A Study on Purchase Decision-making Towards Life Insurance Products

Abstract

In this competitive market environment, there has been growing awareness about life insurance products and the demand for life insurance products has been considerably increased. This research aims at determining consumers’ attitudes towards buying life insurance products and to understand their purchase and repurchase intention towards life insurance products. Since knowledge and information about life insurance plays a major role in deciding on the purchase of a life insurance product, a brief discussion on the impact of various sources of information has been laid down. This research was conducted in the Delhi and NCR region of India taking a sample of 500 LIC customers and 500 private sector customers using quota sampling. The research shows that there exists significance difference in repurchase intention between public (LIC) and private sector customers and LIC customers have shown more positive repurchase intention than the private sector customers. The results show that the purchase decision–making is heavily depending upon the gender of the married customers. This research further concludes that the agency system is still the major contributor to the growth of life insurance business in India. Key words: Life Insurance, Product Information, Purchase Decision–making, Repurchase Intention

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