Customer Prefernce in Life Insurance Industry in India

Khurana (2008) in her paper aims to identify the consumer preference regarding insurance plans and companies. This study was conducted using a sample size of 200 respondents from Hisar district. As conclusion to her study she identified a list of probable reasons for buying an insurance policy. The list comprised of income tax rebate, protection, return and savings with protection being cited as the main purpose of purchasing an insurance policy. This study, however, opened the door to identify combination of parameters which the consumers actually considers to gauge the level of protection offered by the policy.

Yadav and Tiwari (2012) in their paper have set an objective to identify those factors which influence customers policy buying decision and also analyse the preferences of customers while life policy investment decision-making. Sample size of 150 respondents from Jabalpur was taken into consideration. The paper identifies that the consumer decision to purchase insurance product can be affected by several factors like age, gender and income level. The paper also puts forth risk coverage, low premium and easy access to agents as some of the most important factor taken into consideration by consumers while purchasing an insurance policy.

Desai and Kahar (2016) in their paper attempted to find out the satisfaction level of policy holders of general insurance companies with respect to vehicle insurance within Surat city. Sample size used had 50 respondents having vehicle insurance policy and belonging to Surat city, Gujarat. Micro insurance products must be promoted to provide the benefit of insurance to poor people of the society. In order to compete both private and public players have to focus on specific needs of insured. As the insurance sector is totally depends on insured, general insurance companies have to try fulfilling the expectations of policy holders. The paper encourages to research and identify various parameters which are in direct correlation with specific needs of insured.

Kavitha, Latha and Jamuna (2012) aimed at building a model for the determination of factors that influence the policy holders to select the general insurance company for taking insurance policy. Customer service was identified as an area to address because consumer preference and expectation were changing. It was suggested that the General Insurance companies may give a wide service in the customers and maintain the attractive advertisement through television (local channel), wall painting and radio (F.M). The competitive climate in the Indian insurance market has changed dramatically over the last one decade. The study encourages to identify parameters of