Demographic Analysis of Factors Influencing Purchase of Life Insurance Products in Gujarat

  Prof. Jaideepsingh H. Jetawat,  Dr. Snehalkumar H. Mistry

Abstract—Aim of this study was to identify the relationship between major factors influencing the purchase decision of customers while selecting life insurance products and changes in their preferences and choice due to different demographic factors i.e. gender and marital status in Gujarat state. A better understanding of consumer’s behavior through demographic analysis can play an important role in predicting demand for insurance. Thus an attempt has been made to study the customer buying behavior with a focus to identify the major factors and how it varies with change in demographic. Many life insurance related variables were identified from previous studies and respondents of Gujarat state were queried about the product variables which strongly influence their purchase decision. The study aims to find out the relationship of demographic characteristics of the respondents with five important factors influencing the purchase of a life insurance product namely F1 (Service Facilities by insurer), F2 (Socialization of customer), F3 (Easy access for customer), F4 (Product Attractiveness), F5 (Concern for family needs by customer) and F6 (Promotions by firm).

Keywords- Customer Preferences, Demographics, Consumer Behaviour, , Life insurance, Purchase decision

Unique Identification Number - IJEDR1703153
Page Number(s) - 1087-1094
Pubished in - Volume 5 | Issue 3 | September 2017
DOI (Digital Object Identifier) -   
Publisher - IJEDR (ISSN - 2321-9939)

  Prof. Jaideepsingh H. Jetawat,  Dr. Snehalkumar H. Mistry,   "Demographic Analysis of Factors Influencing Purchase of Life Insurance Products in Gujarat", International Journal of Engineering Development and Research (IJEDR), ISSN:2321-9939, Volume.5, Issue 3, pp.1087-1094, September 2017, Available at :http://www.ijedr.org/papers/IJEDR1703153.pdf