IJARSCT ISSN (Online) 2581-9429 International Journal of Advanced Research in Science, Communication and Technology (IJARSCT) Volume 7, Issue 1, July 2021 Impact Factor: 4.819 Opinion Survey of Life Insurance Policy holders in Eluru of West Godavari District Dr R. S. N.Sharma M.Com. M.Phil., MBA. B.Ed., AP.SET., Ph.D Associate Professor and Head, Department of Commerce Ch.S. D. St Theresa’s Degree College for women, Eluru (AP) Abstract: Insurance is nothing but giving assurance for recovery of Loss. If Head of the family dies unfortunately, suddenly due to any reason, the dependent family members may land in troubles and may not in a position to earn their livelihood. If the life of that head of the family is insured, certain amount of money will be paid to the legal heirs which they can use it for their needs. In this context which life insurance company is to be considered for taking the life policy is a problem. Agents of different life insurance companies approach them for their profession. All the public may be in dilemma in choosing the life insurance company. They may take different policies of different companies. At this juncture, the researcher has thought it necessary to conduct survey in the selected locations to know more about the awareness of people with regard to life insurance and to know about which life insurance company has more public confidence. For this the study has been conducted basing on primary data collected directly from the respondents. The collected information has been tabulated, graphically represented and analysed with the help of calculations and finally conclusions drawn. Keywords: Insurance, Life Insurance, Claim Settlement, Premium. “For almost seventy years, the life insurance industry has been a smug sacred cow feeding the public a steady line of sacred bull.” ----Ralph Nader I. INTRODUCTION Insurance is providing assurance for recovery of loss that may happen either to life of a person or to property, goods or valuables. When a policy is taken against the risk of death or disability that is life insurance, if it is taken to cover the loss to goods or property against fire accidents or some other risks that is general insurance Life Insurance: Life insurance is a contract between insurer and insured. Where the insurer is Life Insurance Company, which agrees to pay certain sum of money on occurrence of death or other specified incident such as critical illness to the insured. The person who takes assurance as above is insured. The insured is required to pay certain amount periodically to the insurer. This is referred as premium. The life insurance contract remains in force until the insured pays premiums. When head of the family dies suddenly, the dependent family members have to suffer for their livelihood and other needs. However, death is certain. In case of other types of risks, they may or may not happen. However, death happens definitely and suddenly, if it happens, people suffer a lot. Insurance is of great use in this regard. Insurance is nothing but giving assurance for the recovery of loss. There are two parties in insurance: Insurer and insured. Who gives assurance for recovery of loss is insurer. Who takes that assurance is insured. The agreement between the parties is insurance contract. The consideration for giving assurance for the recovery of loss is premium, which is to be periodically paid by the insured for continuation of risk coverage1. Insurance companies are risk bearers. They bear risk in return for a premium. Therefore, insurance is an arrangement by which the losses experienced by a few are spread over several who are exposed to similar risks. The present study is about the perceptions of Life insurance policy holders in Eluru of West Godavari District. Copyright to IJARSCT DOI: 10.48175/IJARSCT-1563 631 www.ijarsct.co.in IJARSCT ISSN (Online) 2581-9429 International Journal of Advanced Research in Science, Communication and Technology (IJARSCT) Volume 7, Issue 1, July 2021 Impact Factor: 4.819 II. OBJECTIVES OF THE STUDY 1. To study the importance of Life insurance. 2. To evaluate the perceptions of life insurance policy holders of Eluru of West Godavari District. 3. To analyze the perceptions of life insurance policy holders of Vatlur and Strampadu villages of West Godavari District. 4. To make a comparative analysis between the above two. 5. To draw findings and conclusion and to provide suggestions. III. RESEARCH PROBLEM Life insurance provides financial protection to the people who take life policies against risk of death. Head of family who is only the bread winner if dies suddenly due to any unexpected reason or incident, the dependent family members land in troubles. They may not be in a position to move forward to satisfy and fulfill their various needs due to lack of financial resources and income sources. In this context, Life insurance provides them financial assurance with which they can meet their various requirements. In India there are 23 life insurance companies and only one company Life Insurance Corporation of India is working in public sector. All these companies have been catering the life insurance needs with different plans with a large variety of services for many years. Some people are approaching private life insurance companies and some are giving preference to Life insurance companies in public sector. Some people might have taken life policies from both private and public life insurance companies. Researcher has thought it necessary to analyze the reasons of people in selecting a company for taking a policy and to find the level of awareness about life insurance in public in the specified areas. IV. HYPOTHESIS OF THE STUDY The research project is proposed to be taken up with the following hypothesis. Most of the people who are in the need of life insurance prefer Life Insurance Corporation of India for taking policies as it is in the public sector. People feel assured with the public sector companies than the companies in private sector. V. METHODOLOGY The study completely depends on Primary data. 100 people from eluru are selected as a convenient sample from eluru for study. This group consists of employees, business people and others. For comparative analysis the same type and size of sample consisting same groups of people is planned to select from vatluru and satrampadu vilaages of West Godavari District. For this the researcher will directly meet and interact with the people in the above said areas to collect data. VI. REVIEW OF LITERATURE The Research reporter reviewed various sources of the literature, which are related to the chosen topic. They are given below. *Venkata Ramani k; Dr.R.Mohan Kumar; Dr.G.Brinda (2015): “A study on the attitude of consumers and insurance agents towards the proposed increase in Foreign Direct Investment (FDI) in insurance sector in India”. International Journal of Scientific and Research Publications, Volume5, Issue2, Feb- 2015. ISSN-2250-3153.Inthis study, the researchers analyzed that the respondents welcome the Government decision to increase FDI capital in insurance sector of India. They are satisfied with the services of private insurance companies but they are in the view that competition in industry enhances the quality in service. *R.Amsaveni and Indira Priyadarsini (2015) “Attitude of LIC policy holders with special reference to Poll chi Taluk.” Indian journal of reaserach-vol4/issue: 3 March 2015/ ISSN-2250-1991.Researchers analyzed the attitude of LIC policyholders by taking a sample of 100 holders in Pollachi taluk in tamilnadu. Study is conducted through questionnaires. Most of the policyholders know about LIC of India and its insurance products. They are getting information from LIC agents. Majority of the policy holders are in the Copyright to IJARSCT DOI: 10.48175/IJARSCT-1563 632 www.ijarsct.co.in IJARSCT ISSN (Online) 2581-9429 International Journal of Advanced Research in Science, Communication and Technology (IJARSCT) Volume 7, Issue 1, July 2021 Impact Factor: 4.819 age group between21to 40. Most of them are taking money back policy; they prefer to take for a period of below 10 years, Most of them are satisfied with the services of LIC. They know about the other private Life insurers also. It was suggested that to improve the life business LIC of India. The product terms and conditions should be completely transparent and simple to understand, the products and their uses must be advertised in various media channels, and distribution channels must be strengthened. VII. SCOPE OF RESEARCH The study is confined to perceptions life insurance policy holders of Eluru and Satrampadu, Vatluru villages of West Godavari district only 7.1 Statement of Problem Life insurance provides financial protection to the people who take life policies against risk of death. Head of family who is only the bread winner if dies suddenly due to any unexpected reason or incident, the dependent family members land in troubles. They may not be in a position to move forward to satisfy and fulfill their various needs due to lack of financial resources and income sources. In this context, Life insurance provides them financial assurance with which they can meet their various requirements. In India there are 23 life insurance companies and only one company Life Insurance Corporation of India is working in public sector. All these companies have been catering the life insurance needs with different plans with a large variety of services for many years. Some people are approaching private life insurance companies and some are giving preference to Life insurance companies in public sector. Some people might have taken life policies from both private and public life insurance companies. Researcher has thought it necessary to analyze the reasons of people in selecting a company for taking a policy and to find the level of awareness about life insurance in public in the specified areas.