The Influence of Factors on the Intention to Purchase Life Insurance Products: An Approach Based on the Theory of Planned Behavior (TPB)

According to data reported by Swiss Re, the life insurance participation rate in developed countries such as the UK, the US, and Japan is about over 90%; In regional countries such as Singapore, it is over 80%; Malaysia is 50%, while this rate in Vietnam by the end of 2017 is only about 10%. Also, the insurance association's comprehensive report on life insurance penetration rate calculated based on total insurance premiums compared to GDP shows that the insurance penetration rate (insurance premium revenue/GDP) of ASEAN has a trend that has gradually improved in recent years. However, it is still at a low level (3%). Although Vietnam's market is still growing well, the market penetration rate of Vietnam's insurance industry is still meager compared to other countries in the region, only at 2% of GDP. In comparison, the rate in Thailand is 5.5%, and Singapore is 14%. Accordingly, this study examines the factors influencing the intention to purchase life insurance products based on theoretical overview research. On that basis, analyze and synthesize the impact of attitude, subjective norms, and perceived behavioral control based on Ajzen's (1991) [2] theoretical model of planned behavior as a basis for predicting the intention to participate in life insurance of Vietnamese people in the current context.