Authors: Jadhav Prasad Pradip, Prof. Amruta Kamat, Dr. Pradyumna Shastri
Abstract: Modern financial planning necessitates robust risk mitigation and long-term asset accumulation tools, placing life insurance at the core of individual economic security architectures. This study empirically examines the multi-faceted dynamics influencing consumer purchasing decisions regarding life insurance products within an urban ecosystem. Utilizing a sample structure of 100 comprehensive respondents from Pune City, processed through descriptive and analytical methodologies, this research isolates primary behavioral drivers including demographic shifts, financial capability, risk perception, and institutional trust dynamics. Empirical findings validate that while tax mitigation remains an active financial catalyst, underlying motives of psychological family security and risk protection function as primary systemic forces. Statistical evaluation using Chi-Square diagnostics substantiates a significant correlation between consumer income distributions and operational purchase motivations, while illustrating an unexpected alignment across age groups regarding institutional distribution frameworks. Crucially, the research demonstrates the enduring hegemony of the Life Insurance Corporation of India (LIC) due to deep-rooted state-backed public trust frameworks, alongside a structural dual-dependence on traditional human agent intermediaries and emerging automated digital environments. The findings outline strategic requirements for product personalization, linguistic simplification, and omni-channel structural alignment to increase institutional market access across evolving consumer demographics.
DOI: https://doi.org/10.5281/zenodo.20338632
