Socioeconomic factors such as age, education, income, occupation, sex and family size of the policy holders play a major role in deciding the purchase of life insurance policies of LIC. The study is conducted with reference to the policyholders in Madurai, Tamil Nadu.
"Insurance is a cooperative device to spread the loss caused by a particular risk over a number of persons who are exposed to it and who agree to insure themselves against the risk." Life is the most important asset of the individuals in the society. Hence, the life insurance business becomes more popular. Life insurance provides both safety and protection to individuals. It also encourages savings among people. The life insurance business is done by the Life Insurance Corporation of India (LIC). It provides a strong base for the economic growth of a country.
The LIC is playing a pivotal role in the welfare of the society at large. It has been floating a variety of policies. In actual practice, some of the policies alone are popular while other policies are not. It is therefore necessary to ascertain, which socioeconomic factors are influencing the people in taking life insurance policies. In this case study, an attempt has been made by the writers to analyze the same with reference to the policyholders in Madurai, Tamil Nadu.
To analyze the socioeconomic factors that are responsible for taking life insurance policies. To examine the preference of the policyholders towards various types of policies of LIC.To offer suggestions for popularizing life insurance policies among the public. Age is the influencing factor in the investment decision of life insurance policies.Educational qualification of the respondent is taken into consideration while taking life insurance policies. |
