Published Paper Details:

Customers' expectations, needs and desires have changed substantially over the years. A single product or service offered by companies can no longer satisfy their wide array of needs. 'Customization' of products and services is the buzzword of today's businesses which has completely replaced the older concept of 'standardization'. However, it is also impossible to produce customized and distinctly unique products for each and every customer which gives birth to the need of market segmentation. Life insurance being highly intangible in nature is much more complicated and difficult to be perceived than the physical or tangible products. Life insurance has a vast potential market all across the world and our nation. But, the changing socio- cultural dynamics of the population has posed great challenge in front of the life insurance service providers in identifying the needs properly and incorporating the solutions for the same in their products. The present study is a modest attempt to study some selected existing models of market segmentation related to life insurance and propose an easily perceivable and implementable model.