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Enhancing life insurance penetration and density in India: purchase intention modelling

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  • Upendra Nath Shukla

Abstract

In the emerging economy like India the level of insurance penetration and density is continuously dropping since the year 2010 (IRDA annual report 2014-15) due to sluggish demand of life insurance because of disinterested individuals to buy life insurance. Consequently to understand the interest level and purchase intention of life insurance in India a survey of 580 individuals is conducted in the city of Lucknow and rural surroundings to understand buying intention of life insurance. Applying logit regression it's estimated that age, education, occupation and willingness to buy life insurance for tax saving are significant parameters to estimate the probability of purchase of life insurance. It's estimated that with increasing age intention to buy life insurance decreases. The above findings seems conducive for growth of industry but life insurance is still not purchased as a basic need which is the major area of concern as well to enhance life insurance penetration and density in India.

Suggested Citation

  • Upendra Nath Shukla, 2018. "Enhancing life insurance penetration and density in India: purchase intention modelling," International Journal of Economics and Business Research, Inderscience Enterprises Ltd, vol. 15(2), pages 141-154.
    • Handle: RePEc:ids:ijecbr:v:15:y:2018:i:2:p:141-154
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    Cited by:

    1. Hany A. Saleh & Abdelkader Derbali, 2020. "The Importance of Internal and External Factors in Defining the Profitability of UK Insurance Companies," International Journal of Finance, Insurance and Risk Management, International Journal of Finance, Insurance and Risk Management, vol. 10(4), pages 25-39.

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