A Study on Factors Deciding Selection of Policies of Private Life Insurance Companies among Consumers in Thanjavur District
Guru. P1, D. Umamaheswari2
1Guru. P, Research Scholar, Department of Management Studies, Periyar Maniammai Institute of Science & Technology, Thanjavur (Tamil Nadu), India.
2Dr. D. Umamaheswari, Periyar Maniammai Institute of Science & Technology, Thanjavur (Tamil Nadu), India.
Manuscript received on 24 March 2019 | Revised Manuscript received on 03 April 2019 | Manuscript Published on 27 April 2019 | PP: 45-48 | Volume-7 Issue-6S2 April 2019 | Retrieval Number: F9064047619/2019©BEIESP
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© The Authors. Blue Eyes Intelligence Engineering and Sciences Publication (BEIESP). This is an open access article under the CC-BY-NC-ND license (http://creativecommons.org/licenses/by-nc-nd/4.0/)
Abstract: Insurance sector is an integral component of Indian financial system and it is witnessing rapid growth in recent time periods. Because of economic liberalization and privatization in India, the insurance sector is opened for private sector insurance companies. With the entrance of private insurance companies, the insurance sector is significantly expanding in terms of innovative products and improved services and value addition. Hence, consumers have wide range of shifting alternatives and they select the best one that meets their needs and requirements and various factors that affect selection of policies offered by private life insurance companies. Product uniqueness, price, promotions, services of agents and accessibility are deciding factors for selection of policies of private life insurance companies by consumers. Significant difference is prevailing among factors deciding selection of polices of private insurance companies and profile of consumes. Price, product uniqueness, accessibility and promotions have significant and positive impact on purchase decision of consumers towards policies of private life insurance companies. The agents of private life insurance companies should provide better services timely and accurately and settle claims without any issues. Private life insurance companies must understand precisely financial needs of consumers and should put easy and simple terms and conditions for purchasing their life insurance policies. Besides, private life insurance companies must introduce different innovative products to fulfill needs of various consumer segments.
Keywords: Consumers, Private Life Insurance Companies, Purchase Decision, Selection.
Scope of the Article: Social Sciences