A Study of The Life Insurance Perspective in Varanasi Division

Abstract

Most of the Asian countries with the exception of Japan, South Korea and Taiwan have a low insurance penetration as compared to developed countries. India is an agricultural country. The earnings of many of our people are not enough for their livelihood. So they are unable to make investments in savings. They give priority to their food, medical attention and education. They think of savings for the future. The main aim of the most of the investors is to gain tax relief. So many people lack knowledge of the necessity of insurance. The Life Insurance Industry has come a long way since independence, and Indian consumers till recently had been dealing with only one life insurance player-the Life Insurance Corporation (LIC) in the public sector. After the liberalization of the insurance sector, more than a dozen companies have entered the business. This study attempts to assess the awareness of insurance in Varanasi Division and the level of investment.