A Study on Factors Affecting Customers Preference Towards Life Insurance Policies

 A Study on Factors Affecting Customers Preference Towards Life Insurance Policies


Abstract

Human life is a valuable asset, and life insurance is the most important type of insurance because it provides financial protection to a person and his family against any uncertain risks or damages that could occur. As well as providing protection, life insurance encourages people to save. According to the study, "Factors Affecting Customer Preference Toward Life Insurance Policies," data was collected from khanna, Punjab, and a convenience sample of 150 LIC and private life insurance policyholders was selected. Researchers found that factors such as age, gender, and income level can influence a consumer's decision to purchase an insurance product from a particular insurance company. Other factors that influence consumer decision-making include company reputation, money back guarantee, risk coverage, low premiums, and easy access to agents policies.

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Introduction

It is possible for people to suffer financial losses due to a variety of unforeseen and unexpected events such as untimely death or the loss of property due to a fire. Neither the risks nor the events are known for certain. With the help of insurance, they can be divided, managed, and reduced significantly. An insurance policy is a way to transfer the risk of a loss from one person to another in exchange for money or other goods. (Singh, 2010) An insurer is an insurance company that sells insurance policies, while an insured is someone who purchases insurance policies and transfers risk to the insurer. Insurance is a way to reduce the risk of financial ruin in the future by reducing the amount of uncertainty that can arise. Primary function of insurance is to act as a means of risk transfer (Holyoak&Weipers, 2002).

For More Details About  A Study on Factors Affecting Customers Preference Towards Life Insurance Policies Please Visit Our Website


Or call us +91 9481545735

Conclusion

Everyone needs life insurance because it is a vital form of protection. As compared to developed nations, India's life insurance penetration is very low. Accordingly, insurers must keep their policyholders happy and loyal for as long as possible, while also generating new business by offering need-based innovative products. According to the study, there are many other factors that influence customers' decision to purchase life insurance policies.

For More Details About  A Study on Factors Affecting Customers Preference Towards Life Insurance Policies Please Visit Our Website


Or call us +91 9481545735

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