Purchase decisions considerations are driven by demographics: pragmatic approach to marketing efforts of private life insurance products

Today the success of any product depends upon the awareness level and satisfaction of consumers and the market share of any product is highly determined by the purchasing behavior of the consumers. Life insurance product has grown remarkably. However buyers still are hesitant for private Life insurance products. Moreover awareness and understanding the product are different things when it comes to understanding the life insurance product. This seems to get more complicated with private players in the country.
In India with more than a decade presence of these companies there still seems to be something that needs to be studied while purchasing insurance product. This study mainly focuses on determining consumers’ awareness of life insurance product and how their purchase decisions have been influenced by various factors. The study has been taken with 450 respondents within Pune city.Consumer demographic characteristics, convenienceand price sensitivity have shown to have an impact onthe awareness of these products. To achieve the aim and objective primary and secondary data was used with an extensive array of facts emerged both from the literature review and the survey was done to provide better insights into consumer awareness and consumer decision making. At the end, appropriate recommendations were made based on the findings of the study. This investigation would enable companies to upscale their presence and support the marketing efforts of marketing the life insurance products in Pune. With this knowledge, companies can formulate appropriate marketing strategies to promote their life insurance products and marketing campaigners can enhance their presence.