Advances in Consumer Research
Issue:6 : 2900-2905 doi: https://doi.org/10.5281/zenodo.18401704
Original Article
Impact of Financial Inclusion on Insurance Law and Practice in India
Loading Image...
 ,
 ,
Loading Image...
1
Associate Professor Dr. Vishwanath Karad MIT World Peace University.Pune
2
Assistant Professor, School of Law, Dr. Vishwanath Karad MIT World Peace University, Pune.
3
Assistant Professor Dr Vishwanath Karad MIT World Peace University
Abstract

Financial inclusion has become one of the priorities of the current policies in India, and the policy has profound implications on the insurance industry and its legal and operational framework. This paper investigates the role of financial inclusion on the insurance legislation and practices in India, in terms of insurance penetration, distribution channel, claims settlement, consumer protection as well as grievance redressing. The research design employed is descriptive and analytical, where 300 respondents (consisting of policyholders, insurance intermediaries, and professionals in the insurance administration) are utilized as primary data but they are supported using secondary data of peer-reviewed journals and regulatory sources. The most suitable methods are percent analysis and the test of hypothesis that are utilized in evaluating how indicators of FI (access to banking and digital financial services) relate to the outcomes of insurance practices. The results demonstrate that FI has also enhanced insurance coverage to a great degree and first-time participation as well as digital inclusion has increased claims settlement efficiency. Nonetheless, there exist loops loopholes in insurance literacy, the sufficiency of disclosure and the comprehension of legal redress issues, which restrain the efficient execution of insured safeguarding. It concludes that FI transforms substantively the law and practice of insurance but that its achievement requires greater attention to market-conduct regulation, consumer awareness and the accountability of an institution to create an inclusive and sustainable insurance protection...

Keywords
Recommended Articles
Original Article
A Comprehensive Review Of The Influence Of Social Media Marketing On Consumer Buying Behaviour: A Systematic And Bibliometric Analysis
Original Article
Life Cycle Carbon Mitigation Potential of Decentralized Solar Energy Systems in Rural UP: An Empirical Assessment
Original Article
Investigating The Influence Of Digital Financial Literacy On Investment Behaviour And Financial Decision Making Among Young Investors
Original Article
Predictive Workforce Intelligence: An AI-Based Framework for Employee Performance Assessment Using Deep Learning and Structured Workforce Data
Loading Image...
Volume 2, Issue:6
Citations
1015 Views
411 Downloads
Share this article
© Copyright Advances in Consumer Research