The IUP Journal of Management Research
Universalization of Life Insurance Scheme: A Feasibility Study

Article Details
Pub. Date : Apr, 2019
Product Name : The IUP Journal of Management Research
Product Type : Article
Product Code : IJMR41904
Author Name : Manu Jain and Lalitagouri Kulkarni
Availability : YES
Subject/Domain : Management
Download Format : PDF Format
No. of Pages : 15



This paper studies the possibility of introducing universal benefits of life insurance for whole population without any discrimination or discretion based on age, occupation or physical variation. However, the financial burden or aggregate cost to government for equal benefit for every individual needs to be considered. This paper explains the concept of cash value of life insurance based on mortality and age of the population and presents an argument and approach for universalization of life insurance scheme.


The life of an individual is the most precious asset, and the loss of it needs to be compensated above anything else. Insuring someone’s life is a way of taking care of others left behind by him, i.e., dependants, in insurance terminology. Emotionally saying, the responsibilities of the individual do not end with his/her life and there is need for some financial support in the form of compensation. That is the reason it is one of the primary goals and components of any social security scheme adopted in the world. Different peoples, countries, and civilizations have adopted different concepts and meanings of life insurance based on their need and context. But as a common concept the person most important (or the breadwinner) of the family should be primarily insured to cover up for any risks arising out of his/her loss of life. This paper studies the existing schemes in India and explores the ways to overcome some of the gaps that are identified.