Abstract

The author presents the concept of insurance in a philosophical way and emphasizes the noble objective that is embedded in the concept. He considers the institutions dealing with life insurance as not only doing their regular business, but also discharging great duty towards human beings in general. The author quotes various messages from epics, religious books and other literature in support of his argument. He elucidates that the idea of insurance, more particularly, the idea of insuring life, is benevolent and also a service to the people. It enlightens the heads of the families about their responsibilities towards their family members. The author further discusses the role played by private players and the regulators, i.e., the Insurance Regulatory and Development Authority (IRDA), in providing insurance cover to the common man.