Demographic Factors Affect on the Investment Decision of Policy Holder to the Life Insurance

Manamaya Mishra

doi:doi:10.11648/j.ijber.20231203.14

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Demographic Factors Affect on the Investment Decision of Policy Holder to the Life Insurance

Manamaya Mishra

Published in International Journal of Business and Economics Research (Volume 12, Issue 3)

Received: 26 January 2023 Accepted: 28 April 2023 Published: 9 June 2023

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Abstract

In this paper, the researcher analyzed demographic factors determinant on the investment decision of policyholders towards life insurance in Nepal. This paper is based on quantitative data through interview schedules by the semi structured questionnaire and qualitative data information collected by specific two cases, total numbers of sample is 205 respondents from the universe. The main objective of the study is to identify the demographic factors influencing customer investment decision in life insurance. The demographic factors like; age, occupation, and education show statistically significant association on investment decision of policyholders towards life insurance policy, but policy innovation and investment decision on life insurance policy have no significant relationship. It also found that, there is positive relationship between sex and age groups of respondents with investment decision on life insurance policy, but the negative relationship with policy innovation and company reputation. This paper concluded the different factors are affecting while respondents invest on life insurance policy like; tax benefit, risk coverage, saving, security with high return, insurance service, life insurance policy innovation, premium charge, company reputation, facility for loan, financial support to dependency and child education and marriage. Among the eighteen life insurance companies in Nepal, Nepal Life Insurance Company is more preferable and trusted life insurance company and respondents are liked the endowment policy than the others life insurance policy.

Published in	International Journal of Business and Economics Research (Volume 12, Issue 3)
DOI	10.11648/j.ijber.20231203.14
Page(s)	108-114
Creative Commons	This is an Open Access article, distributed under the terms of the Creative Commons Attribution 4.0 International License (http://creativecommons.org/licenses/by/4.0/), which permits unrestricted use, distribution and reproduction in any medium or format, provided the original work is properly cited.
Copyright	Copyright © The Author(s), 2024. Published by Science Publishing Group

Keywords

Demographic Factors, Life Insurance, Policy Holders, Investment and Decision

References

[1]	Navarathinam, D. K. (2016). "A Study on Impact of Demographic Factors on Life Insurance." Shanlax International Journal of Management, 4 (1), 107-113.
[2]	Rao & Sorsa (2018). "The Effect of Demographic Factors on Demand for Life Insurance in Ethiopia."International Research of Advance research, 6 (3), 1382-1391.
[3]	Chow V K. & Riley W B (2013). “Asset Allocation and Individual Risk Aversion.”Financial Analyst Journal. 48 (6), 32-48.
[4]	Sahu, G. J. (2009). “A Study of Buying Behaviour of Cunsumer towards Life Insurance Policy.” Prestige Institute of Management and Research, Gwalior, 4 (3), 1-10.
[5]	Shetty K. (2017). “Impact of Demographics and Perceptions of Investors on Investment Avenues.” Accounting and Finance Research Journal, 6 (1), 198-205.
[6]	Singh, J. (2017). “Demographic Analysis of Factors Influencing Purchase of Life Insurance Products in Gujarat.” IJEDR, 5 (3), 1087 -1094.
[7]	Yadav B. & Tiwari A., (2012). “A Study on Factors Affecting Customers Investment towards Life Insurance Policies.”International Journal of Marketing, Financial Services & Management Research, 7 (1), 106-123.
[8]	Beema Samiti, Annual Report 2071/72 and 2074/75.
[9]	Beema Samiti, Annual Report 2074/75.
[10]	Beema Samiti, Golden Jubilee Souvenir, 2075.
[11]	Beema Samiti, Agency Trandig guideline 2074, Beema Act, 2049.
[12]	Hailu, Z. (2007). “Insurance in Ethiopia: Historical Development, Present Status and Future Challenges.” Addis Ababa: Master Printing Press Ethiopia.
[13]	Curak, M. Dzaja I. & Pepur S. (2013). “The Effect of Social and Demographic Factors on Life Insurance Demand in Crotia.” IJBSS, 9 (4), 65-72.
[14]	Shrestha, N. B. (2010). A Study on Premium Collection, Investment Position and Returns of Nepal Life Insurance Co. Ltd. Birgung: Unpublished Thesis Sbmitated to Thakur Mulitiple Campus, Birgunj.
[15]	Garman, T. E., & Forgue, R. E. (2006). "Personal Finance (8th ed.)." Boston: Houghton Mifflin Company.
[16]	LI Min, (2008). "Factors Influencing Households’ Demand for Life Insurance." Columbia: University of Missour.

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APA Style

Manamaya Mishra. (2023). Demographic Factors Affect on the Investment Decision of Policy Holder to the Life Insurance. International Journal of Business and Economics Research, 12(3), 108-114. https://doi.org/10.11648/j.ijber.20231203.14

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ACS Style

Manamaya Mishra. Demographic Factors Affect on the Investment Decision of Policy Holder to the Life Insurance. Int. J. Bus. Econ. Res. 2023, 12(3), 108-114. doi: 10.11648/j.ijber.20231203.14

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AMA Style

Manamaya Mishra. Demographic Factors Affect on the Investment Decision of Policy Holder to the Life Insurance. Int J Bus Econ Res. 2023;12(3):108-114. doi: 10.11648/j.ijber.20231203.14

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@article{10.11648/j.ijber.20231203.14,
  author = {Manamaya Mishra},
  title = {Demographic Factors Affect on the Investment Decision of Policy Holder to the Life Insurance},
  journal = {International Journal of Business and Economics Research},
  volume = {12},
  number = {3},
  pages = {108-114},
  doi = {10.11648/j.ijber.20231203.14},
  url = {https://doi.org/10.11648/j.ijber.20231203.14},
  eprint = {https://article.sciencepublishinggroup.com/pdf/10.11648.j.ijber.20231203.14},
  abstract = {In this paper, the researcher analyzed demographic factors determinant on the investment decision of policyholders towards life insurance in Nepal. This paper is based on quantitative data through interview schedules by the semi structured questionnaire and qualitative data information collected by specific two cases, total numbers of sample is 205 respondents from the universe. The main objective of the study is to identify the demographic factors influencing customer investment decision in life insurance. The demographic factors like; age, occupation, and education show statistically significant association on investment decision of policyholders towards life insurance policy, but policy innovation and investment decision on life insurance policy have no significant relationship. It also found that, there is positive relationship between sex and age groups of respondents with investment decision on life insurance policy, but the negative relationship with policy innovation and company reputation. This paper concluded the different factors are affecting while respondents invest on life insurance policy like; tax benefit, risk coverage, saving, security with high return, insurance service, life insurance policy innovation, premium charge, company reputation, facility for loan, financial support to dependency and child education and marriage. Among the eighteen life insurance companies in Nepal, Nepal Life Insurance Company is more preferable and trusted life insurance company and respondents are liked the endowment policy than the others life insurance policy.},
 year = {2023}
}

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TY  - JOUR
T1  - Demographic Factors Affect on the Investment Decision of Policy Holder to the Life Insurance
AU  - Manamaya Mishra
Y1  - 2023/06/09
PY  - 2023
N1  - https://doi.org/10.11648/j.ijber.20231203.14
DO  - 10.11648/j.ijber.20231203.14
T2  - International Journal of Business and Economics Research
JF  - International Journal of Business and Economics Research
JO  - International Journal of Business and Economics Research
SP  - 108
EP  - 114
PB  - Science Publishing Group
SN  - 2328-756X
UR  - https://doi.org/10.11648/j.ijber.20231203.14
AB  - In this paper, the researcher analyzed demographic factors determinant on the investment decision of policyholders towards life insurance in Nepal. This paper is based on quantitative data through interview schedules by the semi structured questionnaire and qualitative data information collected by specific two cases, total numbers of sample is 205 respondents from the universe. The main objective of the study is to identify the demographic factors influencing customer investment decision in life insurance. The demographic factors like; age, occupation, and education show statistically significant association on investment decision of policyholders towards life insurance policy, but policy innovation and investment decision on life insurance policy have no significant relationship. It also found that, there is positive relationship between sex and age groups of respondents with investment decision on life insurance policy, but the negative relationship with policy innovation and company reputation. This paper concluded the different factors are affecting while respondents invest on life insurance policy like; tax benefit, risk coverage, saving, security with high return, insurance service, life insurance policy innovation, premium charge, company reputation, facility for loan, financial support to dependency and child education and marriage. Among the eighteen life insurance companies in Nepal, Nepal Life Insurance Company is more preferable and trusted life insurance company and respondents are liked the endowment policy than the others life insurance policy.
VL  - 12
IS  - 3
ER  -

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Author Information

Manamaya Mishra

Humanities and Social Science, Department of Population Studies, Patan Multiple Campus, Tribhuvan University, Lalitpur, Nepal

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APA Style

Manamaya Mishra. (2023). Demographic Factors Affect on the Investment Decision of Policy Holder to the Life Insurance. International Journal of Business and Economics Research, 12(3), 108-114. https://doi.org/10.11648/j.ijber.20231203.14

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ACS Style

Manamaya Mishra. Demographic Factors Affect on the Investment Decision of Policy Holder to the Life Insurance. Int. J. Bus. Econ. Res. 2023, 12(3), 108-114. doi: 10.11648/j.ijber.20231203.14

Copy | Download

AMA Style

Manamaya Mishra. Demographic Factors Affect on the Investment Decision of Policy Holder to the Life Insurance. Int J Bus Econ Res. 2023;12(3):108-114. doi: 10.11648/j.ijber.20231203.14

Copy | Download

@article{10.11648/j.ijber.20231203.14,
  author = {Manamaya Mishra},
  title = {Demographic Factors Affect on the Investment Decision of Policy Holder to the Life Insurance},
  journal = {International Journal of Business and Economics Research},
  volume = {12},
  number = {3},
  pages = {108-114},
  doi = {10.11648/j.ijber.20231203.14},
  url = {https://doi.org/10.11648/j.ijber.20231203.14},
  eprint = {https://article.sciencepublishinggroup.com/pdf/10.11648.j.ijber.20231203.14},
  abstract = {In this paper, the researcher analyzed demographic factors determinant on the investment decision of policyholders towards life insurance in Nepal. This paper is based on quantitative data through interview schedules by the semi structured questionnaire and qualitative data information collected by specific two cases, total numbers of sample is 205 respondents from the universe. The main objective of the study is to identify the demographic factors influencing customer investment decision in life insurance. The demographic factors like; age, occupation, and education show statistically significant association on investment decision of policyholders towards life insurance policy, but policy innovation and investment decision on life insurance policy have no significant relationship. It also found that, there is positive relationship between sex and age groups of respondents with investment decision on life insurance policy, but the negative relationship with policy innovation and company reputation. This paper concluded the different factors are affecting while respondents invest on life insurance policy like; tax benefit, risk coverage, saving, security with high return, insurance service, life insurance policy innovation, premium charge, company reputation, facility for loan, financial support to dependency and child education and marriage. Among the eighteen life insurance companies in Nepal, Nepal Life Insurance Company is more preferable and trusted life insurance company and respondents are liked the endowment policy than the others life insurance policy.},
 year = {2023}
}

Copy | Download

TY  - JOUR
T1  - Demographic Factors Affect on the Investment Decision of Policy Holder to the Life Insurance
AU  - Manamaya Mishra
Y1  - 2023/06/09
PY  - 2023
N1  - https://doi.org/10.11648/j.ijber.20231203.14
DO  - 10.11648/j.ijber.20231203.14
T2  - International Journal of Business and Economics Research
JF  - International Journal of Business and Economics Research
JO  - International Journal of Business and Economics Research
SP  - 108
EP  - 114
PB  - Science Publishing Group
SN  - 2328-756X
UR  - https://doi.org/10.11648/j.ijber.20231203.14
AB  - In this paper, the researcher analyzed demographic factors determinant on the investment decision of policyholders towards life insurance in Nepal. This paper is based on quantitative data through interview schedules by the semi structured questionnaire and qualitative data information collected by specific two cases, total numbers of sample is 205 respondents from the universe. The main objective of the study is to identify the demographic factors influencing customer investment decision in life insurance. The demographic factors like; age, occupation, and education show statistically significant association on investment decision of policyholders towards life insurance policy, but policy innovation and investment decision on life insurance policy have no significant relationship. It also found that, there is positive relationship between sex and age groups of respondents with investment decision on life insurance policy, but the negative relationship with policy innovation and company reputation. This paper concluded the different factors are affecting while respondents invest on life insurance policy like; tax benefit, risk coverage, saving, security with high return, insurance service, life insurance policy innovation, premium charge, company reputation, facility for loan, financial support to dependency and child education and marriage. Among the eighteen life insurance companies in Nepal, Nepal Life Insurance Company is more preferable and trusted life insurance company and respondents are liked the endowment policy than the others life insurance policy.
VL  - 12
IS  - 3
ER  -

Copy | Download