International Journal For Multidisciplinary Research

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Factors Influencing Consumer Selection of Term Insurance Plans: An Empirical Study of Haryana, India

Author(s) Mr. Bai Krishan Soni, Dr Bimla Langyan
Country India
Abstract This study investigates the factors influencing consumer selection of term insurance plans among 600 respondents from four zones of Haryana, India (Rohtak, Gurugram, Hisar, and Ambala). Using a structured questionnaire with 18 selection factors rated on a five-point importance scale, the study identifies and ranks the key determinants of term insurance plan selection. The overall mean factor importance score was 3.826 (SD = 0.946), significantly above the neutral value of 3 (t(599) = 96.021, p < .001). Claim settlement record emerged as the most critical factor (Mean = 4.102), followed by simplicity/transparency of policy wording (Mean = 3.998), agent advice (Mean = 3.993), customer service quality (Mean = 3.977), and premium payment flexibility (Mean = 3.928). The 18 factors were classified into three tiers: Tier 1 (Very Important, Mean ≥ 3.95) comprising 4 factors dominated by trust and service dimensions; Tier 2 (Moderately-Very Important, 3.75–3.94) comprising 10 factors covering premium, coverage, and convenience dimensions; and Tier 3 (Moderately Important, Mean < 3.75) comprising 4 factors related to external influences and tax considerations. Insurer preference analysis revealed that 34.17 per cent of respondents would choose LIC/public sector insurers even with comparable plans, while 26.67 per cent preferred private insurers. The primary barriers to purchasing adequate term coverage were lack of awareness (23.67%) and premium affordability concerns (20.33%). The findings indicate that term insurance selection is primarily driven by trust-and-service factors rather than price or product features, with significant implications for insurance marketing and product development strategies.
Keywords Term insurance, consumer behaviour, selection factors, claim settlement, insurance awareness, Haryana, India
Field Sociology > Economics
Published In Volume 8, Issue 5, September-October 2026
Published On 2026-09-14
DOI https://doi.org/10.36948/ijfmr.2026.v08i05.87699
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CrossRef DOI prefix of IJFMR is 10.36948/ijfmr

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