Volume : 7, Issue : 5, May - 2018

CUSTOMER AWARENESS AND PURCHASE DECISION TOWARDS LIC PRODUCTS IN CHENNAI DISTRICT

S. Suthakar, Dr. T. Ragunathan

Abstract :

<p class="MsoNoSpacing" style="text-align:justify;text-justify:inter-ideograph;&#10;line-height:200%"><span style="font-size:12.0pt;mso-bidi-font-size:11.0pt;&#10;line-height:200%;font-family:&quot;Times New Roman&quot;,&quot;serif&quot;;mso-bidi-font-family:&#10;&quot;Times New Roman&quot;;mso-bidi-theme-font:minor-bidi">Life insurance is an agreement between two parties where one party called policyholder agrees to pay premium on the policy for an agreed period and the other party agrees to pay the sum assured along with bonus accumulated thereon either to the policyholder on the maturity of the policy or to the nominees or legal heirs on the death of the policyholder.<span style="mso-spacerun:yes">&nbsp; </span>Life insurance is an example of savings as well as investment.<span style="mso-spacerun:yes">&nbsp; </span>It ensures fair returns to the policyholder on his survival and indemnity or security to his family on his death.<span style="mso-spacerun:yes">&nbsp; </span>The perception of customers towards life insurance has increased in the post liberalization, privatization and globalization era.<span style="mso-spacerun:yes">&nbsp; </span>Due to the entry of private players, the Life Insurance Corporation of India (LIC), the erstwhile only public sector insurance company in the country has made the LIC to introduce more products.<span style="mso-spacerun:yes">&nbsp; </span>In this context, the present study has made an attempt to examine the level of awareness of customers towards LIC products and the reasons for buying these products with special reference to Chennai District.<o:p></o:p></span></p>