ARCHIVES
VOL. 10, ISSUE 5 (2023)
Demographic, socio-economic, and psychographic factors that affect life insurance ownership: A review
Authors
Nisha, Dr. Silender Singh
Abstract
This paper aims to review the available literature on different factors
(demographic, socio-economic, and psychographic variables) that affect life
insurance ownership. There are many unforeseen circumstances and adverse
outcomes in life, most of which occur unexpectedly. A person's life may be
irrevocably changed by certain situations, leaving his/her loved ones
in shambles. It would be wise to get an appropriate life insurance
policy to decrease the financial strain on one's loved ones after
his/her demise. Researchers from India and overseas have conducted several
studies and have identified a variety of variables that influence life
insurance consumers' and investors' decisions. This study reviews such research
papers that have studied how various demographic, socio-economic, and
psychographic variables connect to different levels of life insurance
ownership. Findings of the prior literature revealed that most of the demographic
and socio-economic factors influence the decision of people to purchase a life
insurance policy while some factors have no influence. It is also discovered
that psychographic aspects include attitudes, beliefs, awareness, preferences,
advantages, purchasing purpose, and purchasing intention as some of the factors
that impact a person's decision to acquire life insurance.
Download
Pages:8-13
How to cite this article:
Nisha, Dr. Silender Singh "Demographic, socio-economic, and psychographic factors that affect life insurance ownership: A review". International Journal of Multidisciplinary Research and Development, Vol 10, Issue 5, 2023, Pages 8-13
Download Author Certificate
Please enter the email address corresponding to this article submission to download your certificate.