A study on Consumers Behaviour - Literature Review Towards Life Insurance Sector

Abstract

In Present Marketing Scenario, the Study of Consumer Behavior has become essential. Consumers are the kings of markets. Without consumers no business organization can run. All the activities of the business concerns end with consumers and consumer satisfaction. Customer behavior study is based on consumer buying behavior, with the customer playing the three distinct roles of user, payer and buyer. Consumer buying behaviour has become an integral part of strategic market planning .. It blends elements from psychology, sociology, social anthropology and economics. The study of consumer behavior provides marketers to understand and predict the future market behavior. Life Insurance is the fastest growing sector in India since 2000 as Government allowed Private players and foreign direct investment (FD!) up to 26%. Life Insurance in India was nationalized by incorporating Life Insurance Corporation of India (UC) in 1956. Life insurance industry in India being in nascent stage has been found very sensitive to myriads of issue particularly when we talk of buying pattern. This paper discuss about the effect of demographical element in consumer purchasing attitude for Life Insurance in India.