Stimulants and Deterrents Determining the Consumer Behaviour towards the Purchase of Protection Policies of Leading Insurance Companies in India
Journal of Adv Research in Dynamical & Control Systems, Vol. 11, 06-Special Issue, 2019
Posted: 10 Jul 2019 Last revised: 23 Oct 2019
Date Written: June 14, 2019
The Life Insurance Sector has witnessed colossal growth in the recent years making it a formidable part of the capital market in India. It now stands only second to banks in the mobilization of savings in Indian economy. As per the recent provisional report released by Life Insurance Council of India in Sept-2018, Insurance Sector has investments exceeding Rs.3,64,500 Crore in infrastructure. The sector has a spread of 11,202 branches pan India and has more than 21.18 lakh agents and 2.74 lakh direct employees; besides a deployed capital of more than 36,718 crore and managed assets exceeding 34,84,834 Crore.
While the stated trends augur well for insurance companies in India, there is a need to examine the factors that are stimulating and encouraging consumers to purchase various protection policies of Leading Insurance Companies in India so as give a further fillip to the already booming sales of such companies. An effort is also made to identify the issues and concerns deterring consumers from purchasing insurance policies as that would enable the companies to adopt appropriate measures to address them and widen their consumer-base. Descriptive research design and opinion survey technique were adapted to pursue the current analysis. The research instrument used was a structured questionnaire, developed on a google form and was administered to around 200 respondents via email and social media sites like-LinkedIn, What’s app and Facebook. The target sample elements included existing and prospective consumers looking forward to purchase protection plans of leading companies in the insurance sector. Based on response rate of 75% (150 respondents) the findings have been summarized and appropriate recommendations given.
Keywords: Stimulants, Deterrent Factors, Consumer Behaviour, Protection Plans, Insurance Policies
JEL Classification: M1, M10
Suggested Citation: Suggested Citation