Empirical Study on the Perception about Life Insurance in India

Technically, it is not possible to ascertain the future or avoid various serious hazards events like for example, fire, disability, and premature death, and many more complicated hazards. This is where life insurance plays a major role in the life of individuals. The main functions of life insurance in its countless forms is to authorize individuals to prevent themselves against particular misfortunes by spreading the loss to the person who agreed to coordinate with each other at the time of loss incurred by making endowment to the familiar fund. Yet, In India major population does not have a life insurance. The aim of the paper is to understand the meaning and functioning of life Insurance. It helps us in understanding why it is necessary for individuals to be insured and its relevance to the economic condition of India. The study method is an empirical study which helps us to understand the perception of general public about life insurance. This study is especially important in these times of Covid-19 where uncertainty and risk to life are at peak in this pandemic. The knowledge about the life insurance is necessary to change the mind set of people about life insurance policies. The study focuses to learn the consumer perception about life insurance policy and the awareness about it in a practical view.