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Rural Penetration of Life Insurance Products in India1. Dr. Karanam Nagaraja Rao,Assistant Professor, Alliance University, Bangalorenagaraja.rao@alliance.edu.in2. Dr. P. Sathya Priya,Associate Professor, Alliance University, Bangaloresathyapriya.p@alliance.edu.inAbstractReforms in the life insurance sector have opened up the growth of private players but still their reach in rural marketis comparatively nascent. This potential that exists in the rural market is a great opportunity for the existing players.The scenario in rural India is dominated by Life Insurance Corporation of India, a public sector organization. Privateplayers are hesitant to enter rural. This research attempts to explore the reasons for low penetration of private playersin the rural market. Perception of the existing insurance policy holders and insurance agents in Bangalore rural andKolar rural is studied. The descriptive research reveals that the existing insurance products are not designed for therural segment. The promotional activities are inadequate and insurance companies donot concentrate on microinsurance policies. These are the major hurdles for the existing insurance players in the rural market.Key Words: Insurance, Rural, private players, LICIntroductionThe insurance business registered an impressive growth in the past few years, especially after the opening up of theindustry to private players. ‗India with its huge middle class households has exhibited growth potential for the
insurance industry. Saturation of markets in many developed economics has made the Indian market even moreattractive for foreign players‘ (Sadhak, 2009).The potential available in the rural areas and the extent of life insurance penetration can be gauzed from thefollowing data (Rao, 2011): Almost 72% of Indian population resides in villages, with over 80% of them earning less than Rs. 6000/- permonth. Need for protection by way of insurance is tremendous, given the scale of operations. Life insurance penetration as number of policies sold to total rural insurable population is approximately25% as at 31/03/09. India‘s life insurance premium as a percentage of GDP is currently estimated at 4.1% against 5.2%in US,6.5% in UK and about 8% in South Korea, (Mehrotra, 2007). The penetration remained very low in rural areas and is currently hovering at 2.8% of the GDP as at 2005,(Sadhak, 2007). The Public sector LIC (Life Insurance Corporation of India), though could boast of selling social securitycoverage to nearly one crore BPL (Below Poverty Line) families, yet it represents over 20 % of 5 croressuch families. Many people in the countryside hesitate to buy the policies of private players perceiving them to be unsafe(Chauhan, 2009) Only 13% of Indian households with annual income less than Rs 45,000 (these people constitute 76 million)had savings bank accounts with any bank and similar proportion had life insurance, (Boston ConsultancyGroup report, 2007). ―India accounts for 16% of the world population, but accounted for only 1.68% of the world life insurancemarket in 2006. India is also far behind world averages in terms of insurance penetration, and insurancedensity. A mere 20% of the insurable population aged 20 to 60 years is currently covered by life insurance.Our survey also demonstrated India‘s low penetration levels: The average number of policies (life and non-
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Proceedings2012 ACADEMY OFINDIAN MA
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Anna-Lena Ackfeldt and *Neeru Malho
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A few studies have explored audienc
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Referring to Table II, data also re
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Table I.Descriptive statisticsMean
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Developing a Conceptual Framework f
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1. IntroductionLuxury has its origi
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Figure 1: Dimensions that different
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(India and China to spur luxury gro
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(―Premium Brands Luxuriate in Chi
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use of these forms of money for lux
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the latest additions to the brands
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Western individualism (Ramamoorthy,
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watches to satisfy themselves and t
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It may be stated that the different
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―JWT releases first ever study on
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Wiedmann, K. P., Hennings, N. and S
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(Source: TRAI)India is the second l
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suggested that benchmarking of the
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Kapoor 1 reported that business sub
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The parameters for which the respon
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Four factors were extracted, togeth
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DiscussionThe key insights from the
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eturn on marketing investment. Reta
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What is Proximity marketing?Proximi
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Conjoint AnalysisFor identifying di
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Government service/ retail organiza
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Local franchisees too prefer the re
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Adoption of alternate Technologies-
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ooth_campaign.htmlMcGovern, G.J., C
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Smirnova Maria, 0079217505094, smir
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strategy, the less might be importa
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CustomerorientationH1aPlatforminnov
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Morgan, R.E. & Berthon, P. (2008).
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judged. On the other hand, Brand (1
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hairstyles are ‗Afro-centric‘ o
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METHODSubjectsConvenience sampling
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Use of hair extensions a symptom of
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When asked to state their reasons f
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The third most predominant reason f
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Khumalo, N.P., Jessop, S., Gumedze,
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that influence the diffusion of gra
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future studies. Perry (1998) has br
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acquired during times of a bad catc
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innovation. The adopter might be in
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availability to the adopter, (2) la
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affective responses through nonverb
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Researchers acknowledge that advert
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markets as a form of sexual appeal
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constant, sexual illustrations had
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Table 2Categories and Proposed Cate
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construct Definition Examples of PV
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of understanding the type of persua
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Hovland, R., MacMahan, C., Lee, G.,
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Role of Gratitude and Obligation in
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obligation. Therefore, it is impera
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development of long term business r
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fulfilment of their desire for reco
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intentional, it has incurred some c
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This study is intending to use surv
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Cannon, Joseph P., Ravi S. Achrol,
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Martin, C. A. & Bush, A. J. (2000).
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Can we manage the influence of role
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Affective commitment (AC) refers to
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transactional theory,we draw upon t
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RESULTSConsistent with prior resear
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empowerment are perceived to be hig
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Agarwal, Sanjeev and Sridhar N. Ram
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Meyer, John P. and Natalie J. Allen
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TABLE 1CORRELATIONS FOR THE CONSTRU
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&Prof Geoff Bick(E: geoff.bick@gsb.
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and Reinartz, 2006) and sales (Ahea
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Page 153 and 154: These studies demonstrate that impl
Page 155 and 156: 3. Conceptual frameworkThis section
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Page 168 and 169: REFERENCESAhearne, M., Rapp, A., Ma
Page 170 and 171: (5), pp.485-508Gupta, S., Lehmann,
Page 172 and 173: RIA Policy Brief N.1, pp1-4.Scott,
Page 174 and 175: In order to understand individual c
Page 176 and 177: Research DesignResource based view
Page 178 and 179: Frank H.A. and D‘Souza J. (2004),
Page 180 and 181: Yang Q., Mudambi R. and Meyer K.E.
Page 182 and 183: INTRODUCTIONPeople in various parts
Page 184 and 185: More importantly, environmental con
Page 186 and 187: However, a number of studies have i
Page 188 and 189: pro-environmental behaviour.ANTECED
Page 190 and 191: Role of family is particularly rele
Page 192 and 193: was further revealed that though co
Page 194 and 195: This paper provides comprehensive f
Page 196 and 197: Lepisto, L. R. (1974). An Empirical
Page 198 and 199: Zimmer, M., Stafford, T. F., and St
Page 200 and 201: HypothesesCSP and Brand Equity: Ins
Page 204 and 205: life) held by an Indian consumer is
Page 206 and 207: the state of Andhra Pradesh, micro
Page 208 and 209: The data wascollected from the agen
Page 210 and 211: The percentage of ULIP business to
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Page 214 and 215: Significance of t-test is less than
Page 216 and 217: Significance of t-test is less than
Page 218 and 219: Physical presence of at least satel
Page 220 and 221: Examining the association between G
Page 222 and 223: Cross-tab analysis of economic gree
Page 224 and 225: Holbrook, M. B. (1986). Emotion in
Page 226 and 227: Model 2 - Formative Second Order Fa
Page 228 and 229: We used a 2-step structural equatio
Page 230 and 231: Measurement Model Misspecification
Page 232 and 233: DR. RAJNISH JAINAssociate Professor
Page 234 and 235: Modern retailing is aimed at facili
Page 236 and 237: and further reported that mood, inv
Page 238 and 239: strong feelings of pleasures from s
Page 240: Scale Development: Scientific proce
Page 243 and 244: Confirmatory Factor Analysis: Explo
Page 246 and 247: DISCUSSION
Page 248 and 249: Retail customer experience is a ref
Page 250 and 251: Diep, V. and Sweeny, V. (2008), ―
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Sandstorm, S., Edvardsson, B., Kris
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2. LITERATURE REVIEW2.1. Competing
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customer satisfaction (Bolton 1998,
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To account for common method varian
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elevant in emerging markets, it als
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other distribution systems, who (c)
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Deighton 2009) from the marketer to
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some of the leading academic resear
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Schultz, D., and Charles Patti (200
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Coping With Service Failure: The mo
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stress. Secondary appraisal relates
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Prior studies have extensively stud
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the disparaging effects of service
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students were recruited from variou
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Main effects of brand reputationRes
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The main objective of this study wa
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customers reason out the potential
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There are several limitations to th
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Smith, A. K., Bolton, R. N., & Wagn
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QuickTime and adecompressorare need
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Brand Communities on Social Network
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The social networking site revoluti
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strategy due to its impact brand tr
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Cova, B., & Pace, S. (2006). Brand
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Spectator-Based Brand Equity and In
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(www.gallup.com) in mid 2009, it wa
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Team-branding, thus, becomes an imp
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students. These items were measured
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Gladden, J.M. and Funk, D.C. (2002)
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Impact of Sensory Branding on Consu
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were selected by the consumers with
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Reaction to Advertisements and Bran
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„service‟ as ―an act or perfo
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proposed attributes that customers
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There are some limitations inherent
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SERQUAL Scale‖, Journal of Retail
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capabilities for stakeholder engage
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arrived at a consensus. Independent
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different levels of government to p
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NGOs and CBOs. In addition, the cor
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the information generated at each l
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A nation‘s capacity embodies the
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―…there is a lot of good work b
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manifested in many forms. Following
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Grindle, M. 1996. Challenging the S
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impacts of message concreteness in
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2004; Lee, Keller, and Sternthal 20
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Second, to examine the manipulation
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The message concreteness manipulati
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instructions) to different kinds of
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Processing: Review and Extensions,
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May, 2012a. Lillian L. Cheng, Cheng
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senses from experiences. It is a ba
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Acceptability and the Type of Infor
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IntroductionRetail banking is an es
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servicescape of retail banks in Sin
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specific aspects of service environ
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commenting in 1970 that ―For bran
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well as NSSM theory leaves signific
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experience inside the servicescape
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Several observational visits were p
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spending your time there. I don‘t
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‗Our bank is located in the centr
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That servicescape can be utilized s
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McGivern, Y. (2006). The Practice o
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