A QUALITATIVE STUDY ON PERCEPTION OF GEN Z’S OF MUMBAI ON LIFE INSURANCE PURCHASE

DOI: https://doie.org/10.10399/ES.2025519788

Mr. Kunal Mitra Mustaphi, Dr. Lakshmi K S

Keywords:

Focus Group Discussion, Generation Z, Life Insurance, Consumer Behaviour, Insurance Awareness

Abstract:

This research paper explores perceptions about Life Insurance for Gen Z’s, the most dynamic cohorts in today’s world. Like all other behavior, purchase behavior of this generation is also significantly different than all other generations. Amongst all other financial products, life Insurance, is the most important risk tool to mitigate financial loss suffered through unfortunate loss of earning members in one’s family. This financial tool is gaining importance in this new age generation. With increased awareness through continuous use of digital platforms, today’s generation decides on their choices much more holistically, backed by data and opinions. The potential to earn and influence purchase decisions is significantly high in this generation. With increased risk awareness, especially in the post-COVID era, this generation may have more propensity to buy; however they need to be tapped by marketers through significantly different ways and means.

Life Insurance in India is in its growth trajectory and aiming at Insurance for all by 2047. With 52% of the Indian population falling into Gen Z and Millennials ( Nasscom, 2021), life Insurers are trying to analyse the purchase behavior of Gen Zs like never before to develop suitable marketing strategies. This study aims at the exploration of Gen Z in the city of Mumbai, the financial capital of the country, as they open up their mind in a candid focus group discussion. The transcript of the recording is analysed in MAXQDA software to derive insights and draw conclusions. This study sheds light on unique characteristics of this generation and highlights the significance of creating Insurance awareness, amongst others, which should drive purchase intentions. By understanding these dynamics, Life Insurance companies should tailor their product features, service offerings, and marketing strategies to effectively cater to the needs of this generation.

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