Published Paper Details:

Uncertainties can strike at any moment. As a result, insurance is a critical component of one's life, as it offers coverage and financial assistance against these risks, as well as serves as a financial backup plan. In a developing nation like India, where roughly 70% of the population is from the lower and lower-middle classes, high premiums make it impossible to afford life insurance that provides both life coverage and maturity benefits. Term life insurance comes into play in this situation. Term life insurance is a type of insurance that provides death benefits at cheap premiums while also providing a large amount of life coverage for a set period of time, which makes it more affordable for lower and middle-income group families. The Life Insurance Corporation of India (LIC) was one of the first financial institutions to be founded in India after independence The Life Insurance Corporation term plan meets the needs of policy buyers ranging in age from 18 to 75, with the best claim settlement ratio of 98%. The study looks into how lower- and middle-income groups perceive insurance in order to determine their true requirements and expectations of insurance providers. Primary data is collected from individual respondents which include college students, businessmen, housemakers, small shopkeepers, and local vendors . The study found that many individuals combine insurance and investing. Instead of viewing insurance as a tax-saving investment vehicle, it is viewed as a safety blanket for the family's finances only.