Impact of Premier Clubs (Corporate Club and Club Galaxy Membership) in Life Insurance Corporation of India on Job Satisfaction and Organizational Commitment of LIC Agents

Abstract

Literature speaks volumes on role of satisfied employees commitment and loyalty towards their Organization’s growth. For the growth of the Organization, the growth of the Individual is also important. Life Insurance Corporation of India in its endeavour to motivate its precious Agency force for higher production and consistency of Life Insurance business and make them professional, help them acquire the required knowledge, competence and skills so that they are capable of handling the Policy Holders, give them a status in the Organization as well as in the Society, has introduced the concept of Club Membership in the year 1971. The Life Insurance Industry in India is growing at a steady pace. Life Insurance penetration (Premiums as a percentage of Gross Domestic Product (GDP) ) in India is lower at 2.76% as of 2017 despite the steady growth rate of the Industry for the last six years. There are 24 Life Insurance Companies doing business in India including the lone Public Sector Life Insurance Corporation of India. An effort is necessitated to study the importance of the two premier clubs in Life Insurance Corporation of India viz., 1) Corporate Club and 2) Club Galaxy for Agents, in improving the Job satisfaction and their commitments towards the Organizational goals. Introduction of premier clubs worked as a motivator, increased the customer satisfaction as well as the job satisfaction of the agency force.