LIC’S Rural Marketing Strategies and Buyer behavior

Abstract

More than 70% of Indians live in villages but the rural life insurance penetration is also was 25% as at March, 2009. This study concentrates on the buyer behavior of life insurance policies in the rural area and rural marketing strategies followed by LIC in Kancheepuram and Chengulput districts. Age group 31-40 years dominate the rural insurance market; agents are the most important source of information and motivation as the people take a policy that is suggested by the agent; Money-back policy is the most preferred policy in the rural area and the rural people have less faith in private players.