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South Asian Journal of Marketing & Management Research
Year : 2017, Volume : 7, Issue : 3
First page : ( 56) Last page : ( 70)
Online ISSN : 2249-877X.
Article DOI : 10.5958/2249-877X.2017.00014.5

A comparative study on selected social insurance schemes of LIC and GIC in Malabar region

Jomol P.J.*, Dr. Joseph M.A.**

*M. Phil Scholar, Department of Commerce & Management Studies, University of Calicut, India. Email id: jomolpj88@gmail.com, Mob: 8943569152

**Professor, Department of Commerce & Management Studies, University of Calicut, India. Email id: jsphma@gmail.com, Mob: 9447123637

Online published on 4 May, 2017.

Abstract

The need for social insurance arises from the fact that the vulnerability of the poor informal worker increases when they have to pay fully for their medical care with no subsidy or support. On the one hand, such a worker does not have the financial resources to bear the cost of medical treatment, on the other; the health infrastructure leaves a lot to be desired. In order to overcome the problems of high medical expenses Government of Kerala has implemented various Social Insurance Schemes through the tying up with insurance companies. Thus, Social Insurance could be a way of overcoming financial handicaps, improving access to quality medical care and providing financial protection against high medical expenses. This paper aims at investigating to measure the comparison of Selected Social Insurance Schemes of LIC and GIC in Malabar region. The assessment has been made on the basis of its level of satisfaction and awareness. Data was collected from 150 sample beneficiaries of both LIC and GIC under selected social insurance schemes were selected in Malabar region of two districts. Findings have shown that awareness and satisfaction level of beneficiaries of GIC is more when compared to those beneficiaries of LIC towards Selected Social Insurance Schemes. For the effective implementation of the Social Insurance Scheme the Government needs support from nodal agencies Like State Government Department, Panchayats, Self-Help Group and any other Institutionalized Arrangements.

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Keywords

Aam Admi Bima Yojana, Individual Mediclaim Insurance Policy, Personal Accident Insurance Policy, Shiksha Sahayog Yojana, Social Insurance.

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