A Comparative Study between the Government and Private Life Insurance Schemes in India: A Demand Side Analysis

Abstract: This study focuses on the unexplored dimension of the demand for life insurance on the basis of schemes and provisions. This study makes a comparative analysis between the demand for government and private life insurance products. Besides this, the study analyses the preference of government or private insurance and the reasons behind this. The study is based on primary data. Descriptive statistics, mean, standard deviation are used to analyse the data. The demand for government life insurance schemes like Pradhan Mantri Surakhasha Bima Yojna (PMSBY) and Pradhan Mantri Jiban Jyoti Bima Yojna (PMJJBY) are slightly higher than the demand for other private insurance products due to low premium, banking habits and reliance. Keywords: IRDAI, Life Insurance, PMSBY, PMJJBY JEL Classification Number: G22, G28, G32, G18