Abstract:
Insurance has been playing a vital role since this concept and practice started in the
world for the economic development of economic and making peace of mind among
every individual and in the world. Thus, insurance plays a crucial role in sustainable
growth of an economy; insurance companies are facing many difficulties due to the
low awareness of the Insurance products among the people. The insurance products
are still not in wide use and still the insurance penetration of the country is around
1.1%. The objectives of this study are to explore the factors influenced for the
awareness of insurance, to measure the impact of such factors to the awareness and
find out the relationship between those factors for the Insurance Awareness. This
study dealt with quantitative research methods and study was carried out with a
sample of 300 students of the faculty of Management studies to gather data through a
structured questionnaire. Data were analyzed by chi-square using categorical data
analysis. Results proved that age, sex, religion, type of family, race, monthly family
income, literacy state of the earner of the family, profession and residence area had
been significantly affected on the awareness of insurance. To improve the attitude
towards the Insurance, the Awareness must be increased through formal education
under the government guidance and by improving the client orientation by the
insurance companies.
