A Study on Exploration of Factors for Consumer's Behaviour Economics in Banking and Insurance Industry

Abstract

Economic considerations influence consumers' behavior since they expect to receive some return on their investment and are eager to accumulate more interest over time. Therefore, the banking and insurance industries offer a large platform for those customers who have faith in these sectors and are prepared to invest by buying policies or other alternatives for the various utilities, consumers eager to invest, and consumers based on their needs, offer by industry and decision. By purchasing life insurance, people can safeguard their families financial future in the event of their own untimely passing. Life insurance plays a crucial role in the financial security of a significant portion of society because of the lack of access to formal financial markets and the lack of knowledge and financial literacy. Particularly crucial are the rural and less affluent segments of society. In this study, 415 respondents from Madhya Pradesh, especially Indore, Bhopal, Gwalior and Ujjain, were chosen through random technique and the study area is the banking and Insurance Industry where they have to take decisions carefully for their future planning.