The demand for insurance products is increasing due to the growth of household savings, purchasing power, the middle class and the country's working population. Consumer behaviour with respect to life insurance products is changing rapidly. With opening up of the insurance sector in 2000, consumers have options to select rather than buying products launched by a single company. Factors such as stability of Insurance Company, product features, service capabilities, and claim settlement timelines play a very crucial role in deciding whether to buy or not from a particular insurance company. This study tries to analyse the consumer behaviour of private bank employees with respect to purchase of Life insurance product. This study is based on the primary data collected from 54 employees of private banks through a well structured questionnaire. The data has been analysed using percentage analysis and cross tabulation. The study tries to analyse the type of policy preferred by the respondent, which insurance company they prefer, feature of Insurance policy that attracted their purchase, benefit for which they have purchased, satisfaction level on the life insurance policy purchased, difficulties encountered in decision making while buying a life insurance policy. The study also analyses the relationship between Age and type of policy preferred and also relationship between demographic factors and other variables.
Life insurance, demographic factors, bank employees, consumer behaviour
