Sanjay Manocha, Sr. Subhash Chand Chitkara


In today’s scenario, Insurance Companies must move from merely selling Insurance to marketing it as an essential financial product. The distributors play a dual role – as trusted financial advisors for the clients and trusted business associates for the Insurance companies.

An insurer needs to think about the appropriate distribution channel to reach its target customer as well as the product that it is going to sell. The choice of customer and the nature of product will influence the distribution structure. However in India, joint ventures are formed such that distribution structures are often pre-determined by the nature of partners. For instance, if one of the partners in a tie-up is a bank, the focus is commonly on bancassurance whereas if the joint venture is one with a corporate house, invariably the majority business is through the agency channel. This implies that the insurer’s decision on product features; pricing and target market will necessarily be influenced by the distribution structure that the joint venture is endowed with.

Keeping in mind the importance of distribution channels in life insurance industry the present research consists of a study of concept of insurance, distribution channels of life insurance and also a survey has been done by the researcher to know preferences of customers towards choice of distribution channels like insurance advisors, bancassurance, brokers, corporate agents etc. for buying insurance plans.



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