A Study On The Development Of Utility Function For Life Insurance Buyers In The Indian Market With Reference To Hdfc Standard Life Insurance

Abstract

Insurance is the best protection against risk attached to business, property and life. Insurance is done against the contingency that it may happen. Insurance is relevant only if there is uncertainty.Insurance does not actually protect the asset against risk; rather it tries to reduce the impact of risk on the owner of the asset. It compensates the loss incurred by the owner. Only economic or financial loss can be compensate. The loss is compensated from the fund created out of the amount collected in advance called premium.  The liberalization of the Indian insurance sector has resulted in a number of insurance companies entering the market. This has led to a plethora of choices both in terms of service providers as well as products to the consumers. With the huge untapped market that still exists, the insurance market in India is expected to increase rapidly. In this paper we attempt to develop a ready reckoned to match the buyer’s requirement with the products that the HDFCSLIC insurance company offering. This study is aimed at finding the customers preferences of life insurances products of HDFC SLI based on the attributes.