The Role Of Insurance Literacy In Shaping Life And Health Insurance Choices - An Empirical Study

Author: LawSphereX

Category: Banking & Finance

Published: 2026-08-23T21:30:20.291841+00:00

Updated: 2026-08-26T17:05:22.009+00:00

THE ROLE OF INSURANCE LITERACY IN SHAPING LIFE

AND HEALTH INSURANCE CHOICES: AN EMPIRICAL

STUDY

Karri Moulendra Satya Venkat, LL.M., Symbiosis Law School, Hyderabad

ABSTRACT

The main objective of this Empirical Study is to research the concept of Insurance, exclusively about Life and Health Insurance. I am beginning with the evolution of the concept of Insurance in India, the meaning and types of Insurance, Government schemes, and structure of the Insurance Industry structure, and the regulatory body in India. The uses and importance of Life and Health Insurance policies are followed by statistics about the Indian Insurance sector. In addition to the abovementioned information, this study also incorporates research data on life and health insurance. The data was collected from a random sample of people, including their opinions about life and health insurance policies and their experiences in dealing with insurance policies.

The study includes an analysis of the collected data, already existing statistical data and analysis, key findings, and a summary of the findings.

Introduction Background and Evolution of Insurance Ancient and Medieval Periods: The concept of insurance existed even in ancient India, with references in Rigveda (circa 1700 BCE) where pooling resources to compensate for the loss of cattle and crops was mentioned. During the Maurya Empire (322-185 BCE), traders used to pool money to safeguard against the loss of goods transported by sea. In medieval India, associations of merchants and joint family systems functioned as informal insurance agencies and were used to help members in distress. Colonial Period: Modern insurance in India began during the British Raj, with the establishment of the first life insurance company i. e. , Oriental Life Insurance Company, in the year 1818 in Kolkata.

The first Indian life insurance company was Bombay Mutual Life Assurance Society which was established in the year 1870, Bharat Insurance Company was another company that was established in the year 1896 and offered policies to Indians. The first legislation that was passed to regulate the insurance sector, consolidating earlier laws and ensuring transparency and customer protection was the Insurance Act of 1938. Post-Independence Period: The then Government of India nationalized the life insurance sector in the year 1956 and formed the Life Insurance Corporation of India (LIC). Even the general insurance business was also nationalized in the year 1972 by forming General Insurance Corporation (GIC) and its subsidiaries. Economic reforms of LPG led to granting access to private and foreign players in the insurance sector.

Even the Insurance Regulatory and Development Authority of India (IRDAI) was established in the year 1999 to regulate the insurance industry. Meaning of Insurance Insurance is a legal agreement between an insurer (insurance company) and an insured

(individual), in which an insured receives financial protection from an insurer for the losses he may suffer under specific circumstances. The literal meaning of insurance would be an assurance against unforeseen and unfortunate loss. This means, that if you encounter a less-than-normal event in your normal course of life, and happen to incur a financial loss because of it, you can be compensated. Legally insurance has been defined as a contract where the insurer agrees to compensate the insured against the losses incurred due to any unforeseen contingency. The contract also involves a consideration which is called a premium. The maximum available benefit amount is called sum assured or sum insured.

Types of Insurances Life Insurance: Life Insurance is a contract between a policyholder and an insurance company, where the insurer (the Insurance company) promises to pay a sum of money in exchange for a premium amount paid by the insured (the policyholder), upon the death of an insured person or after an agreed period. There are some types of Life Insurance policies: • Term Insurance in which the policy covers for a specified period and if the policyholder dies in that specified period, the beneficiary receives the death benefit. • Whole Life Insurance which offers coverage for the entire life of the insured, with a guaranteed death benefit to the beneficiaries. • Endowment plans which combine insurance with savings in which the policyholder gets a lump sum amount if they survive the whole policy term or the beneficiary gets the death benefit.

• Unit Linked Insurance Plans combine investment with insurance. A portion of the premium is invested in debt and the rest provides insurance cover. • Money Back Policy offers periodic payouts of lump sum amounts during the term of the policy in case of maturity or the case of death.

Uses of Life Insurance: • Financial Protection for Dependants: In the event of the insured’s death, life insurance provides a lump-sum payment to the dependants, ensuring their financial safety and security. • Tax Benefits: The government of India provides tax deductions for the premium amounts paid under Section 80C of the Income Tax Act. The maturity proceeds are also tax-free under Section 10(10D), subject to certain conditions. • Retirement Planning: Some life insurance products, like whole life insurance and pension plans, provide a steady income stream post-retirement, ensuring financial independence to the insured in their old age. Importance of Life Insurance: • Peace of Mind: Knowing that your dependents will be financially secure provides peace of mind, allowing you to focus on other life goals.

• Estate Planning: Life insurance plays a crucial role in planning and transferring wealth to heirs without financial complications by covering the estate taxes. • Long-Term Savings and Investment: Life insurance products include savings and investment components that help in maintaining the proper financial planning, encouraging regular savings, and building funds for future needs. • Financial Security and Social Welfare: Life insurance ensures financial security to the dependants in the event of the death of the insured and also contributes to social welfare by protecting families from the adverse effects of financial loss due to the death of the one who earns bread. Health insurance: Health Insurance is a contract between a policyholder and an insurance company, wherein the insurer will provide the necessary financial assistance to the insured in case of any health-related expenses.

There are some types of Health Insurance policies:

Individual Health Insurance covers hospitalization and medical costs for the individual insured. • Family Floater Policy provides a single sum insured for the entire family, which covers the entire family. • Critical Illness Insurance offers a lump sum amount on the diagnosis of a particular illness for which the policy was taken. • Senior Citizen Health Insurance covers individuals aged 60 and above, it covers them for their health issues prevalent in older age. Uses of Health Insurance: • Coverage of Medical Expenses: Health insurance policies cover medical costs like doctor’s fees, surgery, and diagnostic tests, including hospital admission charges thereby reducing the financial burden during medical emergencies.

• Preventive Care: The health insurance policies cover preventive services such as annual health check-ups and vaccinations which help in detecting and preventing diseases in prior. • Family Security: Some plans provide coverage for the entire family under a single policy, ensuring that all members are protected against medical emergencies. • Tax Benefits: Premium amounts paid towards health insurance policies are eligible for tax deductions under Section 80D of the Income Tax Act. Importance of Health Insurance: • Financial Protection against Rising Medical Costs: While healthcare costs rising significantly in the present day, health insurance policies protect against the financial burden of expensive medical treatments.

• Encouragement of Regular Health Check-ups: Health insurance policies also cover the costs of preventive measures thus encouraging policyholders to undergo regular health

check-ups, which can lead to early detection and better maintaining better health conditions. • Reduction in Out-of-Pocket Expenditure: Health insurance removes the impact of large medical bills and reduces the need for out-of-pocket payments, which exhausts the savings and creates financial distress. • Socioeconomic Stability: Health insurance policies help prevent medical expenses from causing financial crises, contributing to the overall socioeconomic stability of individuals and families. Along with these 2 types of insurance, there are certain other types of general insurance policies like: • Motor Insurance which covers the damages to any vehicle and also enables third-party liability. • Home Insurance which covers the structure of a building or a house against risks like fire, theft, natural disasters, etc.

• Travel Insurance covers the risks associated with travel, such as medical emergencies, trip cancellations, lost luggage, etc. • Personal Accident Insurance offers compensation in the cases of accidental death or disability. • Agricultural Insurance covers the crops against natural disasters, pests, and diseases and protects the farmer. Pradhan Mantri Fasal Bima Yojana (PMFBY) is one of the key government schemes in India. • Commercial Insurance is a type of insurance that is designed for businesses to cover risks like liability, business interruptions, property damages, etc. Government Insurance Schemes: Life Insurance Schemes:

Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY): This is a term insurance scheme offering a life cover of INR 2 lakh for an annual premium of INR 330, This is available to individuals aged 18-50 with a bank account. • Aam Aadmi Bima Yojana (AABY): This applies to rural landless households and their natural and accidental death, partial, and permanent disability. Health Insurance Schemes: • Ayushman Bharat Pradhan Mantri Jan Arogya Yojana (PMJAY): This is the largest government-funded health insurance scheme in the world that provides coverage up to INR 5 lakh per family per year for secondary and tertiary care hospitalization. • Rashtriya Swasthya Bima Yojana (RSBY): This scheme was initiated to protect the unorganized sector workers by providing hospitalization cover up to INR 30,000 per annum for a family of up to five members.

Social Security Schemes: • Atal Pension Yojana (APY): This pension scheme is aimed at the unorganized sector, offering a guaranteed pension based on the contribution made. • Pradhan Mantri Suraksha Bima Yojana (PMSBY): This is an accidental insurance scheme providing a cover of INR 2 lakh for death or disability due to an accident, with an annual premium of INR 12. Insurance Industry Structure in India: Regulatory Body: Ø Insurance Regulatory and Development Authority of India (IRDAI): This was established in the year 1999 by the then Government of India to regulate and promote the insurance industry in India. This ensures the financial stability of insurers, protects the interests of policyholders, and develops the insurance sector.

Public and Private Sector Insurers: Ø Life Insurance Corporation of India (LIC) is one of the dominant life insurers, holding a major share of the market, New India Assurance, United India Insurance, Oriental Insurance, and National Insurance Company are the major players in the Public Sector. Ø HDFC Life, ICICI Prudential, SBI Life, etc are some of the prominent private players in the insurance sector along with Star Health, Apollo Munich, Bajaj Allianz, and ICICI Lombard are also some players in health and general insurance. Ø Star Health, Max Bupa, and Care Health Insurance are some of the standalone Health Insurers.

Challenges: • Low penetration • Affordability • Trust and Mis-selling Statistics: Based on the information from different sources, the following statistics are collected and used in the study regarding life and health insurance markets, premium collection rates, penetration value, number of policies, insurance companies, etc. Market Size and Growth Ø Life Insurance: o Valuation (FY 2022-23): INR 40. 82 lakh crore o CAGR (Compound Annual Growth Rate): 10-12% over the past decade Ø Health Insurance: o Valuation (FY 2022-23): INR 77,000 crore

o CAGR: 15-20% over the past five years Ø Government Schemes: o Ayushman Bharat (PMJAY): Launched in 2018 Premium Collections Ø Life Insurance: o Total Premium Collected (FY 2022-23): INR 7.31 lakh crore o New Business Premium (NBP): INR 3.14 lakh crore o Renewal Premium: INR 4.17 lakh crore Ø Health Insurance: o Total Premium Collected (FY 2022-23): INR 77,000 crore o New Business Premium: The retail segment accounts for nearly 50% of the total premium Penetration Ø Life Insurance: o Penetration (% of GDP in 2022): 3.2% o Density (Per Capita Premium, 2022): USD 59 Ø Health Insurance: o Penetration (% of GDP in 2022): 0.4% Ø Government Schemes: o Provides coverage up to INR 5 lakh per family per year

Number of Policies Ø Life Insurance: o Total Policies in Force (2022): Over 290 million policies o Market Share (LIC): 66-68% of total premium collection Ø Health Insurance: o Total Policies in Force (2022): 500 million people covered (including government schemes) Ø Government Schemes: o Over 150 million families eligible (~500 million individuals) Insurance Companies Ø Life Insurance: o Total Companies (2023): 24 life insurance companies (LIC is the only public sector player) o Key Private Insurers: HDFC Life, ICICI Prudential, SBI Life Ø Health Insurance: o Total Companies (2023): 34 general insurance companies offering health insurance, including 4 standalone health insurers o Key Insurers: Private health insurers, standalone health insurers like Star Health, and public sector general insurers.

Literature Review An empirical study conducted by Rao and Singh in the year 2017 about the factors influencing the penetration of life insurance in India found that income levels, literacy rates, and

urbanization were significant factors that influenced the adoption of life insurance. Research conducted by Saxena in the year 2015, explored rural markets in India and identified the reasons for the low adoption of life insurance like lack of awareness, affordability issues, and cultural factors, and highlighted the need for customized products and awareness programs to improve the adoption of life insurance. Kannan and Thangavel’s study in the year 2018 studied the impact of government life insurance schemes like PMJJBY and found that such schemes majorly contributed to increasing life insurance coverage among low-income earning people and noted the related importance of awareness.

Selvaraj and Karan’s empirical study of health insurance coverage in India using the data from the National Sample Survey (NSS) found that there was low penetration of health insurance among rural and low-income earning people. Arokiasamy in the year 2016 analyzed the impact of health insurance on healthcare utilization in India and found that the insured had higher rates of prevention care usage as well as hospitalization compared to the uninsured, and highlighted the positive impact of health insurance on healthcare access. In the study made by Reddy and Patel in the year 2020, it was found that the scheme introduced by the Government of India i. e. , Ayushman Bharat Pradhan Mantri Jan Arogya Yojana (PMJAY) was successful in expanding the health care insurance coverage but also pointed out issues related to hospital network adequacy and claim processing times.

A study by Gupta and Pal in the year 2015 found the insurance penetration and density across

different states and demographic groups in India and the regional disparities with higherincome groups having much higher penetration with the help of data collected from IRDAI and the World Bank. Research on life and health insurance in India shows a complex landscape influenced by socioeconomic factors, regulatory changes, and consumer behaviour. Despite progress in increasing insurance coverage through government schemes, challenges related to awareness, affordability, and effective implementation persist. Future research may focus on addressing

these challenges and the role of digital technologies in expanding insurance access and improving service delivery. Research Questions

1. What demographic factors influence the purchase of life and health insurance

in India?

2. How satisfied are Indian policyholders with their life and health insurance

policies?

3. What are the key factors driving insurance decisions among Indian consumers?

Research Objectives The main objectives of this empirical study are: • To understand the demographic factors influencing the purchase of life and health insurance in India. • To assess the satisfaction levels of Indian policyholders with their life and health insurance policies. • To explore the key factors that drive insurance decisions among Indians, such as premium affordability, coverage adequacy, and customer experiences. Research Methodology This empirical study follows a mixed-methods approach, utilizing both quantitative as well as qualitative data from surveys and open-ended responses. A simple survey was conducted among a small sample using Google Forms and collected data about life and health insurance, their opinions regarding premium affordability, coverage adequacy, etc. ; thus, the research design used here is exploratory and explanatory.

Sampling and Data Collection Data was collected by the online survey through Google Forms distributed to 21 people

surveyed a random sample and collected information regarding their opinions about life and health insurance, affordability, coverage adequacy, and satisfaction level. Along with this, data was also collected from the already-existing reports and statistics. Thus, both primary and secondary data were collected herein. Data Analysis Quantitative data was analyzed using statistical tools to identify patterns and correlations between demographic factors and insurance choices and decisions of the subjects in the sample. Qualitative data was also collected by giving the option of open-ended responses by which the sample participants could also give their opinions with no restricted options and choices for them to select or opt like in the close-ended questions.

Result Data Presentation The data collected is mentioned below in the form of pie charts, to have a clear understanding and by which we can assess the information easily instead of reading the results of the report. In addition, all the data which is being depicted in the pie charts is also explained descriptively after each and every pie chart showing the data of the random sample of 21 people. Ø The majority i. e. , around 52% of the respondents are of 25-35 years of age and 14% of the respondents are of 35-45 years of age and 33% of the respondents are of other ages mostly less than 25 years.

Ø 66.7% of the respondents have completed their bachelor’s degree, indicating an educated group among the sample, 23.8% of the respondents have pursued a master’s degree and 9.5% of the respondents have finished only High school. Ø 47.6% of the respondents are students, 38.1% members are employed full time and 9.5% Respondents are unemployed among the sample from whom the data was collected and the remaining 4.8% of the members are employed part-time.

Ø 57.1% of the respondents report a high household income of Rs.80,000 and above, 19% of the respondents fall into the mid-range income bracket of Rs.60,000-80,000, and the other 19% of the respondents report an income level of Rs.20,000-40,000 and 4.9% of the members earn Rs.40,000-60,000. Ø 23.8% of the respondents have Life Insurance policies, another 23.8% of members have Health Insurance policies, and 23.8% of members have both Life and Health Insurance policies, reflecting awareness of the importance of financial security and a notable minority of 28.6% of respondents do not have insurance coverage.

Ø 42. 1% of respondents held insurance policies for less than one year, these people might be those who have recently known the need for insurance and are new policyholders, 31. 6% of the members have their policies and have held their policies for an extended period of more than 5 years, 15. 8% of respondents have policies for 1-3 years and the rest of 10. 5% of the respondents hold insurance for a moderate period of 3-5 years. Ø 33. 3% of respondents depend on their family members for insurance coverage as they have insurance policies in their name through their parent/spouse’s plan, and 27. 8% of members obtained the insurance policies by purchasing privately, this indicates their proactive approach to securing insurance independently, 22.

2% of respondents got their policies through their employer by this it can be noted that the level of private purchases are more in number than that of employer-provided insurances, 11. 1% of the members

obtain insurance policies through other means and the remaining 5.6% of members obtained the insurance policies through government program. Ø 50% of the respondents are satisfied and feel that their insurance coverage is adequate and meets their needs, 27.8% of them feel their coverage is insufficient, indicating potential gaps in their policies, and the remaining 22.2% of the members are not sure about the coverage and this shows their lack of understanding in their policy. Ø 50% of the respondents stated that the reason for choosing their life/health insurance is to maintain financial security and this shows their desire for economic stability. 33.3% of respondents chose other reasons like personal experiences, recommendations, specific financial advice, etc, and the remaining 16.7% of respondents own insurance

policies because of the option given by their employer, and this reflects the importance of job benefits. Ø 44.4% of the respondents found the process of purchasing insurance neither difficult nor easy and suggested the process as manageable, 22.2% of members found the process easy and 16.7% of members found it very easy to purchase an insurance policy. But, 11.1% of respondents found the process of purchasing insurance policies difficult and the remaining 5.6 members found that it is very difficult to purchase policies. Ø 33.3% of the respondents said that they could understand the terms and conditions of the policy well, 33.3% of the members could understand the terms and conditions of the policy moderately well, 16.7% of members could understand the terms and conditions of the policy very well and 11.1% of respondents struggle to understand the

terms and conditions of the policy which could lead to issues if they need to use their policy and the remaining 5.6% also stated that they struggle a lot. Ø 37.5% of the respondents rated the claim processing time as neutral indicating a standard experience, 25% of the respondents rated the claim processing time as fast and 12.5% of members as very fast, this reflects satisfaction with the claim process speed for those who have made a claim.25% of members experienced delays, which could affect their overall satisfaction and made them rate low. Ø 37.5% of respondents opted neutral option which indicates that there is neither high satisfaction nor significant dissatisfaction 50% of the respondents were satisfied with the outcome of their claims of their insurance policies and the remaining 12.5%

members were dissatisfied and unhappy with the outcomes of their claims, which could influence future decisions. Ø 38.9% of respondents were satisfied and 38.9% of members were neither satisfied nor dissatisfied with their current policies. But,11.1% of respondents were very much satisfied. The remaining 11.2% of respondents were not so satisfied with their insurance policies, the reason might be delays experienced by them. Ø 42.1% of respondents find their premiums neither expensive nor cheap indicating a balanced view, 31.6% of them find their insurance premiums manageable and affordable, and 26.3% of the respondents struggle with the cost of premiums, this indicates a potential barrier to access to benefits of Insurance.

Ø 52.6% of the respondents believe that their policy benefits justify the cost they pay, 10.5% of members feel that the costs they pay for the premiums of their insurance policies were not worth and the remaining 36.8% of members were not sure regarding this and this indicates the lack of clarity on policy benefits. Ø 80% of the respondents recognize the significance of having insurance and a small group of 15% of members rated neutrals this suggests that they might not fully see the value or have not had to rely on their insurance and a minority group of people of 5% of the respondents believe having insurance is not so important, this decision may be due to lack of personal experience with its benefits.

Ø 44.4% of the respondents review their policies annually, 33.3% of persons review their policies only in response to specific events or needs, 5.6% segment of respondents review their policies every few years and 16.7% of members rarely or never review their insurance policies, which could lead to outdated coverage. Ø 44.4% of respondents perceived the risk of financial ruin without insurance, 22.2% of members perceived their inability to pay medical bills, 5.6% of respondents perceived loss of income as the risk if they were without insurance, 22.2% of members perceived no risk without having any insurance and the remaining 5.6% of respondents perceived other risks without having insurance policies which might be lack of safety. Key Findings The majority of respondents had a good impression of insurance, with 68% of them thinking it

was useful. The majority of people believe that insurance is a necessary safety net that provides financial stability and peace of mind in the case of unanticipated circumstances like illness, accidents, or income loss. These individuals probably realize the need to be ready for life's unexpected events. 9% of respondents, however, express no opinion, which may be the result of their inability to personally experience their insurance plans or their doubts about the sufficiency of their coverage. This may also indicate that they feel their present requirements are being satisfied without having to rely too heavily on insurance. Conversely, 5% of participants believe insurance contributes little to nothing.

Due to unfavorable prior experiences, a strong feeling of financial stability without insurance, or the conviction that they are not much in danger of encountering circumstances that would need an insurance claim, this minority may believe that insurance is an unnecessary investment. A better understanding of the possible hazards and the safeguarding effect insurance may provide in unforeseen situations may prove advantageous for this group. Discussion Comparison with Literature This study shows that 66. 7% of respondents have at least a bachelor’s degree and 57. 1% report a higher income. These factors correlate with higher insurance penetration, as 52. 4% have some insurance. This aligns with Rao and Singh’s findings that higher income and education levels contribute to greater insurance adoption.

This study indicated that 50% of respondents were satisfied with their insurance coverage. But, 22. 2% are unsure about their coverage, which shows their lack of understanding. This underscores the need for better awareness and education about insurance, echoing the literature’s emphasis on the role of awareness, which aligns with Saxena Kannan and Thangavel’s findings that emphasized the need for the importance of awareness in increasing insurance coverage through government schemes. This study shows that 25% of respondents rated the claim processing time as slow, which corresponds to the study of Reddy and Patel which pointed out issues with hospital network adequacy and claim processing times. This study indicated that 52. 6% of respondents believe that their policy benefits justify the cost,

while 26. 3% of people found premiums expensive. This can be related to the findings of Selvaraj and Karan which pointed out affordability and issues affecting insurance penetration. With the above comparisons, it can be said that, while progress has been made in increasing the penetration of insurance coverage in India, significant challenges remain, particularly in improving awareness, affordability, and effective implementation of insurance products and schemes. Limitations • Small Sample Size: This study is based on a small random sample of 21 respondents, which limits the universality of the findings. • Self-Reported Data: The reliance on self-reported data may result in inaccuracies in respondent’s understanding of their insurance coverage.

• Lack of Regional Diversity: This study is limited to a small and simple sample; it does not account for regional differences in insurance awareness which could affect the applicability of the results across different areas of the country. • Limited Demographic Information: The study does not explore other demographic factors like gender, marital status, or occupation, which could provide more perception into insurance behaviors. Recommendations for Future Research Future research should consider investigating the influence of digital insurance policies and platforms on policyholder satisfaction and access, particularly in rural areas. Additionally, studies examining the effectiveness of insurance literacy programs could offer valuable insights for enhancing consumer education and exploring how digital technologies can help tackle these challenges, as suggested in the literature.

Conclusion Summary Findings This empirical study surveyed the factors influencing the purchase of life and health insurance

in India, the satisfaction levels of Indian policyholders, and the key factors driving their insurance decisions. The findings offer an understanding of these areas and suggest potential solutions for improving insurance adoption and satisfaction. The study reveals that those with higher education levels and household incomes are more inclined to purchase life and health insurance. To increase insurance penetration among other demographics, targeted awareness campaigns and educational programs should be developed particularly focusing on those with lower income and education levels. Additionally, offering more affordable and customized insurance products for different income groups could make insurance accessible to more people.

While only half of the respondents are satisfied with their insurance coverage, a significant portion find it insufficient, some find the purchasing process manageable, some encounter difficulties and only some understand their policy terms, which could lead to policy utilization. For which insurance providers should focus on enhancing customer education, simplifying policy terms, and offering more personalized guidance during the purchasing process. The primary motivator for purchasing insurance is financial security, with 50% of respondents citing it as their main reason. However, a notable portion (26. 3%) struggles with premium costs, indicating that affordability remains a challenge.

To address affordability concerns, insurance companies should consider introducing more flexible payment options and tiered coverage plans that allow policyholders to choose the level of protection that best fits their financial situation. Concluding Thoughts The study emphasizes the growing awareness about life and health insurance among educated, young adults in India. While many respondents are satisfied with their insurance coverage and recognize its importance for financial stability, issues such as understanding policy terms, the affordability of premiums and claim processing duration are still challenges that need to be addressed by the insurance industry. Enhancing customer education and simplifying the insurance purchasing process could improve satisfaction and coverage adequacy.

Confidentiality This empirical study on life and health insurance in India was conducted with adherence to

confidentiality protocols to protect the privacy and personal information of all participants. All survey responses were collected anonymously, i.e., Personally identifiable information like address, and contact details were not collected ensuring that responses could not be traced back to individual participants; all the data collected was encrypted and securely stored and the data collected was not shared with any third parties but used only for this study, this study was conducted in compliance with ethical guidelines for research and ensured that the privacy of all participants was respected, and that the data collected remains confidential.

References

1. Insurance Regulatory and Development Authority of India (IRDAI). (2023). "Annual

Report on the Insurance Industry in India."

2. Journal of Insurance and Risk Management. Various articles on consumer behaviour

and satisfaction in the Indian insurance sector.

3. National Sample Survey Office (NSSO). (2023). "Health Insurance Coverage in India:

An Overview." Appendices Survey Questionnaire

1. What is your Age?

2. What is your highest level of education?

3. What is your current employment status?

4. What is your annual household income?

5. Do you have any Insurance policy in your name? if yes, what type of Insurance do you

currently have?

6. How long have you had your current life/health insurance policy?

7. How did you obtain your health insurance?

8. Do you feel that your current insurance coverage meets your needs?

9. What was the primary reason for choosing your current life/health insurance policy?

10. How easy was it to purchase your insurance policy?

11. How well do you understand the terms and conditions of your insurance policy?

12. Have you ever claimed your insurance? if yes, how would you rate the claim processing

time?

13. How satisfied were you with the outcome of your claim?

14. How satisfied are you with your current life/health insurance policy overall?

15. How do you feel about the affordability of your insurance premiums?

16. Do you believe the benefits of your policy are worth the cost?

17. How important do you think it is to have life/health insurance?

18. How often do you review or update your insurance policy?

19. What do you perceive as the biggest risk if you were without life/health insurance?

20. How beneficial and important is it to have an insurance policy? (Life and Health

insurance)

Data Tables or charts

How Insurance Was Obtained

Perception of Insurance Meeting Needs

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Indian Journal of Law and Legal Research Volume VI Issue VI | ISSN: 2582-8878

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