Consumer Perception Regarding Life Insurance Policies: A Factor Analytical Approach
Insurance companies play an important role in the welfare of human well being by providing protection to millions of people against life risks such as uncertain death or accident. Even the life insurance is fastest growing service sector in India after privatisation and increase in FDI. Thus it has become essential to study the buying pattern of the life insurance policies. The current study examines the various factors that affect the consumer perception towards life insurance policy. Data was collected with the help of structured questionnaire. The sample constituted of 100 respondents from Amritsar Ludhiana and Chandigarh. The statistical technique used for the analysis are descriptive and factor analysis. The main finding of the study reflected that there are six factors i.e. customised and timely services, better company reputation, effective service quality customer convenience tangible benefits and healthy customer client relationship that influence the consumer perception towards life insurance policy