BEHAVIOUR PATTERN OF CONSUMER TOWARDS ENDOWMENT POLICY IN LIC AT THURAIYUR

Abstract

Product and service distribution is a crucial function in the management of any insurance business. It is more crucial because the product is intangible, investment is for both short & long term and there are realizable and unrealisable benefits. Therefore, distribution of such products calls for predistribution planning to establish a linkage between product quality, value and behavioural aspects of targeted customers. Distribution is a key determinant of the success of all insurance companies. Insurance companies market various product covers either directly or through various distribution channels like corporate agents, Banc assurance, brokers etc. These are generally called the traditional channels. In today’s scenario agents continue as the prime channel for insurance distribution in India and almost all the players follow this channel primarily. However, with new development in consumer’s behaviour, evaluation of technology and deregulation, new distribution channels have been developed successfully and quickly in recent years. With the opening up of the insurance sector, so many players entered in the Indian Insurance Industry. In this way, it is required by Insurance Companies to concoct settled framework offices with great call focus administration to pull in and give data to the client in regards to various items and their top-notch installment conspire. As there is a huge potential in the rustic market that is the reason insurance agencies require great dissemination quality and colossal labor to connect such a gigantic populace. So far as Banc affirmation is concerned, enactment has additionally allowed to banks for the protection business. Presently, the banks are beginning to end up plainly a more different budgetary foundation and the idea of widespread managing an account has been received.