Awareness of Life Insurance Among Sample Customers

Indian Streams Research Journal, Vol. 4, Issue 7, Aug 2014

15 Pages Posted: 19 Aug 2014

See all articles by Ashok Banne

Ashok Banne

DRK College of Commerce

Sarang Shankar Bhola

Karmaveer Bhaurao Patil Institute of Management Studies & Research

Date Written: August 16, 2014

Abstract

In 2012, Life insurance penetration in India which is the major indicator of growth of insurance in the country was just 3.17% compared to Japan 9.2%, Taiwan 15.0% S. Korea 6.9%. (IRDA Annual Report 2012-13, p121-122) One of the important reasons for low penetration was/is unawareness of the Indian people about need of insurance in their life. It is true that with the establishment of IRDA and with the entry of private sector insurance companies, life insurance market is witnessing introduction of innovative, need based and customer friendly products. However, still majority of the Indian population is either uninsured or under-insured. Yet, buying a life insurance policy is not a subject of preference on the 'agenda' of most of the Indian people. Those who take out an insurance policy give priority for tax exemption and saving rather than risk cover. This paper is an attempt to study the awareness about need of life insurance among the customers of LIC. This research revealed that the customers are aware about need of life insurance in their life and the Individual Agents of LIC are the major source of information for the policyholders.

Keywords: awareness, insurance penetration, risk cover, innovative, individual agent.

Suggested Citation

Banne, Ashok and Bhola, Sarang Shankar, Awareness of Life Insurance Among Sample Customers (August 16, 2014). Indian Streams Research Journal, Vol. 4, Issue 7, Aug 2014, Available at SSRN: https://ssrn.com/abstract=2482109

Ashok Banne (Contact Author)

DRK College of Commerce ( email )

Kolhapur, MS 416001
India

Sarang Shankar Bhola

Karmaveer Bhaurao Patil Institute of Management Studies & Research ( email )

Survey No.467/2, Varye
Tal. Satara
Satara, 415001
India
+919822124414 (Phone)

Here is the Coronavirus
related research on SSRN

Paper statistics

Downloads
351
Abstract Views
1,474
rank
98,012
PlumX Metrics