A REPORT ON
CONSUMER BUYING BEHAVIOR FOR LIFE INSURANCE POLICY
ABHISHEK GUPTA ROLL NO – 10101 BATCH XVIII, 2010-2012 Report submitted in partial fulfillment for the award of Post Graduate Diploma in Management VIGNANA JYOTHI INSTITUTE OF MANAGEMENT (APPROVED BY AICTE, MINISTRY OF HRD, GOVT OF INDIA) BACHUPALLY, HYDERABAD
VIGNANA JYOTHI INSTITUTE OF MANAGEMENT, HYDERABAD
CONSUMER BUYING BEHAVIOR FOR LIFE INSURANCE POLICY ACKNOWLEDGEMENT
I hereby convey my deep acknowledgement to all those who made it possible for me to complete this project, by extending their support and continuous co-operation. I would like to acknowledge the consistent encouragement extended by Ramesh sir and Dr. Ch. S. Durga Prasad, Dean-Academic Planning of Vignana Jyothi Institute of Management. I would like to thank all my friends, batch mates and staff members without whom this dissertation work would not have been successfully completed. Finally I would like to thank my home town’ citizen and agents of Life insurance. They spent their time to share information and perception about life insurance companies.
This report focuses on the consumer behavior and awareness of life insurance towards risk security, the core product of life insurance. The primary drivers of demand for risk security are 'Age', 'Income', 'Affordability', 'Wealth' and finally 'the desire to protect income from Inflation'. Though aggregate demand is driven by these factors, various researches have shown that there is little correlation between a specific family's need for security and its actual purchase of insurance. Many families, especially young ones, have either no risk security or inadequate security. This study mostly focuses at the rural area to know consumer perception about Indian insurance company according to its services and plans available on the basis of customers’ age, income and their need.