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Consumer Awareness and Perception Towards Insurance Products
Subject area: Management and Commerce · Area of research: Marketing
DOI: https://doi.org/10.64388/IREV9I8-1714399
Abstract
Insurance is a vital financial instrument that provides protection against uncertainties and financial risks. Despite the rapid growth of the insurance sector in India, consumer awareness and understanding of insurance products vary significantly across demographic groups. This study examines consumer awareness and perception toward insurance products with reference to Reliance Health Insurance in Hyderabad. The research adopts a descriptive and cross-sectional design using primary data collected through structured questionnaires from insurance users and potential customers. Secondary data were obtained from industry reports, company information, and academic literature. Statistical tools such as percentage analysis and tabular interpretation were used to analyze the responses. The findings indicate that awareness is relatively high for health and life insurance but limited for specialized policies such as travel and property insurance. Income level and education significantly influence purchase decisions and perception of affordability. Trust, claim settlement experience, and policy clarity also affect consumer satisfaction. The study highlights the importance of financial literacy, transparent communication, and customer education in improving insurance adoption and trust.
Keywords
Insurance Awareness, Consumer Perception, Financial Protection, Health Insurance, Risk Management
How to cite this paper
@article{1714399,
author = {T. Durga Prasad},
title = {Consumer Awareness and Perception Towards Insurance Products},
journal = {Iconic Research And Engineering Journals},
year = {2026},
volume = {9},
number = {8},
pages = {1076-1078},
issn = {2456-8880},
url = {https://www.irejournals.com/formatedpaper/1714399.pdf},
abstract = {Insurance is a vital financial instrument that provides protection against uncertainties and financial risks. Despite the rapid growth of the insurance sector in India, consumer awareness and understanding of insurance products vary significantly across demographic groups. This study examines consumer awareness and perception toward insurance products with reference to Reliance Health Insurance in Hyderabad. The research adopts a descriptive and cross-sectional design using primary data collected through structured questionnaires from insurance users and potential customers. Secondary data were obtained from industry reports, company information, and academic literature. Statistical tools such as percentage analysis and tabular interpretation were used to analyze the responses. The findings indicate that awareness is relatively high for health and life insurance but limited for specialized policies such as travel and property insurance. Income level and education significantly influence purchase decisions and perception of affordability. Trust, claim settlement experience, and policy clarity also affect consumer satisfaction. The study highlights the importance of financial literacy, transparent communication, and customer education in improving insurance adoption and trust.},
keywords = {Insurance Awareness, Consumer Perception, Financial Protection, Health Insurance, Risk Management},
month = {February},
doi = {https://doi.org/10.64388/IREV9I8-1714399}
}