Customers’ awareness and satisfaction of products and services offered by the general insurance companies in the Tiruchirappalli district

Abstract

An individual is exposed to various risks in daily life and it will surprise one to note how many of these can actually be insured. General insurance companies offer a variety of products covering different types of risks. Not only is there a dearth of knowledge about these but also most individuals are not aware of the value that Insurance, as an option, could add to their lives. While the affordability factor, and an individual’s priority for Insurance are important aspects why some do not opt for insurance, the lack of awareness about the types of Insurances available and the inability to perceive Insurance as a protection tool are other reasons why a few have chosen to remain uninsured The General Insurance industry has played an unparalleled role in creating access to financial services and to protection. Supported by the largest health insurance programme globally, the industry prides itself on having added over three million beneficiaries in a short span of six years. Further, a majority of the beneficiaries are from the below poverty-line segment, which goes a long way in contributing to the policy objectives of universal financial inclusion.