ANVESHAK-International Journal of Management

Open Access Open Access  Restricted Access Subscription Access
Open Access Open Access Open Access  Restricted Access Restricted Access Subscription Access

Determinants of Purchase of Health Insurance in Gujarat – A Study of Social Factors


Affiliations
1 Professor and Principal, Prin M C Shah Commerce College, Ahmedabad – 380014, Gujarat, India
2 Assistant Professor and Head of Economics Department, Prin M C Shah Commerce College, Ahmedabad – 380014, Gujarat, India
     

   Subscribe/Renew Journal


Various factors determine the decision regarding health insurance purchase. The present study has taken into account various Social Factors as one of the determinants of consumer purchase decisions of health insurance in Gujarat. The technique of Factor Analysis or Principal Component Analysis has been applied to determine the most influencing Social Factors. It was found that Social Awareness about health insurance among consumers and Concern over increasing Healthcare Cost are the most important factors which are taken into account by the consumers while buying health insurance in the state of Gujarat.


Keywords

Consumer Behaviour, Factor Analysis, Healthcare Cost, Health Insurance, Social Awareness, Social Factors
Subscription Login to verify subscription
User
Notifications
Font Size


  • Aishwarya, V. & Raghunandan, M.V. (2020). A study on factors influencing customer’s choice for life insurance company- With reference to Mysuru City. International Journal of Scientific & Technology Research, 2020, Vol. 9, No. 1, pp. 3163–3164.

  • Annamalah, S. (2013). Profiling and purchasing decision of life insurance policies among married couples in Malaysia. World Applied Sciences Journal, 2013, Vol. 23, No. 3, pp. 296–304.

  • Arun, T., Bendig, M. & Arun, S. (2012). Bequest motives and determinants o micro life insurance in Sri Lanka. World Development, 2012, Vol. 40, No. 8, pp. 1700–1711. https://doi.org/10.1016/j.worlddev.2012.04.010

  • Aurelija, U., Marija, K. & Yannick, L. M. (2013). Determinants of Insurance Purchase Decision Making in Lithuania. Inzinerine Ekonomika-Engineering Economics, 2013, Vol. 24, No. 2, pp. 144–159. https://doi.org/10.5755/j01.ee.24.2.3439.

  • Bodla, B. S. & Verma, S. R. (2007). Life Insurance Policies in Rural Area: Understanding Buyer Behaviour. ICFAI Journal of Services Marketing, Vol. 5, No. 4.

  • Esau, E. Y. (2015). Factors affecting Consumer Purchase Decision on Insurance Product in pt. Prudential life Assurance Manado. Journal EMBA, 2015, Vol. 3, No. 3, pp. 491–501.

  • Guru, P. & Umamaheswari, D. (2019). Consumer buying behaviour towards Life Insurance Policies in Thanjavur City. International Journal of Recent Technology and Engineering, 2019, Vol. 8, No. 2S4, pp. 727–730. https://doi.org/10.35940/ijrte.B1146.0782S419.

  • Hecht, C. & Hanewald, K. (2010). Sociodemographic, economic and psychological drivers of the demand for life insurance: Evidence from the German retirement income act. (No. 2010-034), SFB 649 discussion paper.

  • Heo, W., Grable, J. E. & Chatterjee, S. (2013). Life insurance consumption as a function of wealth change. Financial Services Review, 2013, Vol. 22, No.4, pp. 389–404.

  • Kakar, P. & Shukla, R. (2010). The determinants of demand for life insurance in an emerging economy-India. Margin: The Journal of Applied Economic Research, 2010, Vol. 4, No. 1, pp. 49–77. https:// doi.org/10.1177/097380100900400103.

  • Liebenberg, A. P., Carson, J. M. & Dumm, R. E. (2012). A dynamic analysis of the demand for life insurance. Journal of Risk and Insurance, 2012, Vol. 79, No. 3, pp. 619-644. https://doi.org/10.1111/j.15396975.2011.01454.x.

  • Mistry, D. S. (2011). Advantage Gujarat in Spiritual Tourism. Journal of Production Research & Management (Special), 2011. pp. 1–9.

  • Mistry, D. S. & Singh, G. (2015). Determinants of Insurance Product Performance in India. University Journal of Research, 2015, Vol. 1, No. 1, pp. 90–106.

  • Mistry, D. S. & Vyas, P. C. (2021). Consumer buying behaviour towards health insurance in Gujarat. D. Nilkant, V. Agarwal, & B. K. Sunitha, Sustainable Marketing (pp. 136–157). Pune: Eureka Publications.

  • Pahwa, B. & Gupta, M. (2019). A study of factors influencing the purchase decision of health insurance policies using AHP approach. An International Journal of Advanced Computer Technology, 2019, Vol. 8, No. 7, pp. 3285–3293.

  • Schlag, C. H. (2003). Determinants of demand for life insurance products - Theoretical concepts and empirical evidence. Swiss Re Economic Research & Consulting, 2003. pp. 8–9.

  • Shrivastava, N. & Singh, R. P. (2017). Effect of consumer characteristics on purchase motives and attitude towards life insurance: Study in Punjab Region. Scholarly Research Journal for Interdisciplinary Studies, 2017, Vol. 4, No. 35, pp. 6421–6427.

  • Srimannarayana, G. & Dhanavanthan, P. (2019). Exploration on consumer’s perception and buying behaviour of health insurance policies in Hyderabad City. International Journal of Engineering and Advanced Technology, 2019, Vol. 9, No. 155, pp. 190–198. https://doi.org/10.35940/ijeat.A1047.1291S52019.

  • Ulbinaite, A., Kucinskiene, M. & Le Moullec, Y. (2013). Determinants of insurance purchase decision making in Lithuania. Inzinerine Ekonomika, 2013, Vol. 24, No. 2, pp. 144–159. https://doi.org/10.5755/j01.ee.24.2.3439.

  • Uppily, R. (2016). A study on consumer behaviour on life insurance products - with reference to private bank employees in Chennai. International Journal of Engineering and Management Research, 2016,

  • Vol. 6, No. 3, pp. 644–651.

  • Zietz, E. N. (2003). An examination of the demand for life insurance. Risk Management and Insurance Review, 2003, Vol. 6, No.2, pp. 159–191. https://doi.org/10.1046/J.1098-1616.2003.030.x.


Abstract Views: 659

PDF Views: 0




  • Determinants of Purchase of Health Insurance in Gujarat – A Study of Social Factors

Abstract Views: 659  |  PDF Views: 0

Authors

Dharmendra S. Mistry
Professor and Principal, Prin M C Shah Commerce College, Ahmedabad – 380014, Gujarat, India
Pallavi C. Vyas
Assistant Professor and Head of Economics Department, Prin M C Shah Commerce College, Ahmedabad – 380014, Gujarat, India

Abstract


Various factors determine the decision regarding health insurance purchase. The present study has taken into account various Social Factors as one of the determinants of consumer purchase decisions of health insurance in Gujarat. The technique of Factor Analysis or Principal Component Analysis has been applied to determine the most influencing Social Factors. It was found that Social Awareness about health insurance among consumers and Concern over increasing Healthcare Cost are the most important factors which are taken into account by the consumers while buying health insurance in the state of Gujarat.


Keywords


Consumer Behaviour, Factor Analysis, Healthcare Cost, Health Insurance, Social Awareness, Social Factors

References





DOI: https://doi.org/10.15410/aijm%2F2021%2Fv10i2%2F160800