CONCLUSION

After overhauling the all situation that boosted a number of Pvt.

Companiesassociated with multinational in the Insurance Sector
to give befitting competition tothe established behemoth LIC in
public sector, we come at the conclusion that :1 ) T h e r e i s
very tough competition among the private
i n s u r a n c e c o m p a n i e s on the level of new trend of
advertising to lull a major part of Customers.2 ) L I C i s
not left behind in the
present race of advertisement.3)The entry
of the Pvt. Players in the Insurance Sector has
e x p a n d e d t h e product segment to meet the different level of
the requirement of thecustomers. It has brought about greater
choice to the customers.4 ) P r i v a t e i n s u r e r s h a v e
restricted reach to the customers.5)LIC has

vast market and very

fi r m g r i p o n i t s

traditional
c u s t o m e r s a n d monopoly of life insurance
products.6 ) B a n k a s s u r a n c e - t h a t a l l o w s l i f e
i n s u r e r s t o l e v e r a g e o n t h e r i s k p r o d u c t through
bank network, was adopted by private players. But LIC was
alsonot left behind as picking up majority stake in the corporation
Bank andlarge equity stake in the Oriental Bank of
Commerce.IRDA is also playing very comprehensive role by
regulating norms mandating to private players in this sector, that
increases the confidence level of the customers tothe private
players.
CONCLUSIONS GOT BY THE CONSUMER SURVEY ANALYSIS
1)Now days also Insurance is most popular as
m o r e p l a i n p r o t e c t i o n a g a i n s t death and people are
unaware about the other aspects of insurance.2 ) A c c o r d i n g
to current scenario life and mater
I n s u r a n c e a r e t h e m a s t popular ones followed by fire

Insurance.3 ) M a j o r i t y o f p e o p l e c o n s i d e r t h e
Insurance
p r e m i u m p a i d b y t h e m a s reasonable.4 ) O n l y f e w
counted people are unaware about the entry of
p r i v a t e p l a y e r s into. The insurance industry and a very high
majority of people supporttheir entry.5 ) B y t h e e n t r y o f
private players. Consumers are expecting the
p r e m i u m t o down which would be the biggest blessing

RECOMMENDATIONS
In the modernized well advanced hi-tech approach to the
customer every possiblefacilities and effort to build up
the confidence of the rising policy holders
towards.Insurance companies, to complete one another
nothing is left to recommend. Butsome recommendations
that are intensely felt and highly required for insures
tosustain in the market. These are as follows:a)More
and more transparency should be ascertained
between insurers and policy
holders. b)Particularly, in the emerging boom in the
insurance company, every insurancecompany should
be customer centered, and well versed in the handling
of problem and grievances of the policy holders.c)Eac h
and Every product launched by the Insurance
company should be in favour of increasing need of
policy holders.IRDA should be more and more responsible
to the insurance sector by determiningsome standard. It
should be mandatory to every insurers to make more and
moreresponsible and responsive to the policy holders so
that comprehensive understandingmay be developed
among policy holders. It may be beneficial on both
sides.71

BIBLIOGRAPHYBROCHURES / INFORMATION
BOOKLETS

Product List L.I.C.

L.I.C. Annual Report, 2006

ICICI Annual Report, 2006

HDFC Annual Report, 2006

Malhotra Committee Report on Reforms in the Insurance

Sector, 1993.

The Insurance Regulatory and Development Authority Bill,

1999.

NEWSPAPERS / MAGAZINES

The Economic Times

The Insurance Times

Insurance Post

BOOKS

Dr. Gupta S.P& Dr. Gupta M.P., Business Statistics by

Addition 2004, NewDelhi,
WEBSITES

w.w.w.liclndia.com

www.lrdaindia.org.com

www.indiainfoline.com

www.icici.com

www.hdfc.com72