Impact of socio demographic factors influence on beneficiaries of Jansuraksha schemes

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The study is focused on the consumers belonging to Bengaluru city. A wide range of research in this area was referred to review the work done by various researchers, which lead to the development of research framework.

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International Journal of Management (IJM) Volume 8, Issue 3, May–June 2017, pp.83–90, Article ID: IJM_08_03_008 Available online at http://www.iaeme.com/ijm/issues.asp?JType=IJM&VType=8&IType=3 Journal Impact Factor (2016): 8.1920 (Calculated by GISI) www.jifactor.com ISSN Print: 0976-6502 and ISSN Online: 0976-6510 © IAEME Publication IMPACT OF SOCIO DEMOGRAPHIC FACTORS INFLUENCE ON BENEFICIARIES OF JANSURAKSHA SCHEMES Rajitha Ramachandran Research Scholar, Bharathiar University, Coimbatore Assistant Professor, Presidency College, Bengaluru Dr. Anuradha P S Associate Professor, Christ University, Bengaluru ABSTRACT Prime minister’s recent introduction of new social security schemes to ensure insurance and pension for all remains a laudable step. These schemes were launched on May 9, 2015 and are expected to enhance welfare of citizens, especially workers in unorganized sector. The schemes are Pradhan Mantri Suraksha Bima Yojna (PMSBY), an ultra-low cost accident insurance scheme, a life insurance scheme, Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), and Atal Pension Yojana (APY), a contributory pension scheme with defined benefit outgo. This study gives a view of the factors that affect various socio demographic factors related aspects that leads to influence the buying behavior by a policy beneficiary of a particular scheme.. It also discusses about the variation in motivational factors due to demographic differences. The study is focused on the consumers belonging to Bengaluru city. A wide range of research in this area was referred to review the work done by various researchers, which lead to the development of research framework. The statistical tools used in the research paper are descriptive statistics, regression analysis etc. Key words: Jansuraksha schemes. Socio demographic factors, significant. Cite this Article: Rajitha Ramachandran and Dr. Anuradha P S, Impact of Socio Demographic Factors Influence on Beneficiaries of Jansuraksha Schemes. International Journal of Management, 8 (3), 2017, pp. 83–90. http://www.iaeme.com/IJM/issues.asp?JType=IJM&VType=8&IType=3 1. INTRODUCTION India’s tryst with micro insurance and micro-pensions is older than most initiatives across the globe. Right from the days of public sector insurance (1960s-1999) through the periods of privatization and regulation (post 2000), providing insurance for low-income segments has always remained a major agenda of discussion for the government and insurers alike. According to latest estimates, India accounts for more than 42% of global micro insurance http://www.iaeme.com/IJM/index.asp 83 editor@iaeme.com
Rajitha Ramachandran and Dr. Anuradha P S coverage. In addition, several social micro insurance products already cover nearly 316 million Indians. This includes a range of life, health and agriculture insurance schemes aimed at low income segments with premiums fully subsidized by the government. The country's insurance penetration is 3.9 per cent of gross domestic product and these schemes are expected to give a needed push to this. According to a Swiss Re study, life insurance penetration was 3.1 per cent and non-life insurance was 0.8 per cent, as of end-March 2014. The government has launched three social security schemes. The schemes two insurance products and one pension product are targeted especially to the un organised sector and economically weaker population but others can enrolled themselves as well. The new life insurance plan the Pradhan Mantri Jeevan Jyoti Bima Yojana will offer Rs 2 lakh cover at Rs 330 premium every year. Bank account holders in the age 18 to 50 years are eligible to take this facility. The life risk cover will get terminated after 55 years. Pradhan Mantri Suraksha Bima Yojana will offer a renewable one year accidental death cum disability cover of Rs 2 lakh at Rs 12 premium every year. The insured will get Rs 1 lakh in case of partial permanent disability. Multiple bank account holders are eligible to join the schemes through any one of the savings accounts. Atal Pension Yojana is for the people in the unorganised sector who are outside a formal pension net so far. The pension scheme would allow subscribers of age 18 to 40. Under this scheme, subscriber will get guaranteed minimum pension from the age of 60. The pension could be Rs 1000, Rs 2000, Rs 3000, Rs 4000 or Rs 5000 per month, depending on the size of contribution 2. REVIEW OF LITERATURE Dr Rupali Satsangi & Ms Namrata Anand ( 2016) have studied that mi products have a huge potential but the demand is mismatched with the needs of the target groups and the supply is grossly influences the suppliers and have studied that there should be customized MI products to cater the needs of the specific people. Bakshi Priti ( 2016) in her study on the Review of Progress and Potential MI in India highlights the importance of insurance in supporting the sustainable development of the poor and have mentioned lots of importance for Lot of efforts to be done to improve the scheme. The development is both moral and economic imperative for inclusive growth. Dr sneha Shukla (2015) in her study have analysed the various reasons for low penetration and have identified it due to lack of awareness that prevails, though NGO active participation and lack of efforts from insurance industry. Ramalakshmi and Ramalingam ( 2014) have identified that agents are identified as a major role in creating awareness which in turn have benefited in creating more customer base in the organizations. SINGH PP and Miglani Shweth (2012) looked into the awerness of micro insurance products where majority of the respondents are aware of MI, Life insurance is most sought out and pension insurance the least.Public sector companies are the most sought out. Insurance providers only 2/3 are inactive participation and the shortfalls can be overcome by providing . Special schemes should be launced, which should be linked to internet, IRDA to take the steps, advertisements in local language, transparency by giving to local post offices, attractive rate of returns and grievance handling cells to be made Singh Siddhant & Patel B Nalubhai (2012) on the reserearch title “The demand of Micro Insurance in Ahmedabad district” be conculded through the study that MI can cover the risk and is an effective risk management tool and the role of sHG and government is minimal with less participation Linkages among MFI and provide education and information links. Singh Ms Kirthi and Gangal Vijay ( 2011) studied the importance of MI for the upliftment and alleviation of poverty, by understanding intitatives taken by private and public insurance companies for growth of rural india and MI to an extend has been experimental for the upliftment and provide intiatives for the growth of rural india. IRDA intiatives to ensure insurers to develop their own MI products and fulfil rural obligations, improve the awareness http://www.iaeme.com/IJM/index.asp 84 editor@iaeme.com
Impact of Socio Demographic Factors Influence on Beneficiaries of Jansuraksha Schemes among low income group. To induct more and more trained people and develop distribution channel 3. NEED AND RATIONALE FOR THE STUDY Very less study have been done on the motivating factors which aims to evaluate the motivating factors which affects and triggers the buying behavior of an beneficiary for micro insurance .Thus, the focus is on the socio demographic factors from the perspective of beneficiary and how it influences the beneficiary towards purchase of micro insurance schemes.. This study will be helpful to know whether socio demographic factors affect the motivational factors of an beneficiary of a micro insurance scheme. It will be also useful for the researchers and practioners studying the same issue. 4. OBJECTIVES OF THE STUDY 1. To analyze the motivational factors for the purchase of jansuraksha scheme. 2. To study the impact of socio-demographic factors on the motivating factors for the purchase of jansuraksha scheme 5. RESEARCH METHODOLOGY Descriptive research design has been used in this study. Samples are being collected from the beneficiaries of the Jansuraksha scheme within the universe of bengaluru city. Proportional sampling method was used wherein the entire universe is divided into four talukas namely Anekal, Bengaluru north, Bengaluru South and Bengaluru East. The sample size is 250 respondents, belonging to the policy holders from each of these taluka And who have availed all three schemes under Jansuraksha scheme namely Pradhan Mantri Jeevan Jyothi Bima Yojana, Pradhan Mantri Suraksha Bima Yojana and Atal Pension yojana The motivational factors is measured on an 5 item scale (Vanessa and Marlene 2005). The factors which determines the motivational factors are low premium, policy term, Accidental cover, Sum assured, Long term benefit, Government scheme and social security. The various socio demographic factors which are been considered in the research are Age, Gender, Martial status and educational background. These factors describe the overall demographic characteristics of a individual beneficiary Table 1 Details of Demographic Factors Factors Variables Frequency Percentage(%) 18-25 YEARS 56 22 26-35 YEARS 117 47 AGE 36-45 YEARS 67 27 45-60 YEARS 10 4 Male 176 70 GENDER Female 74 30 Married 164 66 Unmarried 78 31 MARTIAL STATUS widower/widow 6 2 Divorced 2 1 Illterate 33 13 SSC 94 38 EDUCATION HSC 65 26 Graduation 33 13 Post graduation 25 10 TOTAL 250 100 http://www.iaeme.com/IJM/index.asp 85 editor@iaeme.com
Rajitha Ramachandran and Dr. Anuradha P S Interpretation It can be intrepretated from the above table that majority of the beneficiaries are from the age group of 26-35 years which shows that the working class have invested more in this government scheme. Male beneficiaries are majority policy holders around 70%. Most of the beneficiaries are married individuals and have family which is dependent on the group.. It is also being intrepretated that majority of the respondents are literate with basic education of SSC and are doing temporary or technical job to carry out their work . 5.1. Descriptive Statistics Respondents were asked to rate the each factors based on the scale that best suits them. The scale of the opinions was as follows 1- Very high 2- High, 3- Neutral, 4- Low and 5- Very low Table 2 Low premium as a motivational factor Frequency Percent Valid Percent Cumulative Percent Valid 1 25 10.1 10.1 10.1 2 148 58.9 59.1 69.2 3 29 11.3 11.3 80.6 5 48 19.4 19.4 100.0 Table 3 Policy term as a motivational factor Frequency Percent Valid Percent Cumulative Percent Valid 1 70 28.2 28.2 28.2 2 64 25.8 25.8 54.0 3 102 41.1 41.1 95.ti2 4 12 4.8 4.8 100.0 Table 4 Accidental cover as a motivational factor Frequency Percent Valid Percent Cumulative Percent Valid 1 16 6.5 6.5 6.5 2 100 40.3 40.3 46.8 3 97 39.1 39.1 85.9 4 16 6.5 6.5 92.3 5 19 7.7 7.7 100.0 Table 5 Accessability as a motivating factor Frequency Percent Valid Percent Cumulative Percent Valid 1 16 6.5 6.5 6.5 2 112 45.2 45.2 51.6 3 92 37.1 37.1 88.7 4 16 6.5 6.5 95.2 5 12 4.8 4.8 100.0 Table 6 Sum assured as a motivating factor Frequency Percent Valid Percent Cumulative Percent Valid 1 44 17.7 17.7 17.7 2 91 36.7 36.7 54.4 3 89 35.9 35.9 90.3 4 24 9.7 9.7 100.0 http://www.iaeme.com/IJM/index.asp 86 editor@iaeme.com
Impact of Socio Demographic Factors Influence on Beneficiaries of Jansuraksha Schemes Table 7 Long term benefit as a motivating factor Frequency Percent Valid Percent Cumulative Percent Valid 1 83 33.5 33.5 33.5 2 84 33.9 33.9 67.3 3 65 26.2 26.2 93.5 4 8 3.2 3.2 96.8 5 8 3.2 3.2 100.0 Table 8 Government scheme as a motivating factor Frequency Percent Valid Percent Cumulative Percent Valid 1 48 19.4 19.4 19.4 2 88 35.5 35.5 54.8 3 88 35.5 35.5 90.3 4 20 8.1 8.1 98.4 5 4 1.6 1.6 100.0 Total 248 100.0 100.0 Table 9 Social security as a motivating factor Frequency Percent Valid Percent Cumulative Percent Valid 1 47 19.0 19.0 19.0 2 125 50.4 50.4 69.4 3 48 19.4 19.4 88.7 4 24 9.7 9.7 98.4 5 4 1.6 1.6 100.0 Total 248 100.0 100.0 Intrepretation It can be summarized from those above descriptive analysis that all motivational factors are highly agreed upon by 60% of the respondents and very less no of respondents have disagreed the same. It shows that majority of the respondents have considered all the 8 factors as motivational factors and are considered highly reliable. 5.2. Regression Analysis Hypothesis: H0- All socio demographic factors do have an equal impact on motivational factors which influence the buying behavior of an scheme HI- All socio demographic factors do not have an equal impact on motivational factors which influence the buying behavior of an scheme http://www.iaeme.com/IJM/index.asp 87 editor@iaeme.com
Rajitha Ramachandran and Dr. Anuradha P S Table 10 Summarised Statistical table of regression analysis of socio demographic factors on motivational factors Unstandardized Standardized Coefficients Coefficients Factors of motivation t Sig. Std. B Error Beta Age .661 .104 .409 6.337 .000 1 Gender .172 .140 .074 1.235 .218 Low Marital premium .520 .143 .236 3.637 .000 status Education -.080 .114 -.043 -.701 .484 Age .032 .081 .027 .395 .693 2 Gender .024 .108 .014 .219 .827 Policy terms Marital -.245 .111 -.154 -2.218 .027 status Education -.049 .088 -.037 -.553 .581 Age .150 .076 .132 1.966 .050 3 Gender .100 .102 .061 .976 .330 Accessibility Marital .120 .105 .078 1.147 .252 status Education .340 .083 .263 4.082 .000 Age .030 .076 .027 .396 .693 4 Gender -.083 .102 -.051 -.816 .415 Sum assured Marital .440 .104 .286 4.212 .000 status Education -.085 .083 -.066 -1.022 .308 Age -.174 .080 -.136 -2.160 .032 5 Gender .273 .108 .147 2.531 .012 Long term Marital benefit .006 .110 .003 .051 .959 status Education .534 .088 .367 6.097 .000 Age -.014 .082 -.012 -.173 .863 Gender .260 .110 .150 2.371 .019 Government Marital 6 scheme -.220 .112 -.135 -1.961 .051 status Education .154 .089 .114 1.732 .085 Age .238 .085 .193 2.808 .005 Gender .108 .113 .060 .951 .343 Accidental Marital 7 cover .156 .116 .093 1.344 .180 status Education -.122 .092 -.087 -1.323 .187 Age -.122 .078 -.103 -1.557 .121 Gender .037 .105 .022 .352 .725 social Marital 8 security .186 .107 .116 1.740 .083 status Education .312 .085 .233 3.661 .000 Interpretation It can be interpretated from the above table that socio demographic factors like age, gender, martial status and eation does not significant difference on the motivational factors which influences the beneficiaries for the purchase of jansuraksha scheme. Low premium as a motivational factor does not have the significant level of 0.5 for any of the factors. Similarly are the other motivational factors such as accessability, accidental cover, social security, government scheme etc. Other factors out of the four demographic factors only one factor like gender, age of the respondent is more than the significant level of 0.5 http://www.iaeme.com/IJM/index.asp 88 editor@iaeme.com
Impact of Socio Demographic Factors Influence on Beneficiaries of Jansuraksha Schemes Since majority of the factor does not show significant level of confidence. The null hypothesis is rejected. It implies that socio demographic factors does not influence the motivational factors which influences a beneficiary for the purchase of jansuraksha scheme 6. FINDINGS AND CONCLUSION Jansuraksh has been a challenge for banks and insurance company due to its interception nature, it is mentioned that government scheme are difficult to float in the market and get a desired results The study has primarily focused on identifying the different socio demographic factors that induce a beneficiary to go for a particular scheme. All socio demographic factors do not have an Equal impact on all motivational factors. Demographic Factors For the purpose of the study majority of the respondents are male in the age group of working class Descriptive Statistics of Motivational Factors It is been analysed that majority of the 8 motivational factors are highly influential in buying behavior of an individual beneficiary. However it can even be interpretated that motivational factors are also the features of this particular scheme Regression Analysis Majority of the socio demographic factors do not have an equal impact on the motivational factors of beneficiaries for jansuraksha schemes. Age and gender differences have a majority impact on each of the motivational factors of beneficiaries Since the research was carried out in urban population each of these factors influence majority of respondents in Jansuraksha scheme are considered as a new set of government schemes which is available to all bank account holders and within two years have been considered as a important component towards financial inclusion. It can be concluded that widespread usage and the influential factors have significant influence to any socio demographic features like age, gender etc. It can be concluded that these schemes have much more influential factors as compared to other factors such as economic factors etc REFERENCES [1] Adriana Magdas (2012), MI: creation of a roadmap to full financial inclusion, working paper 20. International Labour Organisation. [2] Akila Prabhakar (2010). Micro Insurance: The Risk Reward Spectrum in India. Thesis submitted in partial fulfillment to Leonard N Stern School of Business, New York. [3] Amos Gitau Njunguna (2013). Risk Management Practices; A survey of Micro Insurance Service providers in Kenya. [4] Amruthavarshini V and Suresh BH. Penetration of Micro Insurance- A study. Global Research analysis Vol 2 [5] Basanta K Sahu (2011). Micro Insurance in India. Outreach and Efficacy. Centre for Micro finance Research, Bankers Institute of Rural Development (BIRD). http://www.iaeme.com/IJM/index.asp 89 editor@iaeme.com
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