Published Paper Details:

Insurance sector in India has undergone significant changes during the last decade. There have been new institutions, instruments and new opportunities, along with all this new changes in traditional face of insurance. The Life Insurance business showed a rapid growth throughout the country during the last decade. The economic scenario in our country is rapidly changing. High quality products with quality support services both in terms of international standards and competitiveness have entered into our country. As a result, the life insurance sector has experienced a stiff competition. Earlier Indians viewed life insurance as savings and investment tool rather than risk coverage. But, now it is also considered as a tax saving instrument, planning for specific future family needs, security against loans and avenues for high returns with limited risks. In India, the life insurance sector supports a lot for the development of the economy as a whole. Life insurance is a long-term business with a focus on long-term financial solutions to customers. The core objective of the study is to understand the awareness and preference level of policyholders about Life Insurance Service. This study based on both primary and secondary data and the researcher has chosen the sample size of 200 on the basis of convenience sampling technique and the sample respondents are selected school teachers in Madurai District. The school teachers have well aware about the life insurance schemes selection and prefer mostly the tax benefits life insurance schemes in the study area.