1Assistant Professor, Faculty of Commerce and Management, SGT University, Gurugram
2Assistant Professor, School of Banking, Financial Services and Insurance, Symbiosis University of Applied Sciences, Indore
3Professor & Dean, Faculty of Commerce and Management, SGT University, Gurugram
Online published on 19 July, 2019.
The purpose of this paper is to identify and study various determinants that customers take into consideration for buying health insurance plans.
A total of 250 existing health insurance users were personally surveyed with a structured questionnaire. These respondents were from Gurgaon city. Exploratory factor analysis and one sample t-test were used to assess the determinants of health insurance plan buying.
It was found that health insured considered Personal, Marketing, Product, Social and Security factors to be important while opting for health insurance plans. Among all these factors social factor was found on the customers’ mind followed by security, product, personal and marketing factor while buying health insurance plans.
This paper analyses the buying behavior of the existing insured with respect to health insurance plans and can be different from those of potential insured, who have not taken any health insurance plan till now. Also, study was conducted on limited geographical area of Gurgaon city only and hence results cannot be generalized.
The results may help the health insurance providing companies to understand a diversified set of mind of the insured, so that they can come up with the strategies that are aligned with the customers’ expectations.
Health insurance, Personal factors, Marketing factors, Product factors, Social factors and Security factors
