Home / Current Issue / Paper 1719786
Settlement Of Life Insurance Claims (With Special Reference to Lic and HDFC)
Subject area: Management and Commerce · Area of research: Insurance Claims Management
DOI: https://doi.org/10.64388/IREV7I8-1719786
Abstract
The life insurance sector of India has seen a remarkable growth in the post-liberalization era. leading to increased competition between public sector and private sector insurance companies. The present study aims to compare the performance of Life Insurance Corporation of India (LIC) and HDFC Life Insurance with special reference to customer perception and claim settlement performance. The study also examines the factors influencing customer preferences and satisfaction in the life insurance market. The study is based on both primary and secondary data. Primary data were collected from 100 respondents through structured questionnaires and interviews, while secondary data were taken from company reports, journals, books, and official websites. A mixed-method research approach was adopted to obtain a comprehensive understanding of the insurance sector. The findings reveal that 39% of respondents belong to the 25–35 age group, while 46% prefer long-term investment plans. Around 53% of respondents possess some knowledge of insurance investment options, and 39% view insurance primarily as a tool for family protection. The comparative analysis shows that both LIC and HDFC Life have excellent claim settlement ratios. However, LIC continues to enjoy greater customer trust and market share due to its long presence in the insurance business, government backing, extensive branch network, and reliable claim settlement process.
Keywords
Life Insurance, LIC, HDFC Life Insurance, Claim Settlement, Customer Satisfaction, Industry, Preference, Awareness, Reforms.
How to cite this paper
@article{1719786,
author = {Prof. Awadhesh Kumar Gupta},
title = {Settlement Of Life Insurance Claims (With Special Reference to Lic and HDFC)},
journal = {Iconic Research And Engineering Journals},
year = {2024},
volume = {7},
number = {8},
pages = {617-625},
issn = {2456-8880},
url = {https://www.irejournals.com/formatedpaper/1719786.pdf},
abstract = {The life insurance sector of India has seen a remarkable growth in the post-liberalization era. leading to increased competition between public sector and private sector insurance companies. The present study aims to compare the performance of Life Insurance Corporation of India (LIC) and HDFC Life Insurance with special reference to customer perception and claim settlement performance. The study also examines the factors influencing customer preferences and satisfaction in the life insurance market. The study is based on both primary and secondary data. Primary data were collected from 100 respondents through structured questionnaires and interviews, while secondary data were taken from company reports, journals, books, and official websites. A mixed-method research approach was adopted to obtain a comprehensive understanding of the insurance sector. The findings reveal that 39% of respondents belong to the 25–35 age group, while 46% prefer long-term investment plans. Around 53% of respondents possess some knowledge of insurance investment options, and 39% view insurance primarily as a tool for family protection. The comparative analysis shows that both LIC and HDFC Life have excellent claim settlement ratios. However, LIC continues to enjoy greater customer trust and market share due to its long presence in the insurance business, government backing, extensive branch network, and reliable claim settlement process.},
keywords = {Life Insurance, LIC, HDFC Life Insurance, Claim Settlement, Customer Satisfaction, Industry, Preference, Awareness, Reforms.},
month = {February},
doi = {https://doi.org/10.64388/IREV7I8-1719786}
}