level of  Customer  satisfaction and infrastructure  of
various Life Insurance Companies17
Hypothesis
1. There is no significant difference between Public Sector Insurance Company and Private
Sector Insurance Company with regard to customer satisfaction.
2. Settlement of claims and type of Insurance Companyare independent.
3. The Policyholders are satisfied with Insurance Consultants and Office Support Staff with
regard to services offered.
4. Level of satisfaction and infrastructure are independent of each other.
The above hypothesis shall be supplemented with additional sub hypothesis.18
Research Methodology
Region Of Research
The geographical location for the study is Mumbai Region,in State Maharashtra.
Since Mumbai being the Financial Capital of India,  the per capita income being higher as
compared to other cities which justifies higher number of people who afford to take insurance as
an investment tool. We selected Mumbai being a representative of India for the purposes of
drawing conclusions about our research which shall be nearer to the accretions.
Research Design
The research conducted shall be of Descriptive and Analytical in nature
The research design and the steps adopted in research methodology kept in focus the objectives
set for the studyand the general hypothesis of the study. The numbers of Null hypothesis were
formed for the study shall be also subjected to statistical method of testing.
The objectives, general hypothesis, different null hypothesis become the center of research
methodology to fulfill the purpose of the research.
The different customers,Agents of various Life Insurance Companies covered in the study shall
be around 2300 in numbers.
Population and Sampling
The population of study consisted of Customers of Life Insurance Companies in the city
Mumbai, state Maharashtra. Sampling shall be incorporated by involving Customers and
different Agents. of Life Insurance Companies. An attempt shall be made to have a larger sample
size but response  of the Customers may not much encouraging and are in large numbers in
population under study. The sampling method incorporated is Convenient  Sampling Method.
Collection of Data-19
The collection of data consists of both primary data and secondary data.
The Primary data shall be collected by floating a structured questionnaire. Before finalizing the
structured questionnaire, the questionnaire was subjected to pilot testing. By removing the
difficulties the final structured questionnaire.
The discussions, opinions and interaction with the degree college teachers’ could provide better
understanding in their feelings towards level satisfaction they have.
The secondary data was collected from the following sources.
a. The Annual Reports of different Life Insurance Companies.
b. Books and Journals relevant to the study conducted.
c. Published and unpublished research report.
d. Unpublished data that came to the knowledge from the records of the Life Insurance
Companies.
e. Various Websites of Life Insurance Companies.
The structured questionnaire consisted of Fifty Two questions having sub questions.
The  questions provided multiple choices, out of which the  respondent have to select the
appropriate choice.
The structured questionnaire shall be distributed to the various customers and agents. The
responded questionnaire was subjected to editing so as to eliminate incomplete questionnaire and
non-properly filled questionnaires. The study shall admit around 2300 questionnaires for future
analysis and interpretation.20
Processing of DataThe edited questionnaires were recorded. The recorded data was subjected to classification. The
data was classified on the following basis.
1. On the basis on Sex.
2. On the basis of Age.
3. On the basis of Qualification.
4. On the basis of Marital Status.
5. On the basis of Numbers of Family Members.
6. On the basis of working category.
7. On the basis of Occupation of the Customer.
8. On the basis of Annual Income
9. On the basis of Policy holders retaining the Policy in years.etc
Statistical MethodsThe classified data were subjected to the statistical method of analysis. The statistical methods
adopted consist of mean, standard deviation and for testing Null Hypothesis Chi-Square test was
adopted.
The distribution of teachers on different classified areas, the men and standard deviation Tables
and the Chi-Square test results of different Null hypothesis shall be  given in the technical
analysis of the subject . The STRATA statistical package and computerized data processing shall
be adopted for Tabulation, Analysis and Interpretation of Data.
Methods of ReportingThe research reporting text, consist of tables, bar diagrams and pie diagrams for providing
effective understanding.