Multi-Criterion Decision Approach in Ranking of Money Back Insurance Policies

Life Insurance is the fastest growing sector in India. Life insurance is an agreement between two parties i.e. insured and insurer where in insurer agrees to assure insured in event of any contingency leading to death and injuries. Money back policies are popular life insurance plans in India. Money back policy provides regular cash back at periodic intervals, so that one can fulfil his/ her dreams and aspirations. The present paper analyses money back policy being offered by different insurance companies in the country. A questionnaire was prepared to get expert opinion on money back policy of different companies i.e. Life Insurance Corporation, State Bank of India, Max Life Insurance, Bajaj Allianz Life Insurance, and Aviva Life Insurance. A multi-criterion decision making approach, Analytical Hierarchy Process, is applied to rank money back policy of different insurance companies. The results of the study show that LIC provides best money back policy to its customers.

Keywords: Insurance, Analytical Hierarchical Process, Multi-Criterion Decision approach, Decision Alternative

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