Documente Academic
Documente Profesional
Documente Cultură
L. Sampath2
Assistant Professor, St. John PG College, Yellapur, Hasanparthy,
Andhra Pradesh, India
Email: lsp5683@gmail.com
ABSTRACT
Though the insurance industry is in existence since long, the level of awareness towards the rights and
duties regarding insurance is negligible. The study tries to understand the awareness of the people
towards the rights and duties towards life insurance products after the privatization of the insurance
sector with special reference to Indian insurance sector. To actually understand this, a primary
research was conducted to find out the level of awareness towards the rights and duties of the policy
holders across demographic profiles and about the level of awareness towards life insurance policies
prevailing in the Indian market. The study totally concentrates on the individual behavior, attitudes
and also crating the awareness regarding their contribution on Indian insurance sector.
Keywords: Awareness; Insurance; Investments; Policy Holder; Rights
INTRODUCTION
Life Insurance is a contract for payment of a sum of money to the person assured (or failing him/her,
to the person entitled to receive the same) on the happening of the event induced against. Usually the
contract provides for the payment of an amount on the date of maturity or at specified dates at periodic
intervals or at unfortunate deaths, if it occurs earlier. Among other things, the contract also provides
for the payment of premium periodically to the company by the assured. Life Insurance is universally
acknowledge being an institution which eliminates 'risk', substituting certainty for uncertainty and
comes to the timely aid of the family in the unfortunate event of the death of the breadwinner. By and
large, Life Insurance's civilization's partial solutions to the problems caused by death. Life Insurance,
in short, is concerned with two hazards that stand across the life-path of every person; that of dying
prematurely leaving a dependent family to fend for itself and that of living to old age without visible
means of support. The fundamental needs of insurance are as follows and the identified needs of
individuals will be proximate of the following. Identification is important because it makes the process
easier as one can choose from the spread the right product. The list is as Viz. security of family in case
of death or disability, security of any loans on the assets in case of death and disability, children higher
education, money saving for special future events and security for excess long ability. These are some
fundamental insurance needs these are subjected to change in many customized deals. Awareness is
the corner stone of sound information, for it makes the individual more effective and intelligent.
Awareness is a vital necessity, because it enables the individual to develop and to rise on the society
and increase their efficiency, through this awareness the individual thinking power increases.