Understanding the perceptions of indian college students towards life insurance and their preferences on researching & purchasing the same

With the ushering of the economic reforms and the establishment of Insurance Regulatory & Development Authority, the insurance industry in India became more open for the companies and consumer friendly for the people. Private players emerged in the insurance space, and several banks in both the public and private sector adopted the bancassurance model of operation.

The study conducted a survey among college students to analyze their perception & preferences for life insurance, along with examining their banking activities to check for impact of banking experience on insurance related decisions. The survey responses revealed the dominance of Life Insurance Corporation (LIC), the largest public-sector player, in the life insurance market, with the banks slowly gaining ground.

Youngsters preferred advice from friends, family and agents over online research, for future life insurance purchase. Though comfortable in making online payments & using net banking services, they didn't prefer online mode for buying life insurance. When it came to banks, a good branch experience increased the chances of youngsters accepting a life insurance policy from their banks.