A STUDY OF BUYING PATTERN OF LIFE INSURANCE

PURCHASE DECISION IN AMRAVATI CITY AFTER COVID-

19 SCENARIO

A Dissertation Submitted By

SAURABH K. YADAV
M.B.A. Programme (2020-22)

Under the guidance of

PROF. P. B. UDASI

TO

SANT GADGE BABA AMRAVATI UNIVERSITY

AMRAVATI
In Partial Fulfillment of the Requirements

For the Award of Degree of

MASTER OF BUSINESS ADMINISTRATION

-Through-
The Principal
P. R. Pote (Patil) Education & Welfare Trust`s
Group of Institutions (Integrated Campus),
College of Engineering & Management
Gajanan Township, Kathora Road, Amravati.
2021-22
 P. R. Pote (Patil) Education & Welfare Trust’s Group of
Institutions (Integrated Campus), College Of Engineering &
Management

GAJANAN TOWNSHIP CAMPUS, POTE ESTATE,

KATHORA ROAD, AMRAVATI

TEL: (Direct No.) 0721-2970110, Ext. 241 FAX: (0721) 2530344

Website: www.prpcem.org

Certificate
This is to certify that the dissertation entitled,
A STUDY OF BUYING PATTERN OF LIFE INSURANCE PURCHASE
DECISION IN AMRAVATI CITY AFTER COVID-19 SCENARIO

Submitted By

SAURABH K. YADAV

In partial fulfillment of the conditions for the award of degree

of Master of Business Administration to the Sant Gadge Baba
Amravati University, Amravati has been prepared under
my supervision and guidance. It is also certified that:
1. The candidate has satisfactorily conducted this research for not
less than one academic year.
2. The dissertation is of sufficiently high standard to warrant its
presentation for examination.

Guide HOD Principal

Date:
Place: Amravati
 Declaration

I Saurabh K. Yadav

hereby declare that the dissertation entitled,

A STUDY OF BUYING PATTERN OF LIFE INSURANCE

PURCHASE DECISION IN AMRAVATI CITY

AFTER COVID-19 SCENARIO

is the result of my own research work and

that the same has not been previously

Submitted to any examination of this or

any other university. The dissertation shall be

liable to rejection and / or cancellation if found

otherwise.

Saurabh K. Yadav
M.B.A. Programme (2020-22)
P. R. Pote (Patil) Education & Welfare Trust’s
Group of Institutions (Integrated Campus),
College of Engineering & Management
AMRAVATI
Date:
Place: Amravati
 Acknowledgement

I take this opportunity to express my thanks to all who individually and

collectively helped me in successful completion of this project.

It is my pleasure to place on record my sincere gratitude towards my

project guide Prof. P. B. Udasi, P.R.P.C.E.M. who spent her precious
time providing continuous encouragement and her expert guidance into
my project work. It was her direction and encouragement that motivate
me to steer through the research work confidently and successfully.

I would like to thank our HOD Prof. S. R. Shah, for providing all
facilities to complete the project

I would also like to thank our Hon. Principal Dr. D. T. Ingole for his
guidance &support

I would like to thanks my all respondent who given me valuable time to

fill questionnaire which are very important from this study point of
view.

At last but not least, a sincere thanks to all whom, in some way or the
other way helped me in completing my work under study

Date:

Place: Amravati Saurabh K. Yadav

 TABLE OF CONTENT
CHAPTER CHAPTERS PAGE
NO. NO.
List of Table I
List of Graphs II
Abstract III
1. NATURE AND SCOPE OF THE STUDY 1-11
1.1) Introduction 1
1.2) Review of Literature 7
1.3) Definition of the Problem 10
1.4) Objectives of the study 10
1.5) Need of the study 10
1.6) Scope of the study 11
2. ORGANIZATIONAL PROFILE 12-18
2.1) Brief History of Life Insurance 12
2.2) Product/Services Life Insurance 14
2.3) Indian Operation of Life Insurance 16
2.4) International Operation of Life Insurance 17
3. RESEARCH METHODOLOGY 19-21
3.1) Research Design 19
3.2) Sampling Design 19
3.3) Sources of Data Collection 19
3.4) Data Analysis Method 19
3.5) Working Definition 20
3.6) Limitations of the Study 21
4. ANALYSIS AND INTERPRETATION OF DATA 21-48
5. FINDINGS, CONCLUSIONS AND SUGGESTIONS 49-54
5.1) Findings 49
5.2) Conclusions 51
5.3) Suggestions 54
REFERENCE SECTION
Bibliography 54-59
Webliography
Annexure-I Questionnaire
 LIST OF TABLES

SR. TABLE PAGE

TITLE
NO. NO. NO.
1 4.1 Analysis of Age wise distribution 26
2 4.2 Analysis of Gender wise distribution of Respondents 27
3 4.3 Analysis of Marital Status wise Distribution of Respondents 28
4 4.4 Analysis of Family type wise distribution of Respondents 29
5 4.5 Analysis of family size wise distribution of the respondents 30
6 4.6 Analysis of Education wise distribution of respondents 31
7 4.7 Analysis of Occupation wise distribution of respondents 32
8 4.8 Analysis of Income wise Distribution of Respondents 33
Analysis of Respondents Awareness about Health insurance
9 4.9 34
plan
10 4.10 Analysis of Respondents having Health insurance plan 35
Analysis of Respondents opinion regarding factors covered in
11 4.11 36
schemes
12 4.12 Analysis of Investment wise distribution of respondents 37
13 4.13 Analysis of Features of Insurance plan wise distribution 38
Analysis of Respondents bought any life insurance policy for
14 4.14 39
anyone suffered from covid-19 in family
Analysis of Respondents opinion about life insurance help
15 4.15 40
family from safer in financial aspect
Analysis of Respondents Opinion about everyone should buy
16 4.16 41
the life insurance for them and for their family also
17 4.17 Analysis of Reasons for going in for health insurance policy 42
Analysis of Respondents Opinion about life insurance
18 4.18 company provides more benefits (Returns) associated with 43
policy
Analysis of Respondents opinion perception towards life
19 4.19 44
insurance policies after covid-19 pandemic
Analysis of Respondents opinion about necessities for buying
20 4.20 45
life insurance during the covid-19 pandemic
Analysis of Respondents opinion life insurance is must during
21 4.21 46
current covid-19 pandemic
Analysis of Respondents Factor Analysis on Reasons for
22 4.22 47
Taking Life Insurance (rank according to your priorities)
Analysis of Respondents agree or disagree with each of the
23 4.23 following statements regarding life insurance policies after 49
covid-19 pandemic
Analysis of Respondents opinion with regard to your
24 4.24 satisfaction with the life insurance policy (policies) you 51
bought
 LIST OF CHARTS

GRAP
SR. PAGE
H TITLE
NO. NO.
NO.
1 4.1 Analysis of Age wise distribution 26
2 4.2 Analysis of Gender wise distribution of Respondents 27
3 4.3 Analysis of Marital Status wise Distribution of Respondents 28
4 4.4 Analysis of Family type wise distribution of Respondents 29
5 4.5 Analysis of family size wise distribution of the respondents 30
6 4.6 Analysis of Education wise distribution of respondents 31
7 4.7 Analysis of Occupation wise distribution of respondents 32
8 4.8 Analysis of Income wise Distribution of Respondents 33
Analysis of Respondents Awareness about Health insurance
9 4.9 34
plan
10 4.10 Analysis of Respondents having Health insurance plan 35
Analysis of Respondents opinion regarding factors covered in
11 4.11 36
schemes
12 4.12 Analysis of Investment wise distribution of respondents 37
13 4.13 Analysis of Features of Insurance plan wise distribution 38
Analysis of Respondents bought any life insurance policy for
14 4.14 39
anyone suffered from covid-19 in family
Analysis of Respondents opinion about life insurance help
15 4.15 40
family from safer in financial aspect
Analysis of Respondents Opinion about everyone should buy
16 4.16 41
the life insurance for them and for their family also
17 4.17 Analysis of Reasons for going in for health insurance policy 42
Analysis of Respondents Opinion about life insurance
18 4.18 company provides more benefits (Returns) associated with 43
policy
Analysis of Respondents opinion perception towards life
19 4.19 44
insurance policies after covid-19 pandemic
Analysis of Respondents opinion about necessities for buying
20 4.20 45
life insurance during the covid-19 pandemic
Analysis of Respondents opinion life insurance is must
21 4.21 46
during current covid-19 pandemic
Analysis of Respondents Factor Analysis on Reasons for
22 4.22 48
Taking Life Insurance (rank according to your priorities)
Analysis of Respondents agree or disagree with each of the
23 4.23 following statements regarding life insurance policies after 49
covid-19 pandemic
Analysis of Respondents opinion with regard to your
24 4.24 satisfaction with the life insurance policy (policies) you 51
bought
 ABSTRACT

The Government of India made history on October24,2000 by once again

bringing back insurance business to private companies, which had earlier been
abolished 24 years ago. The opening of the insurance sector was facilitated
through the Insurance Regulatory and Development Authority (IRDA). Today,
organizations are competing in complex business environments characterized by
continuous changes in economic, social politico- legal and regulatory factors. The
insurance sector along with other elements of marketing, as well as financial
infrastructure, have been touched and influenced by the process of liberalization
and globalization in India. The customer is the king in the market. Life Insurance
companies deal in intangible products. With the entry of private players, the
competition is becoming intense. In order to satisfy the customer, every company
is trying to implement a consumer behavior program.

The Covid -19 pandemic and lockdown have impacted almost all the
industries and sectors across the world including the insurance sector which has a
significant contribution in the COVID-19 pandemic and its overall effect on the
business of Indian life insurance sector. The study is Descriptive in nature and
thus give new insight to related future researches. In order to conduct the study,
the data has been collected from various newspaper articles, online blogs, website
and annual reports of life insurance companies. Life insurance provides
individuals with a number of important financial services. In the face of
increasing urbanization, mobility of the population, and formalization of
economic relationships between individuals, families, and communities, life
insurance has been considered as a way for individuals and families to manage
income risk in future which is uncertain.

country’s GDP and economic development. This paper is an attempt to

study the effect oIt is important to understand the customers behavior towards
life insurance specially after covid-19. People understand the actual importance of
life insurance after the pandemic, how life insurance can help family or individual
in financial manner. The goal of this research to understand buying pattern as well
as to understand the customers expectation from insurance company for their
protection and welfare for them and their family. The survey has been conducted
amongst 100 customers to find out the major elements that impact the customers
and their buying behavior in the insurance sector.

Keywords: Life insurance, Covid-19, Buying pattern.