Investor Decision Making Pattern For Life Insurance Products At Lic Of India

Abstract

Investor decision-making in life insurance is a complex process influenced by various demographic, economic, and psychological factors. This study aims to analyze the patterns and determinants that drive investors' choices when selecting life insurance products at the Life Insurance Corporation (LIC) of India. The research examines key factors such as risk perception, financial literacy, income levels, investment objectives, and marketing influences that shape decision-making behavior. A mixed-method approach, including surveys and interviews with LIC policyholders, has been employed to gain insights into their preferences and selection criteria. The findings reveal that factors such as tax benefits, security, long-term wealth creation, and trust in LIC's reputation significantly impact investor decisions. Additionally, socio-economic variables such as age, occupation, and family responsibilities play a crucial role in shaping investment choices. This study provides valuable insights for insurance companies and policymakers to design more customer-centric products and enhance financial awareness, ultimately promoting better investment decisions among individuals.