In today's tough competition, every company in the service
sector tries hard to satisfy its customers. In the insurance
sector, various new private companies have entered the industry
by merging with foreign companies. They regularly offer
new services, with the basic plan to attract new customers
and to retain the present ones. This paper tries to understand
consumer behavior in the insurance sector. The main objective
of this paper is to identify customer preferences regarding
plans and company, their purpose of buying insurance policies,
their satisfaction level and their future plans for the
new insurance policy. Data was collected with the help of
a structured questionnaire from 200 customers from Hissar
city. The sample was taken on the basis of the Convenience
Sampling method. However, only 192 questionnaires were used
for analysis as the remaining eight were not filled properly
by the respondents. Percentage, frequency and cross tabulation
methods have been used for analysis.
The insurance sector plays a very important role in the
development of any economy. It is necessary for the economic
and overall development of any country. In today's competitive
economy, the BFI (Banking, Finance and Insurance) sector
plays a very important role. More and more jobs and opportunities
are available in these sectors. In India, presently, more
than 17 private players are doing business in the insurance
sector. It is estimated that by the next two years, the
number of private players in the insurance sector will be
more than 35.
Life
insurance products are mainly assigned to provide to a survivor,
family or business, in the event of the death of the insured.
This product helps the customer to replace income, repay mortgages,
debts and taxes, and also provide liquidity for other purposes.
There are two basic types of life insurance policies: term
insurance, which provides coverage for a specified period
of time (term), and endowment insurance, which combines a
death benefit with a cash value component. The endowment insurance
offers lifetime protection, while term insurance may be the
most affordable option for buying life insurance, mainly for
the financial protection it offers, and when the need for
life insurance is temporary.
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