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REVIEW OF LITERATURE Nitin

This document provides a review of literature on the life insurance sector in India. Several studies are summarized that examine factors affecting consumer behavior and preferences in life insurance, including consumer loyalty, service quality, ease of procedures, satisfaction levels, company image, and company-client relationships. Other research discussed emerging trends like online policy purchases, challenges in the changing economy, and the need for less invasive regulations and risk-differentiated pricing structures. Overall, the review covers literature on customer preferences, motives for purchasing policies, satisfaction levels, and designing insurance products to meet the needs of rural markets in India.

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259 views3 pages

REVIEW OF LITERATURE Nitin

This document provides a review of literature on the life insurance sector in India. Several studies are summarized that examine factors affecting consumer behavior and preferences in life insurance, including consumer loyalty, service quality, ease of procedures, satisfaction levels, company image, and company-client relationships. Other research discussed emerging trends like online policy purchases, challenges in the changing economy, and the need for less invasive regulations and risk-differentiated pricing structures. Overall, the review covers literature on customer preferences, motives for purchasing policies, satisfaction levels, and designing insurance products to meet the needs of rural markets in India.

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nitin
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© © All Rights Reserved
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REVIEW OF LITERATURE

Khan, M.K. (1978) 1 attempts to know the opportunities and prospects in the career of a life
insurance sector. He explains about what a good career is and how a good career should be for
selling of life insurance products. There is no age barrier and it requires no previous occupational
experience but one must be a professional and capable of creating opportunities in building
personality. The relationship of life Insurance agent with clients is not temporary and the service
rendered has no substitutes. He also observes that life insurance agent remains, in a sense,
permanent server to the clients.

Sahu et al.(2009);conducted a survey on respondents to determine the attributes affecting


buying behavior of consumers , investment pattern in life insurance services and compare the
differences in consumer perception of male and female consumers. In their study they found that
there 6 factors which affect the buying behavior while purchasing life insurance policies namely
consumer loyalty, service quality, ease of procedures, satisfaction level, company image and
company client relationship. There is no difference between the perception of male and female
preferences.

Ms Sunayna Khurana (2008) in her research paper “Customer Preference in life Insurance in
India’’, has clearly explained the consumer behavior towards insurance sector. She found out
that in India a more number of people prefer LIC of India. People think LIC of India as a
trustworthy company for investing. In this research paper researcher tried to identify customer
preference regarding plans and company, their motive of buying the policies their satisfaction
level towards their policies and their future plans for new insurance policy. While doing their
research they also came to know that protection is the main purpose of buying a insurance
policy.
Ms. Babita Yadav and Dr Anshuja Tiwari (2012) in their research paper “A study on factors
affecting customers investment towards life insurance policies’’ found that Tax benefit, money
back guarantee, larger risk covariance are the most popular or important factors among people
that affect a larger population to invest in life insurance. The research also shows that in India
LIC is the most accepted and popular brand in life insurance. Their research paper found that
demographic factors of the people play a major role in deciding the purchase of life insurance
policies. It also proves that customers are the real pillar of the success of life insurance business
and thus it’s important for insurance company to keep their customer satisfied.

Bhagabat Barik and Rakesh Patra (2014) in their research paper “Emerging trends in
insurance-a study in Indian life insurance industry’’ has found that internet and online policy
purchase is a new trend that has inspired the sector to be more focused in their business. They
also found out that there are many challenges in present insurance industry. Present insurance
industry due to change in economy and employment. More insurance companies around the
world have planned to enter into Indian insurance market looking to the potential available there

Sinha and Tapen (2005), in their research article “The Indian Insurance Industry: Challenges
and Prospects” have stated that India is among the most promising emerging insurance markets
in the world. But out of total insurance premium market in India particularly life insurance
currently makes up 80% of premiums. The research also highlighted that when India undertook
to open the domestic insurance market to private-sector and foreign companies since then, 13
private life insurers and eight general insurers have joined the Indian market. But speaking about
major hurdles this research spoke on the obsolete regulations on insurance prices which have to
be replaced by risk-differentiated pricing structures. . Furthermore it said that both the life and
non-life insurance sectors would benefit from less invasive regulations. The author also
suggested that Price liberalization will be needed to improve underwriting efficiency and risk
management and the Private insurers will have a key role to play in serving the large number of
informal sector workers.
Dr N. Senthil kumar and K. Selvamani (2016) in their research paper “Life insurance industry
in India-An overview’’ has clearly mentioned about the introduction of life insurance in India
market. They also find the details about the first life insurance company to sell the insurance in
India. They have also found that private insurance company offers various new policies to attract
their customers. They also came to know that in India in modern era human beings are suffering
from lot of health problems. According to them insurance company in India market should
educate importance of insurance to general public.

Nagaraja Rao, K. (2010), in his article “Challenges in Designing Need Based Products in Life
Insurance for Inclusive Growth in India”, analyses the challenges faced by the insurers in
designing need-based products in insurance for inclusive growth, and concludes that the policies
of life insurance companies are still not rural-centric, catering to the specific needs of the people.
With a view to popularizing life insurance, he recommends that the consumers need to study the
rural market, analyze the specific needs of each segment and design innovative products, to suit
the requests of the people to the objective of inclusive growth.

Jean-Claude Triches (2005)18 in this Journal, Financial Stability and the Insurance sector”
focuses on the relevance of the insurance sector for the overall stability of the financial system
by outlining the sources of risk and vulnerability facing the industry. The growing inters linkage
between insurers and banks are analyzed. The paper concludes by identifying some key
challenges for the insurance sector.

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