Consumer Buying Behaviour of Life Insurance Products With Special Reference to Khammam District: An Empirical Study

Journal Name: 
Journal of Accounting and Finance
Volume: 
Vol. 29 - No. 1
Authors: 
Author Name Designation Organization
P. Naga Raj
B.R.Megha Raj
M.Sudhir Reddy
Abstract: 

“Apraaptasya praapanam yoga; Praaptsya rakhanam kshema”- Thus says Shankara in his commentary on Bhagavadgita (Geetha Bhashyam). Yoga means getting the things one has not got and Kshema means protection of things one has got. “Insurance affects everything and everything affects insurance” is a famous quote.. Life Insurance is a social security tool. It provides the much needed security and when the income of the head of the family ceases owing to the unexpected risk, the family is protected to the extent of insurance coverage. More than 70% of Indians live in villages but the rural life insurance penetration is as low as 25% as at March, 2009. Essentially focus on khammam district to know the consumer buying behaviour on life insurance products. Most of the research work done in  the rural areas of khammam district of newly born Telangana state. The Government of India has nationalized life insurance industry in 1956 by the amalgamation of two hundred and odd private companies and established LIC of India with a mission to spread the message of life insurance to rural areas. The Government of India established Malhotra Committee to study and recommend structural reforms in insurance industry. As per its recommendations, the government has opened up the industry to private players and established a regulating agency called =IRDA‘in 2000 with an object to regulate and develop insurance to all the deserving lives.