Consumer Buying Behaviour towards Life Insurance Policies in Thanjavur City

Abstract

The typical promotion of life insurance policies is very less in India than any other countries. Despite being among one of the world’s highest population, the insurance industry in India serves as a high catchment for several foreign and Indian insurance companies in escalating their promotion and share in the market, the typical selling is much lesser. Prior to the aperture of Indian insurance market for the invasion of foreign insurance companies, Life Insurance Corporation (LIC) was the only insurance company that dealt with Life Insurance. Furthermore by giving opportunity for other private insurance companies in Indian market, all the global giants in life insurance has commenced business in our country. Using their knowledge about the global market and their associations, these multinational companies have offered numerous lucrative schemes to attract consumers at various levels in India but regrettably unsuccessful to acquire the main share in the Indian market. Despite all the odds, still LIC is the major player in the life insurance market with approximately more than sixty five percent of share in the market. Still it is a wonder about the reason behind why the consumers in India are not convinced of on various private companies and why still majority of the people in India have not insured their life. This research is an attempt to examine the factors that determines the consumer buying behavior of life insurance policies. This paper emphasizes on the consumers buying behaviour of life insurance policies in Thanjavur City. 150 samples were chosen by convenience sampling technique. A structured questionnaire was administered for this purpose and the data collected were analysed using chi-square and regression.