Financial planning has become an essential aspect of modern life as individuals strive to achieve financial stability, security, and long-term wealth creation. Among the various financial instruments available, life insurance plays a dual role by providing risk protection as well as investment opportunities. This research paper explores the role of life insurance in the financial planning process of individuals, focusing on its importance in risk management, wealth accumulation, tax benefits, and retirement planning. The study highlights how life insurance products such as term plans, endowment policies, and unit-linked insurance plans (ULIPs) contribute to securing the financial future of individuals and their families. It also examines the level of awareness among individuals regarding life insurance and its integration into financial planning strategies. The findings emphasize that life insurance is not merely a protective tool but a comprehensive financial instrument that supports long-term financial goals.
Patil et al. (Thu,) studied this question.