Study on the factors influencing investment preference of women in life insurance products in urban areas with special reference to Bengaluru

Abstract

India s Life insurance penetration and Life insurance density standing at 2.72% and 46.5% respectively and protection gap being 92% indicate the untapped potential of the Indian life insurance market (Source: IRDAI Annual Report 2017-18). Life Insurance is one such area where women are currently under represented, in the customer base. Compared to men, women remain uninsured and underinsured in much greater numbers. Most of the urban women are making a huge contribution to their household, well beyond a pay cheque and this contribution should be recognized when it comes to their life insurance. The potential income growth of Indian women in the future will convert them into a huge market for insurers. For insurers, who realize this potential, the women s insurance market could create an impact far beyond the bottom line. However, there are some aspects specific to women that may need to be factored in first before designing an insurance policy, exclusively for women. With the changing demographics and social changes, a better understanding of the investment preference of women towards life insurance would surely facilitate better market penetration in the women segment. Therefore, this research paper is oriented towards the study of the factors which influence the investment preference of women towards life insurance. newline