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1) The document presents a 5-stage model of the consumer buying process for life insurance policies: problem recognition and need, information search, evaluation and selection of alternatives, purchase decision and implementation, and post-purchase evaluation. 2) It defines consumer behavior and insurance, explaining that insurance is a contract where one party agrees to pay for losses of the other party. 3) The stages of the buying process are explained in detail with examples of different life insurance plans, companies, and documents required for purchase.
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- 1. A Presentation on Consumer Buying processConsumerBuying process OfOf Life insurance PolicyLife insurance Policy Submitted To:- K.K.parekh institute of Management Studies-Amreli Submitted By:- Manan Khambholiya Neha Kasundra
- 2. What is ConsumerBehavior ?What is Consumer Behavior ? Consumer behavior can be defined as the process whereby individuals decide whether, what, when, where, how and from whom to purchase goods & services.
- 3. 5-Stage Model of5-StageModel of Consumer Buying ProcessConsumer Buying Process
- 5. What is Insurance?What is Insurance ? • Insurance is a hedging instrument used as a preventive measure against future contingent losses. • This instrument is used for managing the possible risks of the future. • Insurance is actually a contract between 2 parties whereby one party called insurer undertakes in exchange for a fixed sum called premium to pay the other party happening of a certain event.
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- 7. Why to InsurancePolicy Purchase ?Why to Insurance Policy Purchase ? For Saving Money For Secure our Life For Secure Our Family For tax Saving
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- 10. Where to goto purchase the policy?
- 11. Today in marketmany insurance company are available. So that costumers are confuse to which company’s policies to purchase. For Ex.
- 22. In this insurancecompany the best company is selected The best insurance company is?
- 27. Which type ofpolicy is purchase ? Whole Life Assurance Assurances for Children Endowment Assurance Term Assurance Annuities Money Back Policy
- 28. Whom to contactfor purchase the policy? Development Officer for LIC Online Purchase Agent for LIC Office for LIC
- 29. Step-3Step-3 Evaluation & SelectionEvaluation& Selection ofof AlternativeAlternative
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- 31. Select best PlanSelectbest Plan Each plan have many sub plan Here some ex. for Child plan
- 39. Pension PlanPension Plan JeevanTarang Jeevan Akshay-VI New Jeevan Nidhi
- 40. Special PlanSpecial Plan JeevanSaral Jeevan Kishor Jeevan Mangal Jeevan Deep New Bima Gold Bima Nivesh
- 41. Money Back PlanMoneyBack Plan Jeevan Surbhi Bima Bachat Money Back
- 42. Select Which plan havemore benefit & Securable for us.
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- 45. Than fill theform of insurerThan fill the form of insurer & Submit Document& Submit Document
- 46. Document 1)Proof of Identity -VoterCard -Pan card -Passport 2) Proof of Address -Electric Bill -Telephone Bill 3) Proof of Birth -Birth Certificate - leaving Certificate 4) Photographs
- 47. After that Form Wascheck by Officer Than He / She permitted to policy
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- 49. • After thePurchase policy Satisfied with the policy or not.