International Journal For Multidisciplinary Research

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How Behavioral Biases Influence Rational Decision-Making in Life Insurance Purchases Decision

Author(s) Prateeksha Deshpande, Dr. N. Ramanjaneyalu
Country India
Abstract Purpose - This study examines the impact of Decision Framing Bias and Mental Accounting Bias on life insurance purchase decisions, specifically during the process of choosing among available alternatives. In the context of rational decision-making, where individuals evaluate all options and select the most optimal one, this research aims to explore how these biases affect the critical stage of selecting from alternatives and their subsequent influence on the final purchase decision.

Design/methodology - The sample was gathered using a simple random sampling technique on investors who have made transactions in life insurance purchases. The data was analysed using SEM PLS with Smart PLS application.

Findings – The study found that decision-framing bias does not significantly affect the stage of selecting the best alternative. In contrast, mental accounting bias was found to have a notable influence on this selection process as well as the final purchase decision. Additionally, choosing among the alternatives as a critical stage of rational decision-making was also observed to have a subsequent impact on the final purchase decision.

Practical implication - The findings can help individual investors to analyse and evaluate their behaviour toward the selection of an insurance policy. Insurance institutions can use this research to understand investors’ behaviour and provide adequate information to insurance buyers before purchasing.
Keywords Purchase Decision, Behavioural Bias, and Insurance
Published In Volume 6, Issue 5, September-October 2024
Published On 2024-09-04
Cite This How Behavioral Biases Influence Rational Decision-Making in Life Insurance Purchases Decision - Prateeksha Deshpande, Dr. N. Ramanjaneyalu - IJFMR Volume 6, Issue 5, September-October 2024. DOI 10.36948/ijfmr.2024.v06i05.27025
DOI https://doi.org/10.36948/ijfmr.2024.v06i05.27025
Short DOI https://doi.org/gt9ktp
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