Study on Customer Preference for Life InsuranceIn North Gujarat Region

Abstract

The study focuses on the customer preference for Life Insurance in the regions of North Gujarat region. The policies of Life Insurance by the Government of India have seen an improvement in favour of consumers. The Life Insurance sector has grown and the financial infrastructure have been influenced by the process of liberalization and globalization in India. The study analyses the customer preference for Life Insurance in Sabarkantha, Banaskantha and Mahesana districts of North Gujarat.
The present study intends to examine that which factors (amongst Cost, Risk protection, Savings, Income- tax benefits, Returns, Safety, Liquidity) play a vital role in customer preference for Life Insurance. The study has been found that majority of respondents believe in life insurance and they have at least one insurance policy. It has been observed that majority of the respondent considers life insurance as a tax saving tool, and most of the respondents prefer to opt for life insurance policy from government onward company. It has been revealed that safety reasons have been prime factor motivating purchasing the life insurance policy and hardly the policy has lapsed due to non payment or irregular payment of premiums.