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- Title
MARKETING OF INSURANCE PRODUCTS IN RURAL INDIA: A BIG CHALLENGE.
- Authors
CBILAMGE, PANDIT
- Abstract
A large population of India lives in the rural areas. The impact of risks associated with life, health and property are far more severe on this population as compared to the urban population with higher levels of income. The Indian insurance market is opened to private players to reach all sections of the society in both rural and urban areas. The rural area is most untapped by any insurance company. The government is trying hard to protect the rural people from risks. It has introduced many insurance schemes to cover the rural mass in to insurance sector. The insurance companies are also making efforts to improve the rural business. Still they have not achieved the objective to a fuller extent. Therefore, there is a vast opportunity for insurance companies to reach the rural area with innovative products which suits the needs of rural mass. Reaching out to the rural mass is not easy. Lack of financial literacy, low per capita income, lacklustre attitude of the people, apathy of intermediaries to visit far off places etc are the major challenges faced by the insurance companies. To unleash this potential, insurance companies will need to show long-term commitment to the sector, design products that are suitable for the rural population and utilise appropriate distribution mechanisms. Insurance companies will have to pay special attention to the characteristics of the rural population and their life styles and pattern of earnings before they can successfully penetrate the rural sector.
- Subjects
INDIA; FINANCIAL literacy; INSURANCE marketing; CITY dwellers; RURAL population; INSURANCE companies
- Publication
CLEAR International Journal of Research in Commerce & Management, 2015, Vol 6, Issue 1, p28
- ISSN
2249-4561
- Publication type
Article