Challenges Faced By Life Insurance Policy Holders In India With Reference To The Marketing Mix Adopted By The Life Insurance Companies

  • Mrs. E. Jeevitha et. al

Abstract

Life insurance is a contract between insurer and insured for a certain sum assured, which will be provided in case of any unfortunate event. This paper discussed about the coverage of financial risk of the policyholder with reference to the marketing mix of the life insurance companies. Challenges faced by the policy holders with respect to 7 P's of marketing namely Product, Place, Price, Promotion, People, Process and Physical Distribution strategies of life insurance companies are discussed in this paper. It was discussed that variety and complexity of the products, different pricing by different companies for similar products, doubts in claim settlement process are some of the challenges faced by the life insurance policyholders. The paper concluded with suitable suggestions to remove these challenges and to improve the life insurance penetration in India

Published
2019-11-11