Abstract:
As we know nowadays due to covid-19 and different diseases many people attract to purchase
life insurance. So, problem is the researchers’ here what the main purpose of life insurance and
this research paper tries to analyze the purpose of buying Life Insurance Products as Pre-
Purchase Behaviour of Customers and whether they differ the purpose of buying Life Insurance
products with regards to demographic factors. The data was collected by the researcher from the
140 colleges and university Teachers/Professors through a structured questionnaire. The
researcher has used Counts, Percentage, Weighted Average Means, Mann Whitney-U test, and
Kruskal Wallis-test used. The findings of the study the most important purpose/need for
purchasing life insurance products has been identified as “Protection Against the Risk of Death”
85.71% agree with this statement followed by Weighted Arithmetic Mean (W.A.M) = 39.47. The
second most important purpose/need is “To provide me/my family members with some extra
money at the time of retirement because W.A.M= 37.73. As far as the most important
demographic factors affecting the purpose/need for life insurance products are different Age
Groups and Dependent Family Member/s as they have a significant effect. Other factors like
Gender, Education Qualification, Marital Status, Nature of Family, Number of Earner/s in the
Family, Monthly Income are not significantly affected by consumers’ purpose of buying life
insurance products.
