A STUDY ON COMPARATIVE ANALYSIS OF TERM INSURANCE PRODUCTS OF ICICI PRUDENTIAL LIFE INSURANCE WITH OTHER MAJOR INSURANCE PLAYERS IN BENGALURU

A STUDY ON COMPARATIVE ANALYSIS OF TERM INSURANCE PRODUCTS OF ICICI PRUDENTIAL LIFE INSURANCE WITH OTHER MAJOR INSURANCE PLAYERS IN BENGALURU

Author Sushma A

2nd year MBA Department of Management Studies,
Sai Vidya Institute of Technology, Rajanukunte, Bengaluru.

Co-Author - Dr. D Jogish
Professor & HOD Department of Management Studies,

Sai Vidya Institute of Technology, Rajanukunte, Bengaluru.

ABSTRACT

The research explores the relevance of term insurance as a form of life coverage, highlighting its focus on providing financial protection for a specific duration. Unlike permanent life insurance options, term insurance offers simplicity and affordability, addressing temporary coverage needs. The research identifies a gap in understanding consumer perceptions of term insurance and its associations with negative emotions. It discusses the uniqueness of term insurance and its customizable nature, catering to various financial goals and obligations. The study's focus on a paired samples analysis within Diverse age categories indicate considerable variations in profit returns, emphasizing the impact of age on returns and offering strategic insights. While relying on secondary data sources presents limitations, the findings suggest varied premium rates among insurance providers based on factors like financial stability and reputation. The research proposes strategies for companies with different premium rates and recommends picking the right age ranges for term insurance. In summary, this research amplifies comprehension, of term insurance's significance and aids in informed decision- making for both insurance providers and consumers.

Key words: Comparative analysis, Term Insurance, Premium rate, other Insurance Players, Affordability, Ages, Policyholders, Policy Time