Financial Risk Management
Retail Investor Behavior Towards Life Insurance, Mutual Fund and Unit-Linked Insurance Plans (ULIPs): A Thematic Literature Review

Article Details
Pub. Date : Mar, 2021
Product Name : The IUP Journal of Financial Risk Management
Product Type : Article
Product Code : IJFRM20321
Author Name : Portia Wankhede* and Girish Mude
Availability : YES
Subject/Domain : Finance Management
Download Format : PDF Format
No. of Pages : 14



Retail investors are becoming increasingly worried about financial investment, which, after many financial crises, makes it challenging for financial service companies in India to devise marketing strategies. This paper provides a review of scientific, peer-reviewed articles that examine the consumer buying behavior towards investment in life insurance, mutual funds and Unit-Linked Insurance Plans (ULIPs). The research articles were obtained following a literature search on prominent databases like Web of Science, EBSCO and Google scholar. There are dozens of studies identifying behavioral analysis of retail investors. However, this paper makes an emphasis on the thematic analysis to identify factors and to uncover nuanced findings of retail investment decisions from an Indian perspective. The discussions that the authors present allow seeing how the investment behavior pattern of retail investors is shaping the financial investment discipline. The review's findings are organized to provide a critical diagnosis of existing research and an opportunity to advance in behavioral analysis of retail investors' research.


When purchasing life insurance, mutual funds, and Unit Linked Insurance Plans (ULIPs), it is critical to understand consumer behavior and the elements that influence purchasing decisions. It is also imperative to comprehend the various players in the banking and financial industry, including regulators and companies. The earlier research works show the motives as investing for retirement, tax saving, wealth creation, and future unexpected financial needs (Ahmad et al., 2019; Hemalatha, 2019; and Mini, 2020). Both mutual funds and ULIPs have been attractive investment options for retail investors who desire to increase their wealth in the long run. The extensive literature review explores consumer buying behavior regarding purchase intentions and choosing one over the others.


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