A Study on Perception of Taking Life Insurance Products with Reference to Chennai City

The insurance industry in India has seen an array of changes in the past one decade. The year saw an uprise in the Indian insurance sector as major structural changes took place with the ending of the government monopoly and the route of the Insurance Regulatory and Development Authority (IRDA) Bill lifting all entry restrictions for private players and allowing foreign players with some entry restriction and limits on direct investment ownership. With the fast-changing liberalization, globalization and privatization policies, the changing and growing needs and demands of people have made the insurance industry more competitive. Both public and private players now offer greater choice in terms of products and services. They also make valuable efforts to create awareness about the benefits and significance of insurance although there is still a blocking point among the people. This paper analyzes and rates all the life insurance companies by analyzing certain variables, measuring the customer perception, purchase behavior, and consumer awareness regarding the life insurance industry.