The reliability of above research instrument has been examined through Cronbach’s Alpha
which came out to be .955 and established high reliability value for the instrument. Data has been
personally collected within two months duration (November – December 2012) from individual
customers of LIC, SBI Life and ICICI Prudential of Varanasi with a life insurance policy of min
Rs. 5 lakhs and a policy holding duration of atleast 5 Years. Snowball Sampling has been used to
contact the respondents fulfilling these conditions. Out of 515 surveys distributed, 200 pertaining
to LIC, 84 of SBI Life and 66 related to ICICI Prudential Life Insurance were found to be
complete in all aspects and thus, were considered utilizable for data analysis. A second phase of
data collection provided 16 and 34 more surveys pertaining to SBI Life and ICICI Prudential
respectively and thus, the total size of sample reached to 400 with 200 for public sector and 100
for each of the private sector life insurance companies. Multiple Regression Analysis and Independent
samples t-test in SPSS 16 has been used for testing the hypotheses.