International Scientific Journal of Engineering and Management

An International Scholarly || Multidisciplinary || Open Access || Indexing in all major Database & Metadata
The journal follows the UGC Guidelines and is evaluated for inclusion in the Web of Science
ISSN: 2583-6129

Impact Factor: 7.839

A Study on Consumer Perception Towards Life Insurance Products in Raipur, Chhattisgarh

  • Version
  • Download 1
  • File Size 467.76 KB
  • File Count 1
  • Create Date 6 June 2025
  • Last Updated 6 June 2025

A Study on Consumer Perception Towards Life Insurance Products in Raipur, Chhattisgarh

 

- Dr. Suresh Pattanayak – Associate Professor, Amity Business School, Amity University Chhattisgarh, E-MAIL : skpattanayak@rpr.amity.edu

-Palak Artani, Student, Amity Business School, Amity University Chhattisgarh, E-MAIL : palakartani0908@outlook.com

 

 

ABSTRACT

 

Marketers of life insurance products must discount all those variables affecting consumer awareness, perception, behaviour and satisfaction. The current research is an empirical one and employs secondary as well as primary data. The secondary data has been gathered from official reports, magazines and journals, books and official websites. All the public and private life insurance companies of Raipur and their customers form population of study. Primary data were obtained by using questionnaire. 103 customers were approached for sampling to collect primary data. The consumer behavior towards life insurance products was analyzed and found that most of the respondents possessed either one or two life insurance policies. It was found in the study that regardless of the several socio-economic factors, most of the respondents chose the insurance company based on brand image and personal relationships. The research revealed that urban consumers were found to be more affected by the advertisement of life insurance companies compared to rural and semi-urban consumers. The consumer satisfaction analysis towards life insurance products revealed that in terms of risk coverage, bonus, premium, and other features of the product, LIC customers were found to be more satisfied than private life insurance company customers.

The analysis also illustrates that there is great variation between LIC and private companies as far as agent's visit, help in procuring policy documents and help in premium notices are concerned. The analysis demonstrates that there is great variation in the after sales services of LIC and private life insurance companies. The limited awareness and availability of the innovative modes of service delivery are also highlighted to the concern.

KEYWORDS :

Life Insurance Product, Consumer Satisfaction, Consumer Perception, LIC, Urban and Semi-Urban Customers.


Download

Author's Blog

What is the difference between a Research Paper and a Review Paper?

A research paper and a review paper are both scholarly documents, but they serve different purposes and have different characteristics....
Read More
Author's Blog

What is DOI?

A Digital Object Identifier (DOI) is a unique alphanumeric string that is used to identify and provide a persistent link...
Read More
Author's Blog

What do you need to do during production of your Research Paper?

During the production of a research paper, the following steps need to be taken: conducting research, organizing and analyzing data,...
Read More
Author's Blog

What are the advantages of publishing a research paper?

Publishing a research paper can have many advantages for researchers, including: Career advancement, professional recognition, opportunities for collaboration, increased visibility,...
Read More
Author's Blog

Ways to Support your Academic Wellbeing which preparing the Research Paper/Article

To support your academic wellbeing while publishing a research paper, it's important to set realistic goals, manage your time effectively,...
Read More
Author's Blog

How to improve your Research Paper writing Skills?

Read extensively: One of the best ways to improve your research paper skills is to read extensively in your field...
Read More
Author's Blog

Is DOI compulsory to publish a research paper in a Journal?

DOI is not strictly required to publish a research paper, but it is highly recommended. Basically, the International Scientific Journal...
Read More
Author's Blog

In what ways does research paper give weight to career development?

Publishing a research paper can give weight to a researcher's career development in several ways, such as: establishing oneself as...
Read More
Author's Blog

How to develop a Research Paper from Scratch

Developing a research paper involves several steps including: choosing a topic, conducting background research, formulating a research question or hypothesis,...
Read More
Author's Blog

How Plagiarism report plays crucial role in Research Paper Publication?

Plagiarism is a major concern in the academic and research community, as it undermines the integrity of the research and...
Read More