Literature review

Customer’s perception towards taking life

insurance

Mr. Sandeep Deshmukhet al. Conducted survey on customer’s perception for taking
life insurance: A critical analysis of life insurance sector in Nagpur in 2017. The main
objective of this study was to explore the various reasons influencing customers to take life
insurance and rank the responsible for taking of life insurance. The convenience sampling
used in this study with 200 samples. The parameters were savings, wide risk coverage, Tax
shelter, reasonable premium, image and popularity of the policy. They used descriptive
statistics. The primary data was obtained by questionnaire method. The data collection tool
is structured questionnaire. The study revealed not all the reasons for taking life insurance
had equal importance. It can be concluded that savings, wide risk coverage and tax shelter
are the most important reasons as compared to others for taking life insurance in Nagpur
District.

Sandeep Chaudhary conducted a survey in Amritsar, Ludhiana and Chandigarh on 100

respondents to find out consumer perception regarding life insurance policies. The
statistical techniques used for analysis were descriptive and factor analysis. The main
objective of this study were to determine the awareness level of consumers regarding life
insurance policies, to know the satisfaction level of consumers with respect to private and
public insurers and examine the attributes that consumers prefer while purchasing a life
insurance policy. They used convenience sampling for the study. The primary data was
collected through a self-administered questionnaire that contained questions relating to the
objectives of the study. The main finding of the study reflected that there were six factors
i.e. customized and timely services, better company reputation, customer convenience,
tangible benefits, effective service quality and healthy customer client relationship that
influence the consumer perception towards life insurance policy.