An Awareness  of Indian Life Insurance Customers : A Study

DR. SUDHANSU SEKHAR NAYAK; DR. ANIL KUAMR SAHU

Volume : VI, Issue : II, February - 2016

An Awareness of Indian Life Insurance Customers : A Study

Dr. Sudhansu Sekhar Nayak, Dr. Anil Kuamr Sahu

Abstract :

 Life insurance need of a person is the functions of his age, income, number of dependants, supporting ead winners and above all his physical status. The life insurance plans are of many kinds and designed to meet the varied needs. One plan alone may not meet all the needs but appropriate judicious mix of plans gives better result. In order to go for a judicious mix the awareness of insured about the life insurance fundamentals and products is inevitable. All the groups of insured under different socio–economic profile are ignorant to the pure life insurance products, as their term plan awareness level is extremely poor and ranges from 12% and 33%. The awareness level of insured is very strong on the savings oriented life insurance products like endowment and money back. The level of awareness is high and ranges from79% to 100%. The new age products like pension plans and ULIPs are known only to the high profiles like Insured of high income, highly qualified and high occupational status.