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“A study of rural market awareness towards privet life insurance w.r.t. North Maharashtra Region” Mr. Pati Yogesh Arvind, Dr. Mahajan Yogesh D. Assistant Professor Kces's Institute of Management and Research, Jalgaon Online published on 8 August, 2018. Abstract Human life is full of risks like accidents, earthquake, serious illness etc. These risks causes incurring losses in human life which may be beyond the capacity of human to bear. Now a days life insurance is best financial mean available to bear the life risks. In 2000 Government of India allowed private player and FDI in life insurance industry. So whole Indian market is now open for private life insurance companies. But Indian market is divided into two parts i.e. urban and rural. Most of population (69% according to 2011 census) of India living in rural market. This huge market is still untapped and have great potential for life insurance. Private insurance companies have golden opportunity to enter in this market. This study will help private insurers to find out the awareness of private life insurance in the rural population w.r.t. north Maharashtra region. A researcher interviewed 1000 rural respondents from rural households by using questionnaire. In rural market, the awareness of private life insurance was found to be 65% but 86% rural people knew the LIC. Apart from this only 36% people have sufficient information of private life insurance. That means they don't know the private life insurance is controlled by government authority (IRDA). In case of fund security, claim settlement, maturity benefits rural people less believe on private life insurance. Still 90% rural peoples said that life insurance is essential for life risk coverage. That means there is scope for private players to go and create awareness among rural people to tap this potential market and expand their business. Top Keywords Life Insurance, Private Life Insurance, Rural Market, Rural Market awareness. Top | |
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