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They prefer convenient source for getting insurance policy to Insurance Agent and bank both. It can be seen in figure 2. Convenient Source for getting Insurance Plans Source: Figure 2 depicts maximum customer prefer insurance agent as a most convenient sources for getting insurance policy products and bank get second preference regarding same.
A very few customer wants to take insurance policy from financial institutions and brokers.
After the involvement of various distribution channel in this field insurance agent is dominated factor for convent source for distributing insurance product. Thus insurance agents still remain the main source through which insurance products are sold.
It was found that in post-liberalized-era, government service men of age group population are more aware of buying insurance policy for several purposes. A major segment of age group below 25 years and more than 55 years, are not able to buy insurance plan.
They cannot identify suitable products according to their need. Mostly urban educated graduates or post graduate people purchase maximum risk cover plans by insurance companies, as compared to others degree holders. Less number of the Intermediates passed respondents is under insurance covers because they are not able to get suitable products.
The family size is having maximum insurance policies as compared to other family sizes in the study area.
Meddle income group population, who belongs to Rs. High income group respondents prefer other alternatives of investments and savings other than insurance plans. Mode of Insurance Awareness: Although there are a lot of modes of communications which are available for getting information, but the study found that the in Insurance industry, insurance agents are more appropriate medium for information transfer and any guidance or change in insurance products.
A very few respondents are getting information through websites and modern mode of communications.
News papers are also play an important role for updating knowledge about insurance products. During the study it was found, although there are so many insurance distribution channels have grown like banks, financial institutions, corporate agents etc.
This globalised economy affected the Indians values and family system. So that more nuclear families believed on insurance sector for covering their risk and future plans.
After the privatization of insurance markets so many flexible and diversified insurance plans came into existence and they are attracting the young age public for insurance and saving purposes.Explore Financial Management Projects Topics, Finance Project Topics List or Ideas, Accounting Based Research Projects, Latest Synopsis Examples, Abstract, Base Papers, FM Thesis Ideas, Corporate PhD Dissertation for Financial Management Students FM, Reports in PDF, DOC and PPT for Final Year MBA, BBA Diploma, BSc, MSc, BTech and MTech Students for the year and The Insurance sector in India governed by Insurance Act, , the Life Insurance Corporation Act, and General Insurance Business (Nationalisation) Act, , Insurance Regulatory and Development Authority (IRDA) Act, and other related Acts.
in the financial sectors in India. The Indian financial services sector has witnessed exponential growth in the last decade—a growth (SCBs), insurance companies, non-banking financial companies (NBFCs), mutual funds, specialised foreign institutional investors (specialised FII), 2.
PwC. Current fraud trends in the financial sector PwC. 8 Insurance industry: Challenges, reforms and realignment Insurance industry dYf\k[Yh] Premiums According to Swiss Re, India’s ranking in the world insurance market based on. Life Insurance Corporation of India is one of the most significant public sector which plays excellent job in selling its products.
But since last few years it is facing tremendous competition as many private players have emerged. The Indian Insurance Industry is loosely segmented into public and private insurance companies. Before twelvemonth , merely public sector insurance companies were allowed to make concern in India.