This study is necessary to understand the position of insurance sector in Latur district and perception of the general public towards insurance industry and its products as compared to other parts of Maharashtra. People residing in rural and
urban area; view differently for the same service that has been provided by the insurance company. This difference of thinking or attitude is due to their income level, standard of living, education, knowledge about industry etc. People irrespective of living in any area can have any type of insurance products or service, but generally rural people look towards insurance as investment and urban as protection or safeguard against loss to life or property. So the rural people believe in such product which will give them lump sum amount at the maturity of the policy. But the urban people believe that insurance should protect them or their family after any bad or unfortunate incident happens with them. It means that the Ϯϲͮ Minor Research Project / Dr. B. T. Chavan urban people use to take such insurance policies which will provide huge lump sum amount after the loss to life to the remaining family members. Latur district is situated in the south eastern part of Marathwada region of Maharashtra state.
Insurance generally operates on the premise of uncertain future and as such its promotion and development depends mostly on the ability of insurers in assessing the real uncertainties of life of the insured. Insurance provides payment for unexpected
losses to individual’s family and business firms, allowing their activities to continue smoothly despite unfavorable and unfortunate events. An insurer’s reputation is evaluated mainly on his ability to fulfill his promise when the insured needs it. The life insurance industry also plays an important role in the mobilization of household and corporate savings and promoting investment activity. This industry provides for efficient and productive allocation of capital resources, thus facilitates growth and development of an economy. The life insurance industry in India, with LIC and 23 private sector players, has been playing a major role in performing some insurance functions of Society.
Table of Contents
Chapter I Introduction
1.1 Introduction
1.2 The Concept
1.3 Basic Types of Life Insurance
1.4 Origin of the Insurance
1.5 World Life Insurance Scenario
1.6 Indian Life Insurance Scenario
1.7 Composition and Contribution of Life Insurance Industry in India
1.8 Present life and health insurance scenario in India
1.9 Conclusion
Chapter II Research Methodology
2.1 Introduction
2.2 Title of the Study
2.3 Significance of the study
2.4 Objectives of the Study
2.5 Hypothesis
2.6 Research Methodology and Data Collection
2.6.1 Method Adopted for the Study
2.6.2 Sources of Data
2.6.3 Sample Design
2.6.4 Type of Questionnaire
2.6.5 Statistical Application
2.6.6 Tabulation and Graphical Presentation of Data
2.7 Scope and Limitations of the Study
2.8 Possible Contribution of the Study
2.9 Chapter Scheme
2.10 Conclusion
Chapter III Review of Literature
3.1 Introduction
3.2 Books & Thesis Reviewed
3.3 Research Papers Published in the Conferences, Seminars and Journals
3.4 Interviews/Articles Published in the News Papers
3.5 Conclusion
Chapter IV Analysis & Interpretation of Data
4.1 Introduction
4.2 Analysis of Life Insurance Scenario and Teachers Perception
4.3 Conclusion
Chapter VII Conclusions & Suggestions
5.1 Introduction
5.2 Hypothesis Testing
5.3 Findings & Conclusions
5.4 Suggestions
5.5 Possible Contributions and scope for future research
5.5.1 Contributions
7.5.2 Scope for further research
Objectives & Research Topics
This research project aims to analyze the perception and awareness levels of college teachers regarding life insurance. It investigates how different employment statuses—permanent, contract, and CHB—impact insurance decisions, attitudes towards risk management, and the overall satisfaction with insurance products. The study seeks to address the gap between the perceived investment value and the actual risk-mitigation function of life insurance in India.
- The influence of socio-economic background on insurance policy preferences.
- Comparing public versus private sector life insurance perceptions among educators.
- Evaluating the role of life insurance in providing financial foresight and peace of mind.
- The adequacy and types of insurance coverage held by teaching staff.
- The impact of government schemes like PMJJBY and PMSBY on insurance accessibility.
Excerpt from the Book
1.1: Introduction
Human life is full of uncertainties and numerous pitfalls, wise people remain adequately alert and cautious about this fact of life. Even though nobody can avoid probable risks and uncertainties but can be well prepared to face it. To avoid the danger is no within our reach but making us strong enough to counter the strokes is possible. The person with future awareness opts to buy the life insurance armor for becoming able enough to face any eventuality. Up till now many lives have been made free of anxieties through life insurance. The Hindu philosophy gives the axiomatic truth of the nature of insurance “Yat bhavati tat nashyati” which means whatever is created, certainly destroyed. The universe as a whole is created, as a matter created, it is but natural that it is subject to destruction. Creation is inevitably followed by destruction; risks therefore are inevitable in life. Creation, preservation and dissolution is unending cycle of the universe, everybody is expected to accept and digest it.
Ours is an era of uncertainty and life is surprising. It is the confederation of tensions and anxieties regarding the future uncertainties. Wherever may be an uncertainty, it is risky. Normally any risk is difficult to avoid, though not impossible. Chances of risk can be minimized by adequate cautiousness. No one can accurately predict the uncertainty. Life styles have been changed tremendously and along with these changes, the uncertainties of human lives also raised more question marks of worries and dark shadows of anxieties.
Summary of Chapters
Chapter I Introduction: This chapter provides an overview of the life insurance concept, its historical evolution from early civilization to the modern era, and the current landscape of the insurance industry in India and globally.
Chapter II Research Methodology: This chapter outlines the survey-based approach used to collect data from college teachers, detailing the sample design, data sources, and the statistical methods employed to analyze teachers' perceptions.
Chapter III Review of Literature: This chapter presents a synthesis of existing knowledge, including books, research papers, and news articles, to establish the theoretical and conceptual foundation for the study.
Chapter IV Analysis & Interpretation of Data: This chapter presents the empirical findings derived from the questionnaire, focusing on the comparative perception of insurance among different categories of college teachers.
Chapter VII Conclusions & Suggestions: This final chapter synthesizes the results, tests the stated hypotheses, provides key findings, and offers recommendations for improving insurance penetration and awareness.
Keywords
Life Insurance, Insurance Penetration, Insurance Density, Risk Management, Investment, Public Sector Insurance, Private Sector Insurance, Financial Awareness, Teaching Fraternity, Socio-Economic Impact, Insurance Regulation, IRDA, Policyholder Satisfaction, Endowment Plans, Term Insurance.
Frequently Asked Questions
What is the core focus of this research project?
The research focuses on understanding the perception, knowledge levels, and insurance coverage habits of college teachers within the Dayanand Education Society regarding life insurance products and the insurance industry.
What are the primary themes explored in the study?
Key themes include the distinction between insurance as an investment versus risk protection, the reliability of public versus private insurance providers, and the psychological impact of having life insurance on anxiety levels.
What is the primary research question being addressed?
The study aims to determine the level of awareness and adequacy of insurance coverage among college teachers and how their specific employment status and economic background influence their perception and behavior towards insurance.
Which methodology does the author apply?
The researcher employs a survey method, collecting primary data through structured questionnaires from 77 teachers, supplemented by secondary data from industry reports, journals, and news articles.
What does the main body of the work cover?
The main body examines the historical background of insurance in India, conducts a detailed statistical analysis of the survey responses categorized by teaching positions (Permanent, Contract, and CHB), and evaluates the effectiveness of current government schemes.
What keywords characterize the study?
The study is best described by terms such as Life Insurance, Risk Management, Financial Foresight, Insurance Penetration, and Teacher Awareness.
How does the author categorize the teaching staff for this research?
The teachers are classified into three distinct groups: Permanent, Contract, and Clock Hour Basis (CHB), allowing for a comparative analysis based on income stability and job tenure.
What is the conclusion regarding insurance companies in the study?
The study finds that teachers generally perceive public sector insurance companies as more reliable and transparent compared to their private counterparts, attributing this to higher trust in government-backed institutions.
What role do government schemes play in this research?
Government initiatives like Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and Pradhan Mantri Suraksha Bima Yojana (PMSBY) are highlighted as crucial tools for extending insurance coverage to lower-income groups and those on CHB contracts.
- Arbeit zitieren
- Dr. Balasaheb Chavan (Autor:in), 2020, The perception of college teachers towards life insurance. A case study, München, GRIN Verlag, https://www.grin.com/document/948341
