A Study on Difference in Factors Influencing the Customers to Buy Life Insurance Products among the Public and Private Sector Life Insurers in Tamil Nadu

  • P Kamaraj Professor and Head, Faculty of Management-MBA, Vivekanandha Institute of Information and Management Studies, Tiruchengode, Namakkal District, Tamil Nadu, India

Abstract

Economic prosperity of a nation had brought in the element of transfer of risk which required insurance of some form. Insurance is a financial means by which individuals are exposed to a specifiedcontingency contribute to a pool and if suffered from any of the covered events, they are individuallypaid. With an annual growth rate of 15- 20 per cent and the largest number of life insurance policies in force, the potential of the Indian insurance industry is huge. In this scenario, there is an immense need for understanding the buyers’ attitude towards life insurance products in rural areas. In view ofincreasing the penetration level in rural areas, the present study examines how individuals make decisions in spending their time, money and effort in buying life insurance products. The study soughtto identify the most important attributes that attracts the customers towards the public and private sector life insurers, and used to review characteristics of the companies as experienced by customers and their impact on their purchase behavior. It is critically observed that the factors influencing the purchase decision vary according to different sectors due to the varying degree of insurance customers’ opinion on the service delivery.

Published
2018-04-28
Statistics
Abstract views: 157 times
PDF downloads: 0 times
Section
Article