A Study on Consumer Perception Towards Life Insurance Products in Raipur, Chhattisgarh

ABSTRACT Marketers of life insurance products must discount all those variables affecting consumer awareness, perception, behaviour and satisfaction. The current research is an empirical one and employs secondary as well as primary data. The secondary data has been gathered from official reports, magazines and journals, books and official websites. All the public and private life insurance companies of Raipur and their customers form population of study. Primary data were obtained by using questionnaire. 103 customers were approached for sampling to collect primary data. The consumer behavior towards life insurance products was analyzed and found that most of the respondents possessed either one or two life insurance policies. It was found in the study that regardless of the several socio-economic factors, most of the respondents chose the insurance company based on brand image and personal relationships. The research revealed that urban consumers were found to be more affected by the advertisement of life insurance companies compared to rural and semi-urban consumers. The consumer satisfaction analysis towards life insurance products revealed that in terms of risk coverage, bonus, premium, and other features of the product, LIC customers were found to be more satisfied than private life insurance company customers. The analysis also illustrates that there is great variation between LIC and private companies as far as agent's visit, help in procuring policy documents and help in premium notices are concerned. The analysis demonstrates that there is great variation in the after sales services of LIC and private life insurance companies. The limited awareness and availability of the innovative modes of service delivery are also highlighted to the concern. KEYWORDS : Life Insurance Product, Consumer Satisfaction, Consumer Perception, LIC, Urban and Semi-Urban Customers.