A study on customer's perception towards bancassurance

“Bancassurance” in its simplest form is the distribution of insurance products through a banks ‘distribution channels. With the globalization and liberalization, the service sector has been witnessing a lot of changes. The life insurance industry in India has been progressing at a rapid pace since opening up of the sector in 2000. This study tries to analyze the psychological mind set of the customers as what they think about linkage between the banks and the insurance companies and their products. So, here it is important to know about the perception of the customers regarding the companies and the banks. This study would help not only to the banks or the insurance companies but also to the distributers or sales personnel who try hard to convince the customers. A brief look at the global experiences and the lessons for India focusing bancassurance has been given. This paper also analyses the various entry routes for the prospective players and an ideal business model for a bancassurance partner based on the different models.