A Comparative Study on Customer Preference and Perception about Public and Private Life Insurance Companies

This study explores and compares customer preferences and perceptions regarding public (notably LIC) and private life insurance providers in India, focusing on two demographically distinct cities: Kolkata (Tier-1) and Bokaro Steel City (Tier-2). Data from 200 policyholders were collected using structured questionnaires and Analyzed using descriptive statistics and t-tests. Key parameters influencing customer choices, such as premium rates, company reputation, and risk coverage, were examined. Findings reveal significant preferences for LIC, although private firms are gaining ground. The study identifies the reasons behind these preferences and suggests strategic improvements for both sectors.