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

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. [ABSTRACT FROM AUTHOR]