Study on pre-purchase behavior of consumers for the purpose of purchasing life insurance products - in the context of Rajkot city",Most Reffered & Peer Reviewed

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.