Examining Evolving Trends: A Study on the Changing Dynamics of Policyholders' Behavior Towards Life Insurance Products in Odisha

Abstract

Aims: The study aims to evaluate the impact of corporate policy on life insurance policyholders' purchasing intentions. Additionally assessed are the effects of agent conduct and financial independence on the purchase of insurance products. The influence of demographic parameters like income and education level is also attempted to be tracked. Sample: The study is restricted to the Indian state of Odisha, and the sample size is 142 respondents. Study Design: The process of analyzing data is exploratory. The survey is conducted using a qualitative, structured questionnaire to get information about customer behavior and purchasing intentions for life insurance products provided by Indian life insurance companies. Place and Duration of Study: The place of study is restricted to Odisha and the data were collected in the year 2023. Results: It has been discovered that while Company Policy does not have a substantial impact on policyholders' buying intentions, elements like agents' behavior, self-sufficiency, and financial behavior do. Similar to how income has a big effect on purchase intentions Conclusion: This research focuses on customers' attitudes towards investing in insurance products in Odisha. We also examined policyholder attitudes in light of their socioeconomic circumstances. We discovered that elements like as agents' attitude, self-sufficiency, and financial behavior have a considerable impact on policyholders' purchasing intentions.