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Ajay Kushwaha Final Report on price sensitivity of life insurance products

Ajay Kushwaha Final Report on price sensitivity of life insurance products

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Published by ajaykushwa
project report on life insurance
project report on life insurance

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Published by: ajaykushwa on Aug 07, 2009
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11/16/2012

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This project basically aims to know that the impact of premium charged by
insurance companies on their life products have any impact on life
insurance investment pattern at infopark area in Ernakulam city. The
purpose of the study was to find out if the demand for the life insurance
product is affected by the change in price i.e. premium charged on life
insurance products or not. The main objective was to know the perception
and knowledge of customers on the premium charged by the insurance
companies on their life insurance products. The objective of the study was
also to find out the reasons why customers prefer one company over the
other and one product over the other and determine whether price is an
important variable in the choice of these decisions.

So my work is to know that the demand for life insurance products is price
sensitive or not. Generally all the life insurance companies quote the price
i.e. premium according to the age of the proposer and sum assured. And
the premium also increases because of the riders i.e. additional benefits
taken by proposer. Hence our work is to know whether the premium is the
important factor while choosing any life insurance products.

Actually price elasticity of demand is a measure of the sensitivity of
quantity demanded to changes in price. The responsiveness of quantity
demanded of the commodity to change in its price level is known as Price
elasticity of demand. It is calculated by dividing percentage change in
quantity demanded of the commodity to the percentage change in price
level.

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