A Study on Consumer Behaviour of Buying Products towards Insurance Policies in India

Abstract

In spite of the fact that India has the world's second-highest population, the nation's median sales of life insurance products remain significantly less than those in several Western along with Asian countries. As a result, the insurance market in india is seen as highly promising by both international and domestic insurance firms investigating to increase their presence and revenue. The business of insurance has far-reaching positive effects, from providing consumers with more options to ensuring a steady supply of long-term capital for businesses and governments. Since insurance is a relatively untapped market, this development will lead to a surge in demand for both insurance company employees and independent insurance brokers and advisors.

Insurance policies are created to ease the economic strain left behind by a breadwinner's death on his or her loved ones. Diversity, opportunity, advantages, and profitability have all been added to the product lineup thanks to the expansion of the item line. However, the worker is hesitant about buying insurance services because he or she refuses to embrace the danger to his or her life, is uninterested in the benefits that are intended for others and cannot predict the future. The results show that in India's developing finances, many consumers listen to the guidance of their brokers before committing to an insurance coverage. We use the concept of scheduled behaviour to show that individual's perceptions of social standards have a major role in whether or not they would acquire insurance. It was also discovered that social factors had a role in policy decisions. Customers can choose poor choices and purchase insurance plans that could not adequately cover their costs. Consumers in this fast expanding market require more information and awareness campaigns.