A Study of Change in Consumer Behaviour in Purchasing of Life Insurance Products

Abstract: Insurance plays a crucial role in a country's risk management system by providing financial protection against unexpected events. It helps individuals and businesses mitigate the financial impact of risks such as natural disasters, accidents, illness, and death. Insurance also promotes economic stability by spreading risks across a large pool of policyholders, thus preventing the financial ruin of any one individual or business due to a single event. Additionally, insurance encourages risk-taking and innovation by providing a safety net for entrepreneurs and businesses to pursue new ventures. Overall, insurance is an important component of a country's financial infrastructure, supporting economic growth and stability. Understanding consumer’s needs and paying attention to consumer service a security for life for things. Insurance is a social device where uncertain risks of individuals may be combined in a group and thus made more certain, small periodic contributions by the individuals provide a found out of which those who suffer losses may be reimbursed. Insurance may be described as a social device to reduce or eliminate risk of loss to life and property. Overall, the insurance industry plays a critical role in mobilizing savings and allocating capital towards productive investments, which can contribute to economic growth and development.