A comparative study of customer expectation and satisfaction of Life Insurance in India

Abstract: Accidents and mishaps are strong indicators of how fragile human life can be and how need to systematically insure our lives. It is an important tool to ensure the safety and security of the family. In the event individuals do not insure their lives, their dependents end up facing the tragic loss of their loved one along with a whole host of liabilities such as rent, loans, EMI’s and child education and services etc. Life Insurance is crucial for families to fill security and a sense of confidence to continue their lives without losing their everyday stability. Life Insurance is a contract between an insurance policy holder and an insurer, where the insurer promises to pay a sum of money to the beneficiary when the insured person dies or after a pre-determined period in exchange for the premiums paid by policy holder. In Life Insurance policy you need to pay premiums for a specified policy term and life insurance company provides you with a comprehensive life cover, in return. Life insurance protects future of your loved by paying a lump sum amount referred to as death benefit if an unfortunate event occurs. Sum life insurance policies provide you a maturity benefit after the end of the policy term.