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Dissertation Chapters | Statistics | India | Volume 11 Issue 12, December 2022
Impact of Demographic Variables on Buying Behaviour of Life Insurance Policy: An Empirical Study
K. Navatha  | V. V Hara Gopal
Abstract: Human life is the most important asset and life insurance is the most important type of insurance which provides financial protection to a person and his family at the time of uncertain risks or damage. Life insurance provides both safety and protection to individuals and also encourages savings among people. The present study based on the objective to identify those factors which influence customer?s policy buying decision and also analyse the preferences of customers while life policy investment decision-making. Various types of policies and demographic factors (Age, Occupation and Gender) have been discussed in the paper. The data for the study has been collected from Insurance Regulatory and Development Authority, India and the sample size is 5638 policyholders of various private life insurers have been selected through secondary sources. We have taken few hypotheses based on demographic and type of insurance policy and tested them with the help of various statistical tools like chi-square, correlation. The analysed data has been presented in the form of table, bar graphs. Insurance companies should spread more awareness about life insurance, reduction in premium amount and giving more attention on need based innovative products are some of the suggestions provided by the researcher. The paper concludes with that demographic factors of the people play a major and pivotal role in deciding the purchase of life insurance policies.
Keywords: Customers, Life Insurance Policies, Type of policy
Edition: Volume 11 Issue 12, December 2022,
Pages: 502 - 507