Background
The economic empowerment has three basic components viz. financial literacy, economic self- sufficiency and economic self-efficiency. At present, the world economy is facing the socio-economic crisis due to COVID-19 pandemic including Indian economy in particular. To combat such kind of issues, insurance may be proved as a financial safeguard against any risk and uncertainty. Moreover, there is still room for growth of insurance industry because the majority of masses are still not aware about the need of insurance policies in a diverse area of livelihood. But, it can be done through insurance awareness, literacy and education. Presently, substantial strategies and policies are regularly framed and implemented by IRDAI and industry to bring economic stability and to improve the awareness and literacy of insurance among the general public and industry members, as well through the opening of educational institutions, training & development programmes, awareness campaign, communication networking, and media services etc.
Research Gap:
This story is from the September 2020 edition of The Management Accountant.
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This story is from the September 2020 edition of The Management Accountant.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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