Pradhan Mantri Jeevan Jyoti Bima Yojana – Advocating Penetration in Indian Life Insurance Industry for Inclusive Growth: An Empirical Study

Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is a step ahead towards increasing life insurance penetration and density in India for inclusive growth. This research paper is an attempt to understand the need for the scheme, customer's perception about the scheme, association of customer's perception with their demographics and to explore the buying stimuli. Survey of 400 people is conducted in the city of Lucknow during January to February’2016 through a well-structured questionnaire. Collected data is tabulated and analyzed. The results show that there has been a continuous decline in life insurance penetration. It is found that customer's perception about the scheme varies significantly with their income and education level. Services of the insurance company and ease of claim settlement have been the first buying stimuli for the lower and middle-income group customers leading to increasing insurance penetration in Indian economy.