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Financial literacy is an important but oft ignored skill that is vital for young people. This study measured financial literacy levels among high school students (N = 608) in India and found low levels of performance on standard measures of financial literacy. The percentage correct score on the basic financial literacy questions was 45% and on the sophisticated financial literacy questions the score was 44%. Financial literacy levels in India were found to be lower than those in developed countries. Gender differences were found, with females outperforming males, contrary to findings in developed countries. Students who pursued the commerce/economics stream of education were found to have higher levels of financial literacy than students pursuing the science stream. Results showed that students, despite having high levels of numeracy, were unable to transfer that knowledge to do financial computations. Parental involvement was also found to have a significant influence on financial literacy. Interviews with students highlighted the fact that understanding of societal and macroeconomic impacts of financial literacy was low. These findings lend support for high school financial education which involves parents and stresses practical hands-on application, societal and macroeconomic impact, as a means of improving financial literacy.

Objective To develop a framework and index for measuring universal health coverage (UHC) at the district level in India and to assess progress towards UHC in the districts. Methods We adapted the framework of the World Health Organization and World Bank to develop a district-level UHC index (UHCd). We used routinely collected health survey and programme data in India to calculate UHCd for 687 districts from geometric means of 24 tracer indicators in five tracer domains: reproductive, maternal, newborn and child health; infectious diseases; noncommunicable diseases; service capacity and access; and financial risk protection. UHCd is on a scale of 0% to 100%, with higher scores indicating better performance. We also assessed the degree of inequality within districts using a subset of 14 tracer indicators. The disadvantaged subgroups were based on four inequality dimensions: wealth quintile, urban--rural location, religion and social group. Findings The median UHCd was 43.9% (range: 26.4 to 69.4). Substantial geographical differences existed, with districts in southern states having higher UHCd than elsewhere in India. Service coverage indicator levels were greater than 60%, except for noncommunicable diseases and for service capacity and access. Health insurance coverage was limited, with about 10% of the population facing catastrophic and impoverishing health expenditure. Substantial wealth-based disparities in UHC were seen within districts. Conclusion Our study shows that UHC can be measured at the local level and can help national and subnational government develop prioritization frameworks by identifying health-care delivery and geographic hotspots where limited progress towards UHC is being made. [ABSTRACT FROM AUTHOR]

Background: Kerala has initiated many Universal Health Coverage (UHC) reforms in the last decade. The Aardram Mission launched in 2017 stands out owing to its scope, objectives, and commitments for strengthening Primary Health Care (PHC) in the State. The current study proposes to explore access and financial protection through the lens of equity in Kerala especially in the context of major UHC reforms carried out during the last decade. This paper will also highlight the key lessons from Kerala's approach towards UHC and health systems strengthening through a political economy approach. Methods: Data from the Kerala state sample of 75th Round (2017-18) National Sample Survey is used for this study. Comparison is also drawn from the 71st Round Sample Survey, 2014, to measure the state's progress in terms of access and financial protection. Logistic regression was used for the calculation. The findings were further explored through a political economy approach. Results: The share of public facilities for outpatient care is 47.5%, which is a significant increase from 34.0% (in 2014) in the state. The share of public sector for out-patient care has increased for the lower socio-economic population in the state. The share of public sector for in-patient care has also increased to 37.3% in 2017-18 from 33.9% in 2014, but not to the extent as the increase shown in outpatient care. The average out-of-pocket-expenditure during hospitalization has increased more in private facilities as compared to public for both outpatient care and hospitalization. Conclusions: Overall increase in the share of public facilities for both outpatient care and hospitalization is indicative of the enhanced trust among the people at large of the public healthcare delivery system in Kerala, post the launch of UHC reforms in the State. The insurance linked UHC reforms would be insufficient for the State to progress further towards UHC. Kerala with a long and successful history in 'public provisioning' should focus more on strengthening PHC through Aardram Mission in its journey towards pursuit of UHC. [ABSTRACT FROM AUTHOR]

Agricultural production in developing countries is heavily rainfall dependent. Any unexpected variation in rainfall can affect the welfare of households. Using unit record data from India, this paper shows that households can insure against agricultural productivity (rainfall) shocks. Evidence suggests that they do so by varying the time allocation of individual members to different activities, particularly to regular wage work and human capital accumulation. There is a gender‐differentiated aspect to this response. Rainfall shocks adversely affect women's human capital accumulation. While there is no evidence that households use participation in NREGS to insure against rainfall shocks, the availability of NREGS helps reduce the impact of rainfall shocks on human capital accumulation. [ABSTRACT FROM AUTHOR]

This study investigates the board's role in shaping insurers' risk-taking using data of 49 Indian insurance firms from 2014 to 2021. We captured the insurer's risk using four proxy measures: underwriting, investment, insolvency and total risks. To address potential endogeneity concerns in the relationship with board attributes, we employ a two-step Generalized Method of Moments (GMM) approach. Robustness checks are conducted using the panel quantile estimation approach. The empirical analysis reveals that life insurers face greater underwriting risk than non-life insurers. A larger board with duality appears to mitigate insurers' risk, particularly in the case of life insurers. The presence of independent directors on insurer boards, along with an optimal frequency of board meetings, effectively mitigates risk among Indian insurers. The study concludes that dual regulations erode regulatory discipline among public insurers, leading to an inadequate governance structure. [ABSTRACT FROM AUTHOR]

While term life insurance has historically been sold to income-earning men to secure the financial futures of their families, in India there is a growing number of life insurance products targeting women, particularly unwaged housewives. In marketing these financial products to Indian women, I show how life insurance companies incorporate the feminist critique of devalued domestic labor. Drawing on analysis of insurance policies, marketing and promotional materials, as well as personal advice articles, it goes on to show how there is, something uncanny or unsettling about the way life insurance not only commodifies and financializes domestic labor, but also focuses on the reproductive bodies of women through health riders. The article situates contemporary discourses of life insurance for women within a longer history of women's property and of mobilizing capital through rather than for women in India. [ABSTRACT FROM AUTHOR]

The article presents the discussion on integration of mental health care into Universal Health Coverage (UHC) policies. Topics include focusing on India's implementation through the Mental Health Care Act (MHCA) 2017, mandating insurance coverage for mental illness; and role of insurance companies in supporting mental health treatment, and challenges such as exclusion clauses and barriers to accessing psychotherapy.

Claim servicing in health insurance is an important area for insurers. Third party administrators (TPAs) are a critical link in India that process health insurance claims. Several insurers have started in-house claim teams for health insurance claims instead of outsourcing the work to TPAs. The study aims to explore the role played by external TPAs in terms of value addition done by them for insurers, policyholders and healthcare providers. The study aims to find the benefits of roping in an in-house team to settle health claims and the benefits accruing out of this decision to policyholders and hospitals. The role of TPAs in claim processing, issues faced by customers while making a claim, and improvement areas in the process have also been examined. The author has tried to explore and research this area so that policyholders can choose a health insurance company without bias whether it has an in-house claim settlement process or engages an external TPA. The study brings out the concerns of customers and hospitals regarding the settlement of health insurance claims and suggests improvement areas required for both TPAs and in-house teams in claim settlements by evaluating the same. [ABSTRACT FROM AUTHOR]

Introduction: Cataracts are the leading cause of blindness among older people, but they can be treated with corrective surgery. India boasts the oldest blindness control programme in the world. We aimed to assess the prevalence of cataract surgery, and we compared the determinants of undergoing cataract surgery and identified the unmet needs for cataract surgery among older adults in India. Methods: We included 52,380 individuals aged =50 years from the Longitudinal Ageing Study in India, wave-1. The primary outcome measures of our study were the prevalence of cataract surgery and the unmet need for cataract surgery. Multivariate analysis was executed to investigate the association between socio-demographic variables and outcomes, expressing the results as adjusted odds ratios with 95% confidence intervals (CIs). Results: The overall prevalence of cataracts was 14.85%. The coverage of cataract surgery was 76.95%, with 23% having unmet needs for cataract surgery. Notably, cataract surgery coverage was higher at 78.30% (95% CI: 76.88-79.48) among participants aged 66-80 years, while the percentage of those who did not undergo cataract surgery was higher at 24.62% (95% CI: 23.09-26.20) among participants aged 50-60 years. The most deprived group had a higher odds ratio [adjusted odds ratio: 1.20 (95% CI: 1.00-1.44)] (p < 0.05) of having unmet needs for cataract surgery. Conclusions: There is a considerable burden of age-related cataracts in India. While the coverage of cataract surgery is high, the unmet need for cataract surgery cannot be overlooked. The existing blindness control programme has contributed significantly to increasing the coverage of cataract surgery, but it still needs to be strengthened, especially to reach the most deprived sections of society. [ABSTRACT FROM AUTHOR]

The importance of Petrochemical Industries in India is immense. Petrochemical products are very much the part and parcel of our everyday lives. It is one of the fastest growing industries. Reliance Industries is the leader in Indian petrochemical sector with a total market share of 70 percent. The passage is a bit different for the downstream petrochemical sector, which is highly fragmented in nature with around 50 companies existing in Indian market. Important safety features of Hydrocarbon Processing Plants like careful design, proper plant layout, adequate spacing of process/storage units, tank farms, loading/unloading facilities& adopting relevant Risk Management Techniques--to protect the hazards involved in hydrocarbon processing industry. Hydrocarbon Processing Industry wants to make its products safely and economically and also pay as low a premium for insurance as possible to commensurate with the appropriate cover. Insurance coverage of the Refinery or Hydrocarbon Processing Industry, relates to protect fire and explosion hazards, the physical and consequential loss of production and profits. The underwriter needs to focus on Design, Layout, Size, Process, Maintenance & Operating Procedures, Identification of Risk Exposures, available Safety Aspects, implementation of Fire Prevention &Fire Protection Methods & Techniques available and of course the most appropriate & adequate insurance coverage to be sorted out. Petrochemical tariff/current guidelines in place must be abided in India for premium rating under Fire Policy with adequate Reinsurance Support. [ABSTRACT FROM AUTHOR]

Agriculture is the backbone of the Indian economy, and it is essential for the country's food security and rural development. In order to boost agricultural production and productivity, farmers need access to credit. Agricultural credit institutions are financial institutions, that provide loans to farmers for agricultural purposes through various schemes. The Kisan Credit Card (KCC) scheme is one of the schemes designed to provide farmers with timely and adequate credit support through a simplified and flexible process. An attempt is made in this paper to study and analyze the performance of KCC in India and Karnataka. The study is based on the secondary data collected from various reports, journals, and websites. The study found that the Kisan Credit Cards issued by commercial banks have shown an increasing trend during the study period in India and fluctuation in the growth of operative KCCs and the amount outstanding in Karnataka for the study period. The study concluded that to uplift the well-being of farmers, financial institutions should educate them in utilizing these schemes and implementing KCC properly. [ABSTRACT FROM AUTHOR]

This study examines the asymmetric effect of economic policy uncertainty (EPU) on life and non-life insurance consumption in India using monthly data from April 2004–October 2020. The paper has employed a nonlinear autoregressive distributed lag (NARDL) model with a structural break. The results reveal that there exists an asymmetric effect of EPU on life insurance as well as non-life life insurance consumption. A negative relationship is found between EPU and insurance consumption in both life and non-life insurance. Based on the findings, the study suggests the policymakers to consider the asymmetric effects of EPU while formulating insurance-related policies in India. [ABSTRACT FROM AUTHOR]

The paper titled "Profitability matrix of Standalone Health Insurance Companies in India" is an attempt to gauge the performance of standalone health insurance companies in India. During 2022-23, the non-life insurance industry underwrote a total direct premium of 2.57 lakh crore in India registering a growth of 16.40 per cent from previous year. Out of which, 27 private sector insurers (including standalone health insurers) have underwritten 1.58 lakh crore as against 1.30 lakh crore in 2021-22 Several market dynamics are fuelling this growth, including strong distribution channels, democratic factors, government programs, and a favourable regulatory environment. Among various segments under non-life insurance business, health insurance business is the largest segment with a contribution of 38.02 percent (36.48 percent in 2021-22) of the total premium. Health Insurance Segment reported growth of 21.32 percent (26.27 percent growth in 2021-22) with the premium amounting to 97,633 crore from 80,502 crore in 2021-22. The net incurred claims under health insurance business of general and health insurers stood at 64,631 crore in 2022-23 reported an increase of about 2 percent from previous year. However, during the year 2021-22, the net loss of general and health insurance industry was 2,857 crore as against the net profit of 3,853 crore in 2020-21. Health Insurance Industry in general and Standalone Health Companies in particular are loss making on an accumulated basis which is the cause of concern. [ABSTRACT FROM AUTHOR]

This article is aimed at throwing some light into the dazzling world of sports insurance. It also aims to highlight the deviations from the basically accepted norms of Insurance, whilst granting insurance cover to these entities. It is basically aimed at firing the thought process of Insurance practitioners on the applicability of the fundamentals and basic principles of Insurance to Sports. It also aims to bring out the intricately woven connection between the stakeholders of the Sports realm. Would like to drive home the importance of thorough study of all contracts entered by the proposer with regard to the match proposed to be covered. Importance of collection of data on sports insurance both on National and International levels is also highlighted. Sports Insurance started way back in the Nationalized era of the General Insurance Industry. It was a simple Accidental Insurance given to Sportsmen. A comprehensive cover available to amateur sportsmen, which insured their sporting equipment, personal effects, legal liability and personal accident risks. If desired, the cover could also be extended to the named member/s of the insured's family residing with him. Sports today has taken a massive proportion in comprehensiveness and complexities. Controlling Boards and Sports Associations have been formed for different games like Cricket (BCCI), Football (AIFF), Badminton (BAI), Table Tennis (TTFI), Taekwondo (TKFI), Chess (AICF), Hockey (Hockey India), Kabaddi (AKFI) and other games. Sports Insurance follows suit and has become a mammoth subject of General Insurance today. Consolidated data for this branch is not separately available. However as per reports available, the profits earned by the Cricket Board of India through media rights alone during 22-23 is more than 48000 crores (As per news item 'The Hindu' dated 15/6/2022). This can give an idea of the Insurance exposure in this field. As per market sources, Sports premium in our country more than doubles annually. In the past, sports only had Organizers, Players and Audience, be it Cricket, Football or hockey. The entire gamut of modern-day Sports has assumed gigantic proportions. There are multiple stakeholders that have come into the fray. Each of them has their own interests to protect. Today, 'Sports' is being viewed as the icon of youth, concentration, competition, focus, fashion, style, strength and positivity. Many classes of professionals aim to exploit this six-letter word to achieve recognition, reputation and commercial gains. Let us examine each of these stakeholders and the kind of Insurance covers that are available in the market to cater to their requirements. [ABSTRACT FROM AUTHOR]

The life insurance sector in India has experienced significant growth in recent years, driven by increasing awareness, rising income levels, and favorable demographic trends. Insurers have embraced digitization and technology, enhancing customer experiences and distribution channels. Regulatory reforms have fostered a more consumerfriendly environment, encouraging product innovation and competition. However, challenges persist, such as low insurance penetration and the need for skill development in insurance professionals. Looking ahead, the future of the life insurance sector in India holds immense promise. Insurers are likely to leverage data analytics, AI, and insurtech to personalize offerings and reach untapped markets. As India's economy grows, the sector will continue to evolve, addressing evolving customer needs and building a secure financial future for millions of individuals. [ABSTRACT FROM AUTHOR]

The current research is aimed to study the indicators of post reform growth in insurance and its impact on economic development in India. Insurance penetration, insurance density, and gross domestic savings are the dominant measures to study the growth of insurance. Economic development is studied through Gross Domestic Product (GDP). The annual data of 22 years (year 2001 to 2022) from IRDA annual reports and economic surveys have been used. To analyse the data, ARDL technique has been employed. The findings of the study revealed that there is an existence of co-integration (both long-run and short-run) amongst the dependent (GDP) as well as independent variables (indicators of insurance). The findings of the current study have come up with the view that still in insurance, there is an ample scope to tap by creating more awareness and providing more benefits to the policyholders as the intention to purchase the policies may be enhanced. [ABSTRACT FROM AUTHOR]

By 2030, the Indian insurance landscape will have undergone major change. Digitalization, artificial intelligence, and data analytics will revolutionise the sector, allowing insurers to create personalised, accessible, and inexpensive products. Micro insurance will help marginalised populations overcome the coverage gap, while health insurance will become more holistic, emphasising preventive treatment and wellness. The success of the sector will be determined by regulatory reforms, market consolidation, and a customer-centric approach. As India's economy expands, the insurance industry will play a critical role in protecting individuals, businesses, and the nation's wealth. In addition, the government and regulators can play a crucial role in promoting insurance penetration by implementing policies and regulations that encourage innovation and competition in the sector. Insurance sector needs a sustained thrust which will result in potential benefits which are significant, including increased financial protection for individuals and families, greater financial inclusion, and a more robust insurance sector that can support economic growth and development. India's insurance penetration is very low at just 4 %. The insurance industry has grown to be a crucial part of the nation's financial landscape as a result of the economy's rapid evolution, shifting demographics, and growing knowledge of risk management. This article examines the projected course of India's insurance market through the year 2030, outlining significant trends, difficulties, and opportunities that are likely to influence the sector's future. [ABSTRACT FROM AUTHOR]

Since the 2000s, hundreds of government-funded health insurance (GFHI) schemes were introduced in India. These schemes are meant to prevent poorer households from incurring catastrophic health expenditures. Through GFHIs, policy-makers want to mobilize the decision-making powers of private consumers in a liberalized healthcare market. Patients are called upon to act as 'co-creators' of healthcare value by optimizing supply through demand. Based on long-term ethnographic fieldwork with insurance users in South India, we argue that GFHIs fail because people experience the value of insurance in drastically different ways that only partly overlap with how the policy assumes they value insurance. In addition, the hollow promises of health coverage can be experienced as so frustrating that signing up for health insurance actually makes people feel devalued. [ABSTRACT FROM AUTHOR]

Purpose: To assess the knowledge, attitude, and practice patterns (KAPP) of Indian ophthalmologists regarding medicolegal issues using an initial survey. Methods: An online form was circulated among Indian ophthalmologists of all ages over social media and email by the Young Ophthalmologists Society of India (YOSI) and its medicolegal working group. Anonymous responses were obtained and analyzed for each question. The questionnaire comprised questions about demographic details, KAPP of medicolegal issues including how to deal with medicolegal issues (if faced), medical indemnity insurance, deviation from the recommended minimum sum assured (Rs. 1 crore for Indian ophthalmologists), and legal service providers. Results: A total of 109 responses were obtained. The majority of the respondents were male (60, 55%). More than 50% of respondents (58, 53.2%) were younger than 35 years. More than one-fourth of the respondents were private practitioners (29, 27%), and the majority were of senior consultant designation (45, 41%). Around 80% of respondents (89, 81.6%) were aware of professional indemnity insurance; however, only 54% (n = 59) bought the insurance cover. A majority of the respondents (38, 64.4%) had an indemnity cover of a maximum of Rs. 50 lacs. Only 20% of respondents were aware of the expert body at the state/national level that deals with medicolegal cases. Thirty percent of respondents recommended the ideal cover amount to be more than Rs. 1 crore. Conclusion: The current survey highlights the dismally low rate of awareness of medicolegal issues among ophthalmologists. Specifically, a majority of Indian ophthalmologists surveyed did not have recommended minimum insured cover for professional indemnity insurance. Larger studies are needed to further explore KAPP of Indian ophthalmologists in various medicolegal issues. [ABSTRACT FROM AUTHOR]

India's healthcare system is witnessing increased medical inflation, which is outpacing per capita Gross Domestic Product growth. With increased lifestyle diseases and, most recently, a pandemic caused by COVID-19, the cost of financing healthcare has become a huge issue, especially when government spending on healthcare is so low. In light of this, this article emphasises the significance of privately purchased, that is voluntary health insurance in addition to the government-sponsored health insurance programme for the vast uninsured population. Starting with the history of health insurance in India, this article examines premium growth, underwriting profit, investment income, net profit, incurred claims ratio and other metrics. Following that, the difficulties in the health insurance industry and their breadth are examined through a review of literature and recent newspaper reporting. The key issues resulting in negative underwriting experience are the inefficient risk pooling and unregulated private health care costs. A risk-sharing mechanism with an indemnification model must be implemented for better cost management to eliminate value fragmentation. Finally, ideas are given for resolving the challenges and increasing the market share of the health insurance company, with a focus on long-term business models such as managed care. [ABSTRACT FROM AUTHOR]

Third-party administrators (TPAs), an important member of the managed care model in India, service health insurance claims and intermediate between health insurance companies, service providers and customers. Auditing TPA performance is not a prevalent industry practice because of a lack of regulation. This study explores the rationale behind the trend of insurance companies bringing TPA services in-house and investigates if the performance parameters for TPAs vary based on ownership. Analytical Hierarchy Process (AHP) was used to formulate the hierarchy of performance parameters for the TPA. Assessment of the efficiencies and quality of claims management between internal and external TPAs will enable insurance companies to make more informed decisions on managed healthcare models. Consequently, insurance premiums can be reduced, making health insurance a more viable option and could pave the way towards achieving the objective of universal health coverage. This study's motivation stems from the possible impact that the performance evaluation of internal and external TPAs has on healthcare delivery, control and costs. The results show that both internal and external TPAs have their own efficiencies and advantages due to their operational models. [ABSTRACT FROM AUTHOR]

Background: Urban poor face a disproportionate burden of ill health and high out-of-pocket expenditure (OOPE), creating a severe unmet need for affordable and quality health care. This article highlights the impact of health insurance on OOPE and catastrophic healthcare expenditure among the urban poor of India. Methods: The study uses randomly collected household data from a baseline survey conducted in the states of Rajasthan and Uttar Pradesh. Separate Insurance impact models have been generated for the analysis. Results: Mean out-of-pocket health expenses is higher in the private health facility for the inpatient care but in case of outpatient care, the expenditure was more in public. Expenditure on medicine constitutes the largest part of the total OOPE. Insurance impact model shows that coverage on medicine alone can reduce medical impoverishment by 85% in the case of Outpatient Deparment (OPD) and 71% in the case of Inpatient Department (IPD). The urban poor preferred private facility for treatment in case of illness, albeit when it comes to delivery, they prefer public facility Conclusions: Study findings indicate overt reliance on private health care must be regulated, to reduce OOPE among the urban poor. Also, effective universal health insurance can go a long way in reducing the OOPE with availability of free medicines and diagnostics in the public health facilities. [ABSTRACT FROM AUTHOR]

Objective: The purpose of this study is to investigate the connection between non-communicable diseases (NCDs) and out-of-pocket (OOP) medical expenses in India. Methods: The study uti- lized information from the National Sample Survey (NSS) conducted in 2018 to examine the prevalence of NCDs and their relationship with OOP health expenditures. Results: There is a significant association between NCDs and higher OOP health spending in India. For individuals with NCDs, the average health expense per hospitalization episode was INR 19,420, with 89.3% covered by OOP payments and only 10.7% supported by health insurance. Additionally, the prevalence of NCDs varied by state, with Uttar Pradesh, Maharashtra, Bihar, West Bengal, and Madhya Pradesh experiencing the highest burden of NCDs. Conclusions: The study underscores the urgent need for a comprehensive and multi-sectoral strategy to address the growing burden of NCDs in India. This strategy should encompass NCD prevention, early identification, and management. Policy initiatives should focus on reducing the financial strain of NCDs on Indian households, potentially through increased public health spending, enhanced insurance coverage, and specialized programs targeting NCD prevention and management. [ABSTRACT FROM AUTHOR]

Health protection schemes such as health insurance and financial assistance provide immense help and support to access health care services, especially to the poor and marginalized section of society. India is witness to low health-related expenditure, and the society's socioeconomic and demographic structure further drops health care access to the new bottom. Consequently, inequality in health care access is highly observed across many socioeconomic attributes. The condition of Bihar, the poorest state of India, is more alarming. The analysis suggests that financial support in terms of universal health insurance coverage considerably reduces out-of-pocket expenditure and thus health inequality. Further, the low health insurance coverage is not solely due to a lack of institutional commitment and implementation process; the cognitive behavior and attitude of people are equally responsible for low health care access. An intensive awareness program to show the benefit of the health insurance scheme and sensitization of people against the social stigma is important to provide better health care access and reduce health inequality. [ABSTRACT FROM AUTHOR]

India has become the most populous country in the world with over more than 1.4 billion people. Major portion of this population is not having an adequate insurance coverage. Rate of insurance penetration of India is very low as compare to other countries. The Indian Insurance industry is regulated by IRDAI and the regulatory framework has traditionally being very strict, the requirements for insurance licensing and capital are very tough. These are also some of the reasons for having less number of insurers in Indian insurance industry but recently, IRDAI, the Indian regulator has changed a lot and has proposed so many measures to facilitate the entry of new insurers in India. The Indian Insurance regulator is promoting product innovation and competition in the Indian insurance industry. The regulator is also aiming to create a conducive environment for achieving a goal of insurance for all by 2047. It is possible that in the near future Indian insurance industry will see a good number of new insurance players like the ways other countries are having, some of the important factors like competition, regulatory compliance, fulfilment of capital requirements and building trust among policyholders will continue to play a very important role in shaping the entry and growth of new insurance players. [ABSTRACT FROM AUTHOR]

Background: Increasing financial risk protection is a key feature of Universal Health Coverage and the path towards health for all. Publicly Funded Health Insurance Schemes (PFHIS) have been considered as one of the pathways to safeguard against financial shocks and potentially reduce Out-of-Pocket Expenditure (OOPE). The south Indian state of Kerala has roughly a decade-long experience in implementing PFHIS. To date, there have been very few assessments of the coverage of these schemes and their impact on expenditure. Aiming to fill this gap, we explored the extent of and inequalities in insurance coverage, as well as choice of providers, and median cost of hospitalization in Kerala among insured and uninsured individuals. Methods: A cross-sectional household survey was conducted in four districts of Kerala as part of a larger health systems research study from July–October 2019. We employed multistage random sampling to collect data from 13,064 individuals covering 3234 households in the catchment area of eight primary health care facilities. We used descriptive statistics, bivariate and multivariate analysis. We evaluated socioeconomic disparities using an absolute measure of inequality—the Slope Index of Inequality (SII) and a relative measure—the Relative Concentration Index (RCI). Results: A substantial proportion of our study respondents reported that they were covered by PFHIS (45.8%). Respondents belonging to lowest and middle wealth quintiles of household had significantly greater odds of being covered by insurance than respondents belonging to the richest wealth quintile. The negative magnitude of RCI [-16.8% (95%CI: -25.3, -8.4)] and SII [-21.5% (95%CI: -36.1, -7.0)] suggest a higher concentration of PFHIS coverage among the poor. Median OOPE for hospitalisation at private health facilities was INR 9000 (approx. USD 108.70) among those covered by PFHIS, whereas it was INR 10500 (approx. USD 126.82) at private health facilities among those not covered by insurance. Conclusion: While PFHIS seems to be appropriately targeting poorer populations, among the insured, OOPE for hospitalization persists. Among the uninsured, population subgroups with advantage are spending the greatest amount, raising questions about whether those facing relative disadvantage are forgoing care altogether or seeking care using cheaper, public avenues. Further policy action to more effectively reduce financial burden among left behind eligible populations under PFHIS will be essential to UHC progress in the state. [ABSTRACT FROM AUTHOR]

Background: Universal health coverage (UHC) has emerged as one of the important health policy discourses under the current sustainable development goals in the world. UHC in individual disease conditions is a must for attaining overall UHC. This study measures progress towards UHC in terms of access to health care and financial protection among individuals with mental disorders in India. Methods: Data from the 75th Round National Sample Survey (NSS), 2017-18, was used, which is the latest round on health in India. Data collected from 555,115 individuals (rural: 325,232; urban: 229,232), from randomly selected 8077 villages and 6181 urban areas, included 283 outpatient and 374 hospitalization cases due to mental disorders in India. Logistic regression models were used for analyses. Results: Self-reporting of mental disorders was considerably lower than the actual disease burden in India. However, self-reporting of ailment was 1.73 times higher (95% CI: 1.18–2.52, p < 0.05) among the richest income group population compared to the poorest in India. The private sector was a major service provider of mental health services with a larger share for outpatient (66.1%) than inpatient care (59.2%). Over 63% of individuals with a mental disorder who reported private sector hospitalization noted unavailability or poor service quality at public facilities. Only 23% of individuals hospitalized had health insurance coverage at All India level. However, health insurance coverage among poorest economic class was a meagre 3.4%. Average out-of-pocket expenditure during hospitalization (public: 123 USD; private: 576 USD) and outpatient care (public: 8 USD; private: 37 USD) was significantly higher in the private sector than in the public sector. Chances of facing catastrophic health expenditure at 10% threshold were 23.33 times (95% CI: 10.85–50.17; p < 0.001) higher under private sector than public sector during hospitalization. Expenditure on medicine, as the share of total medical expenditure, was highest for hospitalization (public: 45%, private:39.5%) and outpatient care (public: 74.1%, private:39.7%). Conclusions: Social determinants play a vital role in access to healthcare and financial protection among individuals with mental disorders in India. For achieving UHC in mental disorders, India needs to address the gaps in access and financial protection for individuals with mental disorders. Trial registration: Not applicable. [ABSTRACT FROM AUTHOR]

Livestock death and disease are considered to be one of the main factors contributing to poverty in India which can be minimized by insuring the animals. An attempt is made to study livestock insurance schemes and their constraints. From each district of Tamil Nadu, 30 insured farmers who insured their animals were selected by a simple random sampling procedure, i.e. a total of 930 beneficiaries. The majority of them had covered only 1–2 of their dairy cows under the National Livestock Mission (NLM), whereas only 9.90% of the sample respondents' had applied for compensation. In the year 2014–2015, a total number of 29,539 cattle were insured for which an amount of Rs. 13,009,231 was spent under NLM. A similar pattern existed during the period 2016–2017 and 2017–2018. The claim ratio was less than 3%. The claim amount settlement data indicated that in 2014–2015 Rs. 13,612,405 amount was settled which had increased to Rs. 20,093,002 in 2015–2016 and to Rs. 18,695,765 in 2016–2017 and Rs. 15,656421 in the year 2017–2018. The study indicated that the majority of animals (57.62%) have died of metabolic diseases followed by infectious diseases (17.05) and 22.23% of the claims were due to various other diseases. Nonavailability of veterinarians was considered the first and foremost technical constraint and the high premium amount was considered the first and foremost financial constraint. The factors like the number of adult animals, the age of the farmer and the system of rearing were found to be significantly influencing the constraint score given by the farmer. The study concluded that for the scheme to be successful, the first thing to do is to make prompt settlements within a stipulated time period say 60–90 days which would create a positive impact, and the implementation mechanism has to be simpler, hassle-free and prompt to make it successful. Also, steps to make the livestock insurance services available at the doorsteps of the farmers would bring more and more farmers under the ambit of the scheme. [ABSTRACT FROM AUTHOR]

This is a part II of the best practice recommendations for implantable neuromodulation therapies for pain. Part I has already covered Spinal cord stimulation (SCS). We shall be be covering Intrathecal drug delivery systems (IDDS), Peripheral nerve stimulation (PNS) and Sacral nerve neuromodulation (SNM) in this article. Chronic pain has a huge global prevalence of 20% and in a country like India which has been labeled by the UN as the most populous country in April 2023, the problem is likely to explode and pose a huge challenge to Indian Practitioners. In addition to this can also be due to an expected doubling of individuals over 65 years of age by rising aging population. Patients failing conservative medical management (CMM) can be benefited from advanced pain therapies, including neuromodulation. This is for the first time that practice recommendations are published to guide practitioners offering this treatment in India.This can also be a reference for selecting the most appropriate patients to optimize outcomes. This can also provide motivation to start collecting information in the local database and also to convince our reimbursement agencies about incorporating this useful modality in the gamut of approved pain interventions. [ABSTRACT FROM AUTHOR]

The insurance industry is in the cusp of a massive digital transformation. The insurance sector has been grappling with issues like lower penetration of insurance in the Indian market and lower persistency ratios. These problems were exacerbated during the pandemic. To a great extent, the Covid-19 pandemic acted as a catalyst in spurring the efforts of insurance sector in India to embrace digitalisation. This research effort attempts to trace thejourney of the insurance sector throughout the pandemic and the impact of actions taken during the pandemic in the new normal. A comparison is made between the pre and post pandemic scenarios. The recovery measures of the actors in the insurance industry, changes in the insurance business model and efforts invested in by the insurance regulator to support the sector have been highlighted in sufficient detail. The paperfinally presents a roadmap on actions that the sector must focus on to stay relevant in the new normal. [ABSTRACT FROM AUTHOR]

Using data from National Sample Survey (NSS) 75th health round (2017-18) and three-step feasible generalized least squares (FGLS) method, we attempt to estimate vulnerability to poverty due to health shocks in India. We find that 40.97 per cent of Indian households are vulnerable to poverty. Households with higher share of ill members are more vulnerable to poverty. Also, location of the household, gender and education of household head, household hygiene characteristics and presence of uninsured members affect vulnerability to poverty. Quite interestingly, households with at least one member having government sponsored insurance coverage are found to be more vulnerable to poverty. [ABSTRACT FROM AUTHOR]

InsurTech are technological solutions used by insurance companies to optimise the performance and improve customer experience. Numerous InsurTech applications are available for almost all functions of insurance product life cycle. Over 1500 InsurTech companies operate around the world and around 140 InsurTech companies operate in India. InsurTech applications provide number of benefits though, there are concerns with regards to technology, data accuracy, legal and regulatory framework with regards to how InsurTech application operate. The paper presents a review of InsurTech companies with respect to services offered by them, impact, benefits and concerns. A strategic model, is suggested to plan the development or deployment of InsurTech application, in order to address the concerns stated in the paper. The model can be useful to both the IT professional who develop the applications and insurance professional who deploy the applications. [ABSTRACT FROM AUTHOR]

Insurance Penetration and Insurance Density have changed significantly over the past decade, which has had a significant impact on the economies of India and other nations. Between 2016 and 2020, there was a substantial shift in the Insurance Penetration and Insurance Density. These are the parameters used to evaluate the country's insurance industry. COVID had a substantial effect on insurance penetration and insurance density. After COVID, insurance awareness expanded and individuals became aware of insurance. On a global scale, the industrialised nations have a notably high prevalence of general insurance coverage. It is mostly owing to an improved knowledge of the advantages of general insurance in these nations. The introduction of insurance sector reforms not only abolished the life insurance industry's monopoly, but also opened the insurance market to private companies, hence multiplying competition. For our study, we collected 'Insurance Penetration and Density' data for Fiscal Years (FY) 2016-17 through FY 2020-21. This study illustrates the variations in insurance penetration and insurance density between 2016 and 2020, as well as COVID's primary effect on them. [ABSTRACT FROM AUTHOR]

The paper is to highlight the Concept of Vision Zero initiatives and emphasizing on the role of Insurance Industry can play to achieve the objective of vision zero initiatives worldwide through active participation of Insurers and regulators. Entire world, specially the developing and under developed countries are struggling to control the deaths and Injuries caused by uncontrolled movement of the vehicles on roads, contributing to the deaths and permanent disabilities more than any pandemic or natural calamities. In developing country like India, during the year 2021, total 4,12,432 road accidents were reported claiming 1,53,972 human lives and 3,84,448 injured persons in the most productive age group of 18 to 45 years. This fatalities & Injuries on road not only affecting the Insurers but also the GDP of the country hence needs to be controlled on war footing. [ABSTRACT FROM AUTHOR]

Vision Zero is a global strategy aimed at cutting down the fatalities arising out of accidents on roads and at workplaces to a minimum. Through an analysis of existing literature, this study highlights the role of insurance companies in achieving Vision Zero. Insurers can share their data-driven knowledge with policy/law makers and engineers to design better policies and safer products respectively. With the aid of technology, insurers can adopt behaviour-based pricing, thus motivating buyers to adopt safe behaviour. Through an analysis of accident scenario in India, it is found that there is an urgent need to adopt Vision Zero, which is still at a nascent stage. Indian Insurers are contributing in the preventive efforts through their awareness initiatives but still lagging behind in terms of behaviour-based pricing. Thus, it is recommended that AI-enabled, behaviour-driven pricing be adopted by the insurers to achieve long-term and sustainable riskreducing behaviour. [ABSTRACT FROM AUTHOR]

Introduction: Among urological malignancies, the diagnosis and treatment of urinary bladder cancer (UBC) incurs the highest cost per patient. Our objective was to broaden the current understanding of how demographic, socioeconomic, education, and insurance-related factors influence UBC management. Methods: Between January 2017 and December 2019, all patients with nonmetastatic bladder cancer were included. The demographic, treatment, and follow-up details were retrieved from a prospectively maintained database, and the Modified Kuppuswamy Index was used to evaluate the patients' socioeconomic level. Patients were divided into the completed treatment group, or the incomplete treatment group based on adherence to the initially intended treatment plan. Patients who presented with benign disease or metastases were not included. Results: Eighty-nine patients did not complete the initially intended course of treatment out of 132 patients who needed additional management after the initial transurethral resection. Comparable risk factors and demographic profiles existed in both groups. Patients with intermediate-risk disease are more likely to fail to adhere to the initial intended treatment (odds ratio [OR] = 0.09; 95% confidence interval [CI]: 0.02-0.30). On logistic regression analysis, upper socioeconomic status (OR = 6.8; 95% CI: 0.35-132.1) patients and patients with higher educational status of graduation or above (OR = 3.62; 95% CI: 0.75-17.43) had higher chances of treatment completion. Education status significantly impacted treatment completion on multivariate analysis (P = 0.01). Patients who utilized employer-funded insurance had better treatment compliance (OR = 4.1; 95% CI: 0.90-18.7). The compliance was unaffected by smoking, occupation, or other demographic factors. Conclusion: Patients with low economic status, low levels of education, and who need adjuvant intravesical therapy had considerably greater treatment dropout rates. [ABSTRACT FROM AUTHOR]

Around 60.6% of health expenditure in India originates from private spending or out-of-pocket expenditure. Such large health spending has a tendency to sink sizeable number of people into poverty and deepen the already poor into more appalling conditions. This article makes an attempt to study the impact of health expenditure on poverty levels in the Jammu and Kashmir (J&K) region of India using micro-level data (68th round of National Sample Survey Organisation [NSSO]). First, a region-wise poverty profile is estimated, then, poverty deepening and incidence of catastrophic health expenditure is measured. Finally, socio-economic determinants of catastrophic health expenditure are estimated using logit and probit models. The results show that the poverty levels further increase by around 2% (estimated 185,000 individuals) on account of out-of-pocket health expenditure. Also, poverty gap increases, deepening the economic distress of the poor people. The highest gap is observed in most vulnerable areas, such as hilly and geographically disadvantageous regions. An estimated 9.6% of population in J&K spends catastrophic out-of-pocket health expenditure and 2.6% spend more than their capacity to pay. Married, higher per capita expenditure groups, and socially weaker sections exhibit increased probability of experiencing health catastrophe while as higher levels of education decreases this likelihood. [ABSTRACT FROM AUTHOR]

Aim: The aims of the study are to audit the default rate of the provisional date of elective surgery in pediatric urology private practice and to study the factors involved in the postponement of elective operation dates by patients. Patients and Methods: The audit involved analysis of reasons behind patients defaulting from elective pediatric urology procedures between January 2019 and December 2019 at a tertiary private teaching hospital in South India. The details were obtained from the outpatient register kept for elective booking. The details of actual procedures performed were obtained from OT records. From the defaulters, the reasons for postponement were obtained through personal/telephonic interview. Results: A total of 289 patients were given dates for elective procedures. Among this, 72 (24.9%) defaulted, leaving 217 patients who underwent elective surgery. Among those who underwent surgery, 90 (41%) were elective day case (DC) procedures, whereas 127 (59%) were inpatient (IP) procedures. The default rate was 26/116 (22.4%) for DC procedures, whereas 46/173 (26.6%) for IP procedures, with no significant difference between them (P = 0.64). Among the 72 defaulters, the reasons for cancellation were as follows: financial factors (FFs) 22 (30.6%), lack of family support 19 (26.4%), function/grievance in house 10 (13.9%), respiratory illness 14 (19.4%), and treatment at a different center 7 (9.7%). FF (insurance denial) was significantly higher (P = 0.001) in crucial IP procedures at 19/46 (41%) compared to DC procedures at 3/26 (12%). The various diagnoses denied insurance were UPJO (7), VUR (6), hypospadias (4), UDT (3), and PUV (2). Conclusions: FFs were mainly responsible for parents postponing their children's elective pediatric urology procedures in India. Universal insurance coverage for congenital anomalies might help overcome this most important cause of cancellations. [ABSTRACT FROM AUTHOR]

Public investment on health in India is very low (it stands out at 1.5 per cent of GDP in 2018- 19 as per Budget Estimates), which results in high out-of-pocket (OOP) expenditure on health. High OOP expenditure has a catastrophic impact on the household/ individual wellbeing as it disrupts the customary standard of living of these households. In order to protect these households from financial catastrophe, various state governments as well as the union government introduced various health insurance schemes, the efficacy of which is yet to be ascertained. This paper attempts to analyse the effectiveness of insurance schemes (both private and public) in reducing the financial burden of health shocks. The study adopted the two-step Heckman-Selection Method to examine the determinants of catastrophic health expenditure and the results showed that insurance was one of the major determinants of catastrophic health expenditure. Further, the study also showed that public health insurance was more equitable in nature. Therefore, the government should further increase its thrust towards health for all approaches and should bring them under the safety net. [ABSTRACT FROM AUTHOR]

The insurance industry is vital to any economy, particularly a country's financial market. The attempt to investigate the economic performance of the insurance firms is due to a lack of empirical research in the general insurance sector in India on the economic performance of insurance organizations concentrating on firm‐specific and external aspects. Therefore, the Insurance companies in India were studied using econometric panel data of 21 firms for ten years, from 2010–2011 to 2019–2020. Firm‐specific factors (firm size, financial leverage, retention ratio, liquidity, premium growth rate, loss ratio, re‐insurance dependence, and macroeconomic factors (market share, GDP per capita, and inflation) are included in the model. Findings revealed that retention ratio, premium growth, and market share significantly positively affect the ROA while, on the other hand, loss ratio, liquidity, and inflation significantly negatively affect the profitability (ROA). Other factors, including size, re‐insurance dependence, leverage ratio, and GDP per capita, have no significant impact on insurance firms' profitability (ROA). Furthermore, the variables that significantly affect the performance in terms of ROE are financial leverage and market share, holding a positive impact. And firm size shows an inverse relationship with ROE. [ABSTRACT FROM AUTHOR]

Several countries with diverse health systems have achieved universalization (UHC). The trajectory towards universal coverage almost always has three typical features: (i) a political process driven by a range of regulatory changes to simplify access; (ii) an increase in health spending; (iii) an increase in the share of pooled spending rather than paid out-of-pocket. Therefore, a study was undertaken to understand the extent of the provider-purchaser relationship of governments to achieve UHC while reforming healthcare. The present paper focuses on extensive secondary research across countries and evaluates the experiences of select developed and developing economies with India's experiments on- Financing mechanisms, management arrangements, governance and health outcomes; to offer a comparison of practices and their impact. While Italy, the UK, Germany, Australia, Japan, Canada and most recently China are countries that have achieved UHC; countries like USA and Brazil are on the verge of achieving UHC. These nine countries represent the entire spectrum of pure purchasing models, mixed and pure provisioning models to help us leverage from their experience. All countries that have attained UHC have a well-defined package of services that the government commits to fund and provide for (both public and private). Additionalities around wellness and cosmetic care is managed through supplementary insurance. Overall funding is through an autonomous body, at arm's length of government; primarily to govern and manage the state's health priorities. And the government purely behaves as a regulator setting policy and giving directions to the providers. However, ensuring the sustenance of such a mixed model requires; (i) a well-regulated ecosystem that thrives on evidence, (ii) the governments must clearly define the role/s of each stakeholder and hold them accountable for their deliverables in attaining UHC. [ABSTRACT FROM AUTHOR]

The objective of this study is to provide a comparative analysis of the health financing systems in India and the Kingdom of Saudi Arabia (KSA) across three major domains: resource mobilisation, pooling of resources and purchase of health services. This is an observational study using secondary data collected from international organisations, ministries of health and other government and non-government agencies in India and KSA. The study revealed that India has a very low expenditure on healthcare and markedly lower health outcomes compared to KSA. Although India's health financing system has undergone notable changes in the last two decades, it is lagging behind in many health financing system parameters. However, the share of government expenditure on current health expenditure has been increasing steadily with higher allocations to primary and secondary care. By expanding health insurance coverage and sustainable public health funding, it is likely that India will make significant progress towards achieving UHC. [ABSTRACT FROM AUTHOR]

Introduction: With the ever-increasing hazards and associated risks in healthcare, the healthcare facilities should have a comprehensive enterprise risk management program. Risk management in Indian Healthcare is nascent and not structured. With the increasing potentially compensable events, workplace violence, cybersecurity threats, complex accreditation standards, old infrastructure and ever-changing legal and political scenarios, the risk inventory is expanding, leading to litigations due to lack of mitigation strategies. This study focuses on developing a comprehensive organization wide enterprise risk inventory for the healthcare facilities in India. Method: Secondary data from published studies were collated and 25 risk factors were identified. Interviews with 12 domain experts further identified 38 context and country-specific risks. The identified 63 risks were sent to 20 senior healthcare risk managers. Forty-three risks were unique and were validated by the senior healthcare risk managers. Twenty risks out of 63 identified had similar meaning. These 20 risks were reworded, rephrased and merged into eight risks by the senior healthcare risk managers. The 51 risks were endorsed by the 12 domain experts. The identified risk factors were surveyed among the risk managers from various hospitals to understand the importance and ranking of the risk in the Indian context. Results: Sentinel events/Never events appeared in different rank orders and seems to be among the top five risks as perceived by professionals in India. Second highest ranked risk was 'Staff attrition'. The data analysis showed the different attributes of survey participants, such as the size of the organization with respect to bed capacity and length of time working in the field of risk management. Conclusion: The results provide valuable insights into the perception of risk based on hospital size and the educational background of risk managers. This inventory may help hospitals develop strategies for mitigating, controlling and monitoring risks for better hospital management. [ABSTRACT FROM AUTHOR]

Introduction: In 2018, the Government of India launched the Pradhan Mantri Jan Arogya Yojana (PM-JAY), a part of the Ayushman Bharat scheme as a progressive step toward universal health coverage. The scheme was intended to provide health insurance for the socioeconomically deprived population. This study was undertaken to assess the coverage of the scheme and to assess the reduction in medical out-of-pocket expenditure (OOPE). Methods: This was a cross-sectional study conducted among the urban slum dwellers in Mysuru. A semi-structured questionnaire was used for the study. Oral consent was taken from the participants before administering the questionnaire. Data were collected by face-to-face interviews. Statistical tests such as percentages and mean were calculated using SPSS software (Version 26, Licensed by JSSAHER). Results: The study was conducted among 104 individuals, of which 73% were females. Only 38 (33%) of the participants had PM-JAY cards while 59 (56.73%) did not have any health insurance. Thirty percentage (78.95%) of the card holders had utilized the insurance in the past 1 year and incurred an OOPE of Rs. 25,873/-. For all the cardholders, this amount was spent from their savings. Conclusion: The coverage of the scheme and OOPE reduction toward health care is still lacking. Greater measures need to be taken by medical officers, medicosocial workers, and other field workers to identify eligible households and help them avail the benefits of this scheme. [ABSTRACT FROM AUTHOR]

Demographics and Insurance are very much connected. However, their influence to each other is hardly palpable if analyzed in isolation. There are other key levers which must be calibrated in desired levels of convenience and amenability before we establish their relationships. If those factors are on positive side, insurance stands as an ally in apocalypse and a friend in fortuity. Both can then sing paean to each other. Else, insurance has a little role to play where unfathomable uncertainty and staggering snafu like a war steps in. The article, thus, discusses those nuances diligently. It has endeavored to buttress its points with facts and figures from various geographies and fields across the globe. However, a special attention has been showered to India where the world's almost 15% population live in with a diverse background. [ABSTRACT FROM AUTHOR]

Insurance not only provides protection but also helps in leading a dignified life. But due to lack of awareness, insurance is not on the priority list of the rural and marginal people. In India where almost 70% of the people are living in rural areas, the insurance sector has huge potential to transform the rural community by providing coverage of insurance. Objective The main objective of this exploratory article is to study the role of insurance in transforming the demographics of the rural and marginalized communities. Methodology The methodology of this article involved both primary and secondary research including interaction with field community members, senior officials of Insurance Marketing Firm, Insurance Companies, as well as reviewed literatures of IRDAI and other related stakeholders. [ABSTRACT FROM AUTHOR]

Personal financial planning is about putting individual income into productive use to generate capital appreciation and fulfill the various needs of individuals. The two broad objectives of financial planning are - Capital appreciation and savings through investments and Risk protection through insurance products. In the Indian psyche, insurance protection always takes a back seat and is considered more as an unwanted expense than a necessity. Insurance is an important financial risk transfer tool. The risk is being transferred from the insured to the insurer on the payment of consideration called as the premium. In India, due to lesser awareness levels and education on insurance, the sector has not seen the desired results. The assets of individuals are left unprotected. Also, the sector had not been able to reach its potential as custodian of funds for national development and protection of assets. But things are changing in India as well. The government initiatives in terms of providing protection to the uninsured population for life, health and crops are steps to improve insurance coverage and penetration levels. However, creating more awareness at the individual level and designing products keeping in view the needs for protection of the general population is very important. This paper discusses the broad contours of financial planning and how the insurance industry is doing in catering to the protection needs of individuals. [ABSTRACT FROM AUTHOR]