Citation:

Prasant Kumar Rout, Dr. Prasanta Kumar Parida. "Study on the Factors Influencing Consumer Buying Behaviour Among Individuals in Choosing Health Insurance Products" International Research Journal of Economics and Management Studies, Vol. 3, No. 5, pp. 31-36, 2024.

Abstract:

Adage “Health is wealth” is universally acknowledged. But ensuring better health care for all is both a challenging as well costly affair, especially in resource-crunched countries like India. However of many tools that can come very handy in funding the requirements for health care among the populace is the concept of Insurance, which is contingent upon many individual as well as socioeconomic factors. The present study examines all those factors that influence the behaviour of the buyer for individual health insurance products. The study was conducted in class one cities by collecting data via a questionnaire method from a sample size of 150 respondents. The results were shown after analysis and interpreted with various statistical tools. It is observed from the results that there is still a low level of awareness and less willingness to purchase health insurance products in spite of the unprecedented need that the recent COVID-19 pandemic has created. Various socioeconomic indicators like literacy level, income level, marketing parameters etc and personal factors have a significant impact on the buying of individual health insurance.

References:

[1] Berry, L. L. (1980), “Services Marketing is Different’, No. 30, May/June, pp. 24-29.
[2] BishwajitNayak, BalaKrishnamoorthy, SomSekharBhattacharryaPrasanta Pathak(2018), Customer Preferences for Health Insurance Product Attributes, Journal of Services Research of Marketing.Volume 18, Number 1 (April - September 2018)
[3] Black Jr., and Harold, D. Skipper Jr., Kenneth, (2011). Life and health insurance. New Delhi: Dorling Kindersley for Pearson Education, ISBN 978-81317-0178-2, 44-45.
[4] Chawla, Sonia and Singh, Fulbag (2008), “Service Quality Perceptions of Life Insurance Policyholders in Northern India: Pre-Privatization vs. Post- Privatization”, Vol. VII, No.
[5] Chette Srinivas Yadav and A Sudhakar, 2018, Impact of Socioeconomic Factors on Purchase Decision of Health Insurance: An Analysis, The IUP Journal of Management Research, Vol. XVII, No. 3, 201836
[6] Chette Srinivas Yadav and A Sudhakar, 2017, Personal Factors influencing purchasing decision: A study of Health insurance sector in India, Vimaquest, Vol-17, Issue 1-A. May 2017.
[7] Cooper, D.R. and Schindler, P.S. (2003): ‘Business Research Methods’, 8e, Tata McGraw Hill Publishing Company Ltd, New Delhi, pp 160-161
[8] Dash, G. (2013), “A Buyer vs Seller Perspective of 7P’s in Post Liberalization Indian Life Insurance Sector”, Vol. 14, No. 1 (January - June 2013).
[9] Dewey, John (1910), Boston, MA, D. C. Health & Co. 1910.
[10] Devi, Ratna and Sarkar, Ambarish,(2007); ‘Health Insurance for Rural India – Myths and Realities’, The ICFAI University Press Journal of Services Marketing, October 2007.
[11] Debasish, Satya Swaroop, (2004): ‘Exploring Customer Preference for Life Insurance in India - actor Analysis Method’,; Vilakshan – XIMB Journal of Management, Vol. 1, No 1 March 2004
[12] Erto, P. and Vanacore, A. (2002), “A Probabilistic Approach to Measure Hotel Service Quality”, Vol.13, No.2, pp. 165-74.
[13] Goel. S (2014), “Health Insurance: An Empirical Study of Consumer Behaviour in Rohtak District of Haryana”, Science & Technology, Vol. 2, No. 2, August 2014, pp. 69-72. E-ISSN: 2321-3264
[14] Gupta, S. L., and Pal, Sumitra (2011). Consumer behaviour: An Indian perspective. New Delhi; Sultan Chand and Sons. ISBN 978-81-8054-860-4.
[15] Handbook On Indian Insurance Statistics 2019-20, Irdai
[16] Mujis, D. (2004): ‘Doing Quantitative Research in Education with SPSS’, Sage Publications India Pvt Ltd, New Delhi, p13
[17] Muhammad Sabbir Rahman (2018), Customer’s patronage decision toward health insurance products Mediation and multi-group moderation analysis, Journal of Asia Pacific Journal of Logistics.
[18] Nicosia, F. M. (1966): ‘Consumer Decision Process’, Englewood Cliffs: Prentice Hall., 1996 pp 9-21,
[19] Panchal, Nilay (2013), “Customer’s Perception towards Health Insurance: An Empirical Study” in Volume 3, Issue 4, April. ISSN - 2249-555X.
[20] Pooja Kansra & Harinder Singh Gill,(2017), Role of Perceptions in Health Insurance Buying Behaviour of Workers Employed in Informal Sectors of India, Global Business Review18 (41)
[21] Rayenda Brahmana et al (2018) .Planned behaviour in purchasing health insurance, Journal of The South East Asian Journal of Management.
[22] R. Rama Moorthy, Dr. S. A.Senthil Kumar and R. Haresh, 2014, Impact of Pricing Elements on Customer Purchase Decision for Health Insurance Product, TSM Business Review, Vol. 2, No. 1, June 2014
[23] Rothschild, M. and J. Stiglitz (1976): ‘Equilibrium in Competitive Insurance Markets: an Essay on the Economics of Imperfect Information’, Quarterly Journal of Economics 90 (4): 629-649.
[24] Rajkumar. PAM and Kannan. N (2014), “Factors Affecting Customer’s Preferences for Selection of Life Insurance Companies: An Empirical Study with Reference to Tamilnadu”, (Online), Volume 2, Issue 1 (April 2014), pp. 19-27. ISSN: 2289-4519.
[25] Registrar General and Census Commissioner of India, Census of India (2001). Provisional Population Totals, Paper 1 and 2 of 2001.
[26] Sadeghi.T and Farokhian.S (2011), “Survey to Measure Customer Satisfaction of the Insurance Services in Iran”, Vol.8, No.3, pp. 620- 24. 2011.ISSN 1990-9233.
[27] Siddiqui.M.Hand Sharma. TG (2010), “Analysing customer satisfaction with service quality in life insurance services”, Vol. 18, 3/4, pp. 221–38.
[28] Zeithaml, V. A. and Bitner M. J. (2000), “Services Marketing: Integrating Customer Focus across the Firm”, 2e, Tata McGraw Hill, New Delhi, 2000, p. 2. 38. Zeithaml, V., Parasuraman, A. and Berry, L. (1985), “Problems and strategies in Services Marketing”, Vol. 49, Spring, pp. 33-46.

Keywords:

Health Insurance, Consumer behaviour, Buying decisions.