Present study focuses to determine the expected and perceived service quality level along with gaps on the basis of Service Quality model by Sureshchandar et al. (2001) in one of the leading private sector company in India, Bajaj Allianz Life Insurance Company (BALI). Though collectively, private sector has significantly captured the market share in initially, but now a days, most of the private sector companies are struggling for a regular growth in business and market share, and the selected company is one them. Also, the customer often complaints of poor services in life insurance services, which obviously means there is something wrong in customer strategies of these companies. The same is proved in the findings about BALI, that there exists a significant negative gap in service quality expected and perceived by the customers of the selected company. Present paper is a result of an empirical study on 180 BALI customers residing in Haryana, Chandigarh and Delhi regions of northern India, selected randomly.