2022, Vol. 5, Issue 2

author(s)
Sunil Kumar

abstract
The insurance sector in India plays a dynamic role in the well-being of its economy. It greatly increases people's options to save money, insures their future, and assists the insurance industry in building up a substantial fund reserve. India has retained its tenth-place world ranking in the life insurance industry with market share of 2.90 percent. The comparison of the insurance policies becomes complicated when there are more than one dominating insurance companies in the market. So this paper tried to study the awareness level and preferences of customers regarding preferring particular life Insurance plans of LIC or RNLIC, and also to know the reasons prompting for preferring a particular life insurance company. For this purpose, this study analyzed the responses of 100 customers by using different statistical and as well as mathematical tools. The overall results indicate that majority of customers prefer LIC plans over RNLIC plans because of advantages like tax savings, brand image, and safety but in terms of providing services RNLIC customers are more satisfied as compared to LIC customers.