REVIEW OF LITERATURE

: This chapter presents the review of literature to identify and understand the implications of
different issues related to consumer perception and satisfaction towards public and private life
insurances companies in India. The literature on life insurance industry in India includes books,
compendia, theses, dissertations, study reports and articles published by academicians and
researchers in different periodicals. The review of this literature gives an idea to concentrate on
the unexplored area and to make the present study more distinct from other studies. The literature
available is presented below:
1. Baal N. and Sandhog H. S. (August 2011), a study on Life Insurance Corporation of India
(LIC) the capital demanding business, supplies the most important financial instruments to
customers directed at safety as well as long term savings. The present study by examines the
parts affecting agent’s perception towards Life Insurance Corporation of India. Moreover,
analysis of one way arrangement has also been performed to test the important results to show
that no important differences exist among various groups of respondent regarding to their
apprehension towards Life Insurance Corporation of India.
2. Baal N. and Sandhog H. S. et al (August 2011), with the access of so many players in the
field and the consistent competitive activism, the choate area of the service sector is observing a
multi-dimensional, purposeful, consumer-friendly approach, shedding off the apathy that had
come to be affiliated with the sector. The findings of the study imply that the gap scores do not
amalgamate into five dimensions of service quality rather, than the perception scores merge into
three dimensions.
3. Meera C. and Eswari M. (November 2011), in modern aggressive environment services are
ameliorate accumulating more denotation. Nowadays, greater absorption is paid to all the bank
customer touch points, address to optimise the reciprocal and user friendly services. The aim of
the study by is to crumb the customers bliss towards cross selling of insurance products and other
services accomplished by private sector banks.
4. Singh H. and Loll M (December 2011), states that life insurance is one of the fastest growing
and emerging markets in India. Insurance diffusion in rural area – the insurance industry has an
acceptation grant in socio-economic development. Objective of the present study is to appraise
the opportunities for insurers in the rural market and what would be new action to tap the highly
underinsured rural area.
5. Friar F. and Khanbashi M. et al (December 2011), this study is one of the most conscious
actions taken in alluring and gratifying needs of customers is chattering a charismatic
information mechanism and feedback process between organisation and customers. The aim of
this study by, is finding of the variation between anticipation of the employees and customers
towards service quality in insurance industry of Iran. The study revealed that there is cogent
difference between the anticipation of staff and customers towards the tangibles dimension while
the anticipation of both the groups towards the other dimensions is homogenous.
6. Sharma M. and Vijay T. S. et al (January 2012), the animus of this study is to assay the
brunt of demographic factors on the level of satiety of investor’s contra insurance policies. The
study entraps the impact of demographics factors on the satisfaction of investors towards
insurance policies. This paper also evaluates cogent relationship between demographic factors
and overall satisfaction of the customers towards the insurance policies.
7. Gautam V and Kumar M (March 2012), the present research is an effort, to allegorise the
attitudes of Indian consumers towards the insurance services. The study has been made by
accumulating the antiphon of consumers through structured questionnaire on five point Likert
scale. The decree of the present study may act as an important aspect for the insurance
companies in Indian market to flounce marketing strategies established on socio demographic
and economic factors.
8. Ansari Z. A. (March 2012) in the present study examines the attitude of individuals towards
different kinds of risks and scope they prefer in Saudi Arabia. The study by further examine how
the use of insurance particularly the binding insurance has altered the perception towards risks
and their future behaviour towards buying other insurance policies and also what features the
users of insurance suggest in their insurance policy contract. The study is based on primary data
collected aimlessly from current users of binding insurance policies that is motor insurance and
health insurance and life insurance.
9. Srivastava A. and Tripathi S. et al (April 2012) is a study on insurance industry bequeaths
to the financial sector of an economy and also renders the paramount social covenant in
developing countries. Hence, the study on Indian life insurance industry and their changing
trends concluded that though the sector is rapidly growing, the industry has not yet insured even
50% of insurable population of India. To achieve this objective, this sector requires more
improvement in the insurance density and insurance penetration.
10. Bodla B. S. and Chaudhary K. (May 2012), present study by, looks for to determine the
expected and anticipated service quality level along with gaps on the origin of service quality
model by Suresh Chandar et al (2001) in one of the superior private sector company, ICICIPLI –
ICICI Prudential Life Insurance Company. Though altogether private sector has importantly
apprehended the market share at first but now days and most of the private sector companies are
assaying for customary expansion in business and market share and the picked company is one
of them.
11. Das S. K. (June 2012), a study on insurance has been as essential part of financial services
system and acknowledged as a vital element of a country’s financial health and mark of progress.
Insurance suppliers for the financial security of citizens and proposes valuable investment
advices and serves as a persuasive step towards both individual and national financial stability. It
is found that high operating cost, exertion break even, confluence of accounting standard etc are
the main issues of life insurance companies in India.
12. Borah S. (November 2012), the study done by was in Jorhat branch on the concomitant
notion of marketing accentuates on the gratification of customers. Marketing actualize and end
with the customers. The study on customer satisfaction on products of private sector insurance
company with reference to Kotak Mahindra life insurance company ltd revealed that most of the
customers are gratified and are satisfied with the same.
13. L Sreenivas. D. and B Anand M. (December 2012), in the Indian Lexicon, the insurance
convention among the general public during the independence decade was infrequent but yet was
an extraordinary furtherance in the Indian insurance industry soon after the economic reforms a
con due to healthy race from many national as well as international private insurance players.
The study entrap by, was a way to try to determine the investors understanding towards public
and private life insurance companies in India with special regards to Karnataka.
14. V Ravi and Gulati K et al (2012), the financial ameliorate posture a lot of confrontation
before the Indian insurance sector, one of the considerable demos faced by insurance companies’
accord with the customer complacency and adherence. The study revealed the considerable
observations in customers’ expectations and perceptions from insurance services thus knowing
dissatisfaction among insurance company customers.
15. Babu P. R. (February 2013) in his study by, on the private sector life insurance companies
have been making briskly clump in terms of increasing their augmentation and market share
since year 2000. The Indian life insurance system is having cogent base on mixed economic
system where in the public sector engaged a monopolistic position in life insurance business.
Private players play an extensive aspect in life insurance business more energetic and customer
friendly.
16. Bihani P. and Bhowal A. (April 2013), has said that life insurance industry is in an
augmentation aspect and cyclic advancements are going on with respect to products and services.
The most alluring finding of the study was the severity of customer solution experienced is more
that degree of customer solution expected.
17. Purusothaman U. R. (July 2013) has said that India has extensively been known for the
divergence of its culture, for the amplitude of its people and for the accessibility of geography.
Its basin of technical skills, its base of an English speaking populace with an increasing
disposable income and its blooming market have all co adjure and accredit India engrosses as an
operable partner to global industry. Hence, the study revealed that India ranks fifth on the overall
index, as the number of points is more desirable on the country economy development index and
the real estate market index, but fairly low on the regulatory index.
18. Padhi B. (August 2013), a study on Indian insurance market was nationalized in 1956 and
LIC of India was setup. LIC of India adored monopoly on Indian Insurance market for more than
4 decades. The study by will reveal the performance of particular private insurance companies in
the segments like number of policies floated number of money collected through premium and
the annual expansion in the specific areas from 2001 to 2012.
19. Rajan J. and Gomatheeswaran M. (August 2013), a study by this scholar states that
complete and persuasive banking system is required for a healthy economy. In the recent years
new trends have raised in the banking sector. The correlative study conducted by on public and
private sector banks limelight on the level of customer satisfaction on bancassurance services.
20. Gaikwad A. S. and Vibhute S.G. (August 2013), a study about Indian insurance industry is
in an unsettled situation. This study by, will ease the insurance companies to know the opinions
of customers concerning insurance industry and particularly opinions towards traditional and
ULIP plan. Along with this, the company and advisors would empathy the accurate demand of
samples, the limit of customer satisfaction. Factors customer acknowledge while choosing the
policy and opinions on advisors advocacy by which company and advisors can draft their sales
program, sales speech, local strategies and the like.
21. Kathirvel N. and Radhamani S. (September 2013), study on the insurance industry forms
an essential part of the Indian financial market, with insurance companies being cogent with
institutional investors. The study by, conclude the study as an attempt to calculate the various
parameters as perspective by the policy holders and to provide assistance to the insurance
company in serving its policy holders in a much better and smooth way.
22. Mahajan K. (November 2013), study about India after liberalisation, has been advancing
the culture of investment in financial works; which has uncloaked up huge change for insurance
firms to capture these opportunities the insurance firms have come up with cautious marketing
plans, so that, it helps them to accomplish their objectives at one end and assist the Indian
customer to travel from unknown to known product zone.
23. Damtew K. and Pagidimarri V. (December 2013), different policy holders by are basic for
insurers for their life and wealth in today’s opposing business environment .Customers can
purchase various and more policies from the same provider and restore their agreements before
end date if they have belief on their relevant providers. This reverie aims to analyze the role of
trust in building customer faithfulness in the insurance sector. In order to earn this aim, non-
experimental reverie was made for this reverie and to evoke policy holder’s perception,
systematic questionnaires were designed and then research is made and outcomes are described.
24. Ali L. and Chatley P. (2013), Bancassurance as an aqueduct of selling insurance has fast
ameliorated impulse in the Indian insurance scene. Hence conveying that future of bancassurance
can be bright in India too if the aggravating ascend companies can channelize their achievements
cogently is for corporate image taking the place by size of operations and customer satisfaction
and adeptness in sales process.
25. Prakash N. and Sugumaran G. (January 2014), in their research work stated that India
which has a behemoth population abominable and are not tapped by life insurance market, which
in turn concocted an favourable circumstances for the Indian and foreign nationals to entrust in
this market. For the customers of the private sector, the apical mean value to egress the
customer’s needs and wants.
26. Choudhari P. S. (January 2014), study indicates that the age of information technology,
customers are not only fully alert of their needs and requirements, expectations and information
technology enabled services but also conserve day to day communication with the different kinds
of service provider in their life for their own interest and getting their services in various ways.
In this paper the researcher tried to find out whether there exist any cogent service quality gap in
between insurer’s perception of customers service expectation and customers expectations of
quality of services provided by the LIC of India in Burdwan district.
27. Thirupathi T. (January 2014), Life Insurance Corporation of India (LIC) is the largest
insurance group and investment company in India. They prefer private insurance sectors because
they provide them the banking facility and a lot of value added services so it will be beneficial
both to common public and the LIC if it offers banking facility to the policy holders and the
common public. The study revealed that the policy holders have bought out the expectations of
the policyholders and their preferences. It has also offered suggestions that can be implemented
for the benefit of the common public and the government.
28. Mehta D. and Tripathi A. (February 2014), in his study has stated that insurance sector in
India is sprouting at a very swift stride. With the entrant of new and more and more private
sector the feuding within the industry is becoming very fierce. Thus, today to survive in the
market the very vital element for any company is to take notice of the customer’s satisfaction to
maintain, cherish and attract their potential clients.
29. Ahmed A. and Kwatra N. (March 2014), this papers aims at judging the quality of
insurance services in India through customer’s determination and how this can be used to
increase the demand for insurance which is at present low in India. The study by revealed among
other things that the total number of death claim settled by an insurance company is the most
important factor considered by the customers of insurance companies in India in their judgement
and calculation of quality of the policies they are holding. The study therefore advises that the
culture of deferment in premium payment or non-payment should be gridlocked and
organisations should look in going to see the acumen why the payment of premium is a
difficulty.
30. Janjua P. Z. and Akmal M. (March 2014), Islamic finance and insurance are in
international market particularly after world economic since 2008. This study by is a study to
ascertain customer’s satisfaction for the services of common and Islamic insurance companies in
Pakistan. The findings advices a cogent betterment in the service quality of common and Islamic
insurance industry specifically, the common insurance companies require to pay extra heed on
young people, private employees and lower income groups, whereas the Islamic insurance
companies have to put more efforts to better Shariah compliance and to allure self –employed
and higher income groups.
31. Bapat H. B. and Soni V. et al (April 2014), reverie states the requirement for insurance is
as old as commerce and trading that exists in the world. Uncertainty is built in to life, commerce,
trading etc. where insurance will provide protection to it. The reverie finds out their present
levels of the products offering on the basis of Servqual scope. This reverie provides sagacity to
the practicing administrator to recognize the gap in take influence by aims the expected quality
product.
32. Bhowal A. and Pankaj B. (April 2014), Life insurance industry is in growing juncture and
daily new developments are going on in regards to products and services. Given the empirical
research methods and specially contriving scaling technique, the study resulted that the
difference between the degree of customer cost conventional from the insurance and the degree
of the customer cost experienced is statistically not cogent.
33. Choudhari P. S. (April 2014), due to the aftermath of the various elements of the
globalisation, customers socio-economic culture has heretofore been changed and human
interactions are now cogently being recouped by the interactions of human – technology where
in service sector, the information technology is playing the role in supplying quality of services
to the customers in order to amuse the customers in the present competitive market. In this study,
devout observation was taken place about the propitiating impact of the information technology
on the anticipated service quality and customer satisfaction link in life insurance services.
34. Ch S. (May 2014), study reflects that presently more than 40% of the businesses of the
insurance companies are done through the bancassurance medium. The finding of the study
reveals that the insurance company can actualize almost all the benefits of bancassurance
through selling their product by using the database of banks and their branch aperture. In India
70 percent of the population are not under the inclusion of insurance distinctively in rural areas.
35. Barik B. and Patra R. (June 2014), in his study stated that the Indian life insurance sector is
amplifying at an accelerate rate. The study revealed that life insurance business in India needs a
special care as compared to other business, both theory and practise to be integrated to provide
the best services to the policy holders. Hence, this study by the researchers has been done with
an intention to help with suggestion and recommendation that will help both academician and
industry personnel to re-engineer their thought in insurance sector.
36. Chand M. (June 2014) studies the main change of life insurance industry in India is the
gapping up to private and global players. The study will reveal the aspect of private insurance
players in the areas and like number of policies glided, amount of premium money collected,
agent or broker commission expenses, and operating expenses from 2001 -2012.
37. Prasad K. and Sravanthi V. (October 2014), insurance industry is an expand-acclimatised
industry. In India, the industry has commenced to disclose the promising after liberalisation and
privatisation of the sector. The insurance industry study by has achieved cogently in India’s
growth story in past few years. These two are often used to determine the level of growth of the
insurance sector in a country.
38. Dash B. and Mohanty B et al (November 2014), this research reverie by is focused on
effect of customer relationship management fashion on insurance sector in Odisha market. In this
reverie customer’s belief have been gathered through a structured questionnaire to comprehend
the effectiveness of CRM implementation in association with the companies like Aviva, LIC of
India, ICICI Prudential, Birla Sun Life and Reliance.
39. Satya K. K.V. R. and Radha B. et al (December 2014), the study done by has an objective
to study osmosis and enlargement of insurance industry. The sector was widened homogenous
enlargement after liberalisation but during last four years, contraction in business sales or
earnings is recorded. In 2005, private sector has opened many offices and LIC opened many in
numbers during 2009.
40. Jothi A. L. (December 2014), after the privatisation of Indian insurance industry, exhaustive
competitive environment came into live and companies commenced selling manifold product
mix to allure the customers and accomplish their needs and clinch satisfaction through
customer’s positive apprehension. The aim of this research study by is to interrogate whether
demographic characteristics have impress on the perception of customer towards the quality of
services performed by life insurance players.