A Study on Assessing Insurance Awareness in India
Journal Title: International Journal of Humanities and Social Science Invention - Year 2017, Vol 6, Issue 7
Abstract
This study focuses on risk security, the core product of insurance. It provides estimates of the insurance gap to maintain dependents living standards after the death of the primary wage earner. Because inadequately protected families often put burden on public resources for their welfare. The essential drivers of demand for risk security are 'Age', 'Income', 'Affordability', 'Wealth' and finally 'the desire to protect income from Inflation'. Though aggregate demand is driven by these factors, various researches have shown that there is little correlation between a specific family's need for security and its actual purchase of insurance. Large number of families, especially young ones, has either no risk security or inadequate security. According to one estimate mentioned in sigma, in the event of a spouse's death, nearly one- third of secondary earners between the age of 22 and 39 would suffer at least a 40% decline in the standard of life in the organized sector. This report examines the extent to which people are underinsured by measuring a 'life Assurance security gap' this gap is computed as the mean ratio of recommended insurance to household earnings and the mean ratio of actual insurance to household earnings.
Authors and Affiliations
G. Suganya
Keywords
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