Factors Influencing the Preference of Life Insurance Corporation (With Special Reference to Chennai City)

Abstract

Insurance has become a primary aspect in everyone's life today. It is a written contract of insurance that offers protection against future loss of human. The life insurance generally helps to insure the life of people. A definite compensation is provided by the insurer to the insured person.Life Insurance Corporation has its character estimation in terms of understanding the customers for their cause in investment into insurance plans. Indian economy is developing and having huge middle class societal position and salaried persons.Life Insurance Corporation of India, the capital thorough business, offers the most important monetary instrument to customers aimed at security as well as long term savings. The purpose of the study to identify the factors influencing the customer to prefer the life insurance policyholder in Chennai city. The main objective of the study analyse the factors influencing the preference of Life Insurance Corporation.The study both primary and secondary data. The primary data collected from customers through the questionnaire method. The sample size is 360. A convenient sampling method was used for the study.The analyse used to mean score analysis and Chi-Square test. The concluded of the study important factors that have influence on the purchase decision of the life assurance product are trust, education and income. On the opposite hand, there are often various reasons for not possessing the life assurance. They also might be either demographic or psychological. Life insurance is a critical form of insurance and it is important for each individual. The customer maintenance and very interesting customers is the key to success of every life insurance so they should ensure to keep their customer satisfied.