Consumer behavior on life insurance policy: a special study to Kinniya Muslim society

Abstract

Insurance is an important factor to promote economic development and stability in a country. Insurance is obtained to have compensation for disaster or risk or danger, conformed by an individual or in the name of property insured. It is aimed to identify in having Life Insurance Policy, habits and interest of the people of the Kinniya DS area. The main aim of the research is to identify the factors dominating over the Life Insurance purchased and the ways and means of promoting the habits of purchasing Life Insurance and also to find out whether necessary information about the importance of the Life Insurance, Policy is accessible to the people in Kinniya DS area. To carry out a research the qualitative and quantitative data are necessary. In this research work qualitative data is only utilized. Also with a random sample and analytical method is mainly handled with a suitable inductive method. The main factor for the backwardness in enjoying the benefit of Life Insurance Policy among the people of Kinniya DS area is the religion beside ignorance, about the importance of Insurance Policy. Financial difficulties, other practical problems purchasing Insurance Policy are the factors that lead to the backwardness. So it is proposed that in order to remove this setback among the people in Kinniya the Insurance Agency should consult the Muslim religious scholars to have a new or reorganized or restructured Insurance Policy for implementation to improve the condition of the people in Kinniya