A STUDY ON CONSUMER AWARENESS AND PERCEPTION TOWARDS LIC'S INDIVIDUAL LIFE INSURANCE PLANS WITH SPECIAL REFERENCE TO COIMBATORE CITY

Life insurance plays a crucial role in financial planning, providing individuals with security and risk protection. This study explores consumer awareness and perception towards LIC’s individual life insurance plans in Coimbatore City. The research aims to assess the level of awareness among consumers, evaluate their perceptions, and identify key factors influencing their decision-making. A structured questionnaire was used to collect data from LIC policyholders and potential customers in Coimbatore. Statistical analyses, including descriptive statistics, chi-square tests, ANOVA, and regression analysis, were conducted to derive insights. The findings indicate that while many consumers recognize LIC as a trusted insurance provider, gaps exist in their understanding of specific policies, benefits, and terms. Consumer perception is significantly influenced by factors such as brand trust, policy features, premium affordability, and agent recommendations. The study also highlights the most preferred LIC plans and suggests strategies to enhance consumer awareness and satisfaction. The results provide valuable insights for LIC and insurance marketers to develop targeted awareness campaigns and improve policyholder engagement.