A STUDY ON THE IMPACT OF SOCIAL SECURITY AND TERMINAL BENEFITS ON THE BUSINESS PERFORMANCE OF AGENTS IN LIFE INSURANCE CORPORATION OF INDIA

For any Insurance Company, the Field Force is very important which involves in Marketing activities and are instrumental in bringing in the business and income to the Organization. The main aim of the Insurance Company is to retain such field personnel, train them and offer lucrative career and benefits to them so that they may not go out in search of better Careers. For retaining the agency force and attracting the new people towards the Career in the Insurance field, the Life Insurance Corporation of India is having attractive Social Security Schemes in the form of Terminal Benefits like Gratuity, Group Term Insurance, Eligibility towards Renewal Commission even after the termination of their agency and Hereditary Renewal Commission to the nominee or legal heir in case of death of the agent etc., subject to rules and regulations in force from time to time. This study is to find out the impact of Social Security benefits on the performance of the agent as well as the Organization. The research study was carried out on 270 respondents, the data thus obtained was tabulated and analyzed with the help of Chi-square test and T-Test. The results show that the social security benefits offered to the agents by Life Insurance Corporation of India has positive impact on agents and organization.