Abstract
The current document aims to explore the belief and hopes regarding the services provided by LIC within the tea plantations located in Coimbatore District, Tamil Nadu. Agricultural plantations typically require substantial labor involvement. In today’s competitive landscape, it is crucial to extend life insurance coverage, especially to rural regions and to those who are socially and economically disadvantaged, to ensure all insurable individuals in the nation are reached. It is essential to promote and instill saving practices among the rural and underprivileged demographics to alleviate existing regional inequalities. The research found that the Life Insurance Corporation of India presents a variety of plans designed to address diverse requirements. However, workers in the tea plantations tend to select only one specific plan. Their earnings are quite low, and many lack awareness about the array of policies available from LIC due to insufficient education and information. Significant challenges they encounter include the lengthy terms and the high premium costs associated with the policies. Additionally, the concern about private insurance companies dominating the market has been exaggerated in certain regions. Similarly, policyholders are also drawn to various private insurance options such as ICICI Prudential, Bajaj Allianz, Birla Sun Life, among others. Therefore, it is essential for LIC to focus not only on the advantages for policyholders but also on capturing a share of the market in a competitive landscape by providing sufficient services to underprivileged communities and the most remote areas, like those in the plantation industry.
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