A Fuzzy Multi-Criteria Decision-Making method for Purchasing Life Insurance in India

Vicente Garcia Diaz

Abstract


Life insurance is an agreement between an insured and an insurer, where the insurer pays out a sum of money either on a certain period of time or the death of the insured. Online term policies are attractive Life insurance plans in India. It provides the online platform for purchasing an insurance policy, where customer can buy policy directly without help of the agents. In this study 12 companies are being considered. The theory of insurance can be expressed as “the good fortune of the many" compensates for “the misfortune of the few". So, insurance companies prepare themselves to take this burden on their shoulders in exchange of an assessed payment. Selecting the best insurance company for purchasing an online term plan is a very complex problem. A questionnaire was provided to get expert opinion on online term plans on different companies. This paper contains a fuzzy Multi Criterion Decision-Making approach, Technique for Order Preference by Similarity to Ideal Solution is applied to rank the different insurance companies based on online term plans.

Keywords


Life insurance (LI); Multi Criterion Decision-Making approach (MCDM); Fuzzy MCDM Technique for Order Preference by Similarity to Ideal Solution (TOPSIS)


Refbacks

  • There are currently no refbacks.


Bulletin of EEI Stats