Consumer Perception towards Life Insurance in India

Abstract

Life insurance has a long journey and history in India. It takes up lot of changes in terms
of legal, product, service, even also in usage. This research focuses on how the consumers
in India view the life insurance industry. As Life insurance products has been classified
under the negative demand with reference to marketing demand concepts, so the idea
about the product among the consumers will create a major impact in the purchase
behaviour. The research analysed whether they look it as instrument for financial safety
and security when an uncertain event occurs, or it is checked as tax deduction avenue or
an investment option etc., It will give the insight about the perception of consumers in
India about life insurance, by considering consumers idea about life insurance in the
early 1970s, 1980s and after liberalization, globalisation and privatisation. It would help
the life insurance marketers to evolve with new ideas to create the awareness to overcome
the negative perception about the life insurance among consumers.