Abstract
This paper aims to examine policyholders' protection against unfair practices in the life insurance industry. The study employs a quantitative approach and uses survey data from a sample of 150 policyholders located in Madurai. Connivence sampling method is utilised for this study. primary data was collected form policyholders of life insurance. This study used percentage analysis, ANOVA, independent t-test for the analysis.The findings suggest a concerning prevalence of unfair practices in the industry, with a significant number of policyholders experiencing issues such as misleading information about policy terms, denied or delayed claims without valid reasons, poor customer service, and unclear marketing practices. The study also highlights the role of policyholder education towards policyholders’ familiarity with their rights and protecting against unethical practices. This paper concludes by recommending policy reforms to address the identified issues and improve policyholder protection in the life insurance industry. Ultimately, the study underscores the essential improvement of various areas such as transparency in policy terms, complaint handling process and importance of regulatory action and market forces in promoting fair and ethical practices in the industry to enhance policyholders' trust and confidence.
Keywords: Unfair practices, Life insurance, Quantitative approach, Mis-selling, Hidden charges, Lack of transparency.
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