An Empirical Investigation on Opportunities and Challenges in Marketing of Life Insurance Products in the Rural Areas of Tamil Nadu

Abstract

It is well recognized that the availability and affordability of insurance protection is a necessary requirement for the sound functioning of a modern economy. Therefore, there is urgency for insuring everyone across their many unforeseen risks in order to ensure security and sustainability at multiplelevels, namely individual, family, community, and commercial, at society and at country level. Presentstudy is an attempt to know the demographic characteristics of the insured population and its relationship with the marketing aspects of the life insurers. Study concludes that low level of insurance awareness and lack of consistency in income are the two major constraints in bringing the rural folk in to the insurance net. And it is suggested that the customers of higher contribution need to be reminded that they made a wise investment in their life insurance through repeated communications which keeps them to continue with their policy. And also the customers of lesser sum insured can be motivated by introducing innovative products that offer flexibility in the premium payment period.