International Journal of Banking, Risk and Insurance

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

Is Life Insurance a Social Security Tool or an Investment? Post Reforms Karnataka Experience


Affiliations
1 Business Administartion, University of Mysore, Mysore., India
     

   Subscribe/Renew Journal


Life insurance is regarded as an essential commodity in terms of social security, which reduces or eliminates the risk of life and property. But delivering world class insurance products to the clientele has been one of the priorities for the policy makers at the time of liberalizing the insurance market in India. Hence, India has moved from the traditional insurance products that function as social security to products that are linked to investments in stock market.

The present study attempts to know whether the Indian insurance buyers still perceive life insurance as a social security tool or as an attractive investment option linked to equity after deregulation. Various statistical analyses are carried out using tools such as Descriptive statistics, ANOVA, Levene's Test for Equality of Variances, Tukey-HSD Multiple Comparisons to arrive at concrete findings and based on which suggestions are offered.


Keywords

Deregulation, Social Security, ULIPs, Demographic Variable, Economic Variable, Tukey-HSD Multiple Post Hoc Test, And ANOVA
Subscription Login to verify subscription
User
Notifications
Font Size


  • Acharya, T., Mishra, H. & Seshaiah, S. V. (2006). Customer Preferences in General Insurance Industry in India. The ICFAI Journal of Services Marketing, September, 4(3), pp. 19-24.

  • Beck, T.. & Ian Webb, I. (2003). Economic, Demographic and Institutional Determinants of Life Insurance Consumption across Countries. The World Bank Economic Review, 17(1), pp. 51-88.

  • Chadha, S. K., & Kapoor, D. (2008). An Attribute Based Perceptual Mapping of the Selected Private Life Insurance Companies: An Empirical Study in Ludhiana. The Journal of Business Perspective, 12(3), pp. 53-60.

  • Christiansen. & Neils. (1988). Consumer Perception and the Life Insurance Industry. The Journal of the American Society of CLU & CHFC, 42 (2), pp. 9-10.

  • Crosby, L. A. & Jacobs, R. S. (1991). Effects of Life Insurance Price Rebating on Simulated Sales Encounters. The Journal of Risk and Insurance, 58 (4), pp. 583-615.

  • Dagudu, V. R. (2006). Internet Impact on Insurance Distribution. The Icfai Journal of Services Marketing, 4(4), pp. 23-27.

  • Joshi, N. N. (2003). Changing Customer Expectations in the Post Liberalization Era. Presentation at the FORTE Conference organized by FICCI, New Delhi.

  • Oza, A. (2009). Consumer Education in Insurance-Towards Correct Risk Perception. IRDA Journal, March, 7(3), pp. 30-32.

  • Palli, M. (2006). A Study on Assessing Life Insurance Potential in India. Bimaquest, 6(2), pp. 22-38.

  • Srivatsava, A. (2004). Effect of Demographical Factors in Consumer Buying Behavior-A Study with Specifi c Reference to Indian Life Insurance Industry. Journal of Synthesis, pp. 34-37.

  • The Hartford Financial Services Group Inc. (2003). Life Insurance Perception Gap American Banker. 00027561, 168(81), pp. 19.

  • www.Irdaindia.org

  • www.licindia.com

  • www.birlasunlife.com

  • www.indiainfoline.com


Abstract Views: 692

PDF Views: 4




  • Is Life Insurance a Social Security Tool or an Investment? Post Reforms Karnataka Experience

Abstract Views: 692  |  PDF Views: 4

Authors

Mahesh R. Rajgopal
Business Administartion, University of Mysore, Mysore., India

Abstract


Life insurance is regarded as an essential commodity in terms of social security, which reduces or eliminates the risk of life and property. But delivering world class insurance products to the clientele has been one of the priorities for the policy makers at the time of liberalizing the insurance market in India. Hence, India has moved from the traditional insurance products that function as social security to products that are linked to investments in stock market.

The present study attempts to know whether the Indian insurance buyers still perceive life insurance as a social security tool or as an attractive investment option linked to equity after deregulation. Various statistical analyses are carried out using tools such as Descriptive statistics, ANOVA, Levene's Test for Equality of Variances, Tukey-HSD Multiple Comparisons to arrive at concrete findings and based on which suggestions are offered.


Keywords


Deregulation, Social Security, ULIPs, Demographic Variable, Economic Variable, Tukey-HSD Multiple Post Hoc Test, And ANOVA

References