A historical analysis of life insurance's contribution to India's economic development

Abstract

Abstract This article examines the critical role of life insurance in India's economic development, focusing on its growth, contributions, and challenges. The life insurance sector in India has experienced significant expansion due to government initiatives like the Pradhan Mantri Jan Dhan Yojana (PMJDY) and Pradhan Mantri Jeevan Jyoti Bima Yojana (PJJBY), which have improved market penetration and accessibility. Key findings include the importance of a robust regulatory framework, the impact of financial inclusion, and the necessity of enhancing public awareness and trust. The study also highlights future research directions, such as exploring technological innovations, evaluating government schemes, and understanding consumer behavior. The article concludes by emphasizing the sector's role in fostering financial stability and economic growth, while addressing ongoing challenges and identifying opportunities for further development.

Keywords

• Life insurance
• Economic development
• Financial inclusion
• India
• Government schemes
• Regulatory framework