Policyholders Perception towards Public and Private Life Insurance Companies
Insurance is mainly protection against unexpected loss in the value of an asset or the income it can generate. On December 9, 2019, the Insurance Regulatory Development Authority of India (IRDA) has made it compulsory for insurers to provide policyholders modified benefit illustrations that project their accumulated corpus at various stages assuming gross investment returns of 4 percent and 8 percent of each policy. This means insurers will take out the non-compliant products before that. Life insurers must show the future rate of return in their traditional insurance policy products (non-linked) as well as unit-linked insurance plan's benefit illustrations. This study is based on the primary data which is collected through the interview schedule among 50 policyholders. The main aim of this study explores the perception and satisfaction level of policyholders towards the selected life insurance companies like LIC, Bajaj Allianz Life, HDFC Life, Reliance Life, and SBI Life. The statistical tools used in this study are Descriptive Analysis, Cross Tabulation, Chi-Square, Reliability test, and Factor Analysis.