International Journal of Business and Economics Volume 22, No. 2 September, 2023

The Role of Fear on the Purchase Intention of Life Insurance Products during Covid-19: An Empirical Investigation among Male and Female

Dhanya M.

Amrita School of Business, Amrita Vishwa Vidyapeetham,Kochi,India

Anusree K.

Amrita School of Business, Amrita Vishwa Vidyapeetham,Kochi,India

Saranya S. Varier

Amrita School of Business, Amrita Vishwa Vidyapeetham,Kochi,India

Abstract

This research investigates the influence of perceived fear in the context of the COVID-19 pandemic on the relationship between perceived risk related to product performance and the intention to purchase life insurance products. A variance-based structural equation modeling using WARP PLS is used to identify significant linkages among the variables. The study enlisted the participation of 150 persons who want to buy or have previously acquired at least one. The findings reveal noteworthy gender-based differences, with females exhibiting a higher level of perceived risk and a more pronounced positive impact of perceived fear. Additionally, perceived fear moderates the negative association between perceived risk and purchase intention for both genders. This study contributes to a comprehensive understanding of the interplay between fear, perceived risk, and purchase intentions in the insurance industry, enabling marketers to refine their approaches and better position their offerings in a rapidly evolving market landscape.

Keywords：Perceived Risk, Perceived Fear, Purchase Intention, Life Insurance

JEL Classifications：G22, D81, L51

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