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This study examined consumer behavior and perceptions toward life insurance products offered by IDBI Federal Life Insurance Co. Ltd. in India. A survey of 80 customers in Siliguri and New Delhi found that the main factors influencing insurance purchases were security for money invested, tax benefits, and convenient payment options like monthly premiums. While most respondents were interested in savings products, those aged 18-30 were less inclined to buy life insurance. The study provides recommendations to better target younger customers and expand IDBI Federal's reach through increased distribution channels and offices in more locations.
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presentation on idbi federal life
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A Study of Consumer Behaviour in Relation to Insurance Products in IDBI Federal Life Insurance Co
This study examined consumer behavior and perceptions toward life insurance products offered by IDBI Federal Life Insurance Co. Ltd. in India. A survey of 80 customers in Siliguri and New Delhi found that the main factors influencing insurance purchases were security for money invested, tax benefits, and convenient payment options like monthly premiums. While most respondents were interested in savings products, those aged 18-30 were less inclined to buy life insurance. The study provides recommendations to better target younger customers and expand IDBI Federal's reach through increased distribution channels and offices in more locations.
This study examined consumer behavior and perceptions toward life insurance products offered by IDBI Federal Life Insurance Co. Ltd. in India. A survey of 80 customers in Siliguri and New Delhi found that the main factors influencing insurance purchases were security for money invested, tax benefits, and convenient payment options like monthly premiums. While most respondents were interested in savings products, those aged 18-30 were less inclined to buy life insurance. The study provides recommendations to better target younger customers and expand IDBI Federal's reach through increased distribution channels and offices in more locations.
A Study of Consumer Behaviour in Relation to Insurance Products in IDBI Federal Life Insurance Co. ltd. It is mainly focused in trying to understand the various factors responsible for the buying decision.
Purchase decision in general is prompt by number of factors, like Psycho graphical, Economical, Socio Political, Legal and Demographical and certain other factors such as, Customer Buying Behaviour, Customer Preferences and Perception, Brand Loyalty, etc.
RESEARCH OBJECTIVES
The main objective of this project is to study the consumer behaviour and various reactions of customers with reference to IDBI Federal Life Insurance Co. Ltd. To study the trends in life insurance market To study the profile of IDBI Federals customers. To study the investors behaviour with respect to IDBI Federal Life Insurance. To analyse the investors perception about IDBI Federal.
Methodology Obtaining first hand information by pitching to customers and getting the survey filled from them about the insurance products of IDBI.
Sample Size 80 respondents responded to the pre-designed questionnaire.
People of the age group 18-30 not bothered to buy a life insurance policy. People are interested in a savings scheme. Tax benefits are also a major factor why people like to buy a policy. Customers willingness to pay through easy payment options- online payment Monthly premium payment options rather than annually or half yearly. Brand image and past record of performance are major stimuli in buying decision. LIC is still the market leader in life insurance sector.
The study was conducted in Siliguri and nearby areas in West Bengal & New Delhi; hence the results can be biased and hence not exactly accurate. The survey was conducted on 80 respondents. The survey includes more number of responses of people within the age group of 18-30. Hence, the study may be biased, as at that age, income is less and people take life insurance lightly.
3 major reasons to buy a policy 1. Security of the money invested. 2. Saving for one or more specific purposes. 3. The availability of tax benefits.
Expectation of an insurance buyer 1. Saving should be a painless. 2. The money saved should be absolutely safe. 3. Convenient payment options
Need to tap the young crowd from the age group 18-30 because life is very unpredictable. More plans should be made that involve less period of premium payment. Idbi federals reach needs to be increased through social media (Facebook, Twitter, YouTube campaigns) other than television, radio, newspapers etc. Idbi federals insurance policies should have a range of premiums to suit every pocket size. In terms of distribution, we should increase the number of marketers- more channels of distribution and more intermediaries. Our company should have more offices at smaller towns and uncovered segments in the cities.