Insurance is the transfer of the risk of an individual or a group of individuals
(insured) to another person or a company (insurer)
for a consideration (premium). It is a cooperative technique to spread the loss caused by
a particular risk over a number of persons who have agreed to insure themselves against
such risk.
The insurance sector was opened to private sector players in February 1997.
The Insurance Regulatory and Development Authority Act, 1999 (IRDA, 1999) was
passed by the Parliament and the President of
India gave his consent on December 29, 1999. With the result, many new companies
from the private sector entered the insurance business. In this context, a study had
been undertaken to assess the attitude of
consumers towards the five Insurance
companies—LIC of India, Bajaj Allianz, ICICI Prudential,
Max New York Life Insurance Co. and HDFC Standard Life Insurance Co. The attitude
of the consumers on different parameters like age group, rural and urban, employed
and unemployed, number of persons insured, etc. was studied.
Primary data was collected from different respondents residing in Moti Nagar
and Focal Point of Ludhiana city. The questionnaire method of data collection
has been used. The collected data was analyzed with the help of various statistical tools
viz; tables and histograms, and the results are presented. |
