AN EMPIRICAL STUDY ON POLICYHOLDER SATISFACTION TOWARDS LIFE INSURANCE PRODUCTS IN LIC V/S PRIVATE PLAYERS

The Indian insurance sector has undergone significant transformation post-liberalization, with the entry of private players competing with the Life Insurance Corporation of India (LIC).This study aims to evaluate and compare policyholder satisfaction between LIC and selected private insurers based on key service quality dimensions.Using the SERVQUAL model, this empirical investigation measures satisfaction across five service quality dimensions-tangibility, reliability, responsiveness, assurance, and empathy-along with premium affordability, claim settlement, and brand trust.A structured questionnaire based on a 5-point Likert scale was administered to 300 policyholders across Chhattisgarh.Statistical techniques such as independent sample t-tests and multiple regression analysis were employed to test the hypothesis.The findings indicate that private insurers outperform LIC in responsiveness and digital interface, while LIC retains dominance in claim settlement and trust.