Consumer Behavior Analysis with Respect to Life Insurance Sector in India

This research paper highlights consumer buying behavior with respect to life insurance policies and at the same time profiles the customers into distinct demographic segments such as age, income etc. Life Insurance sector is one of the fastest developing areas in India since year 2000 as Government allowed Private players and FDI up to 26 %. Most recent Cabinet endorsed a proposition to grow it to 49 %. Extra security in India was nationalized by joining Life Insurance Corporation (LIC) in 1956 and around then all private disaster protection organizations were assumed control by LIC. In year 1993, the Government named RN Malhotra Committee to set out a guide for privatization of the disaster protection segment. While the trustees displayed its report in 1994, it took an extra six years previously the demonstration was passed in the year 2000. In that same year there was arrangement of new protection controller - IRDA framed which began offering licenses to private life coverage organizations.