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Family background is one of the important aspects that we can relate it with
awareness of student towards having life insurance policy. Family background is related with
family size, family income, and also family education. According to Namasivayam (2006),
identified the socioeconomic factors that are responsible for having of life insurance policies
and the preference of the policyholders towards various types of policies of Life Insurance
Company. From the analysis, the study concluded that factors such as age, educational level
and sex of the policyholders are insignificant, but income level, occupation and family size
are significant factors (Gautam, 2013).
The degree and diploma holders are of 30% and they form majority. Household
income came as a important variable to influence the attitude towards banking services in the
study held among Indian people. From this high income group have show higher in mean
attitude score of high income group than the low income and middle income group
(Gautam,2013).
From this it can be explained by the fact that high income group require more
facilities from banks to deal with multiple money related issues, whereas, in India middle
income group give more attention on their daily expenses and other financial needs. The low
income households are also too much uncertain about their future, but their financial problem
and limitations generally do not allow them to go for banking services such as in having life
insurance policy for their family (Gautam, 2013).
Life insurance allows individual person and also married have life insurance and that
life insurance is good couples and families can share the uncertain type of risk of premature
death value and a good form of long-term savings and to ease the financial burden from the
premature death.
HYPOTHESIS
The first independent variable is family background towards the awareness of
having life insurance policy. Family background such as household income came as a
important variable to lead the attitude towards banking services in the study conducted
among Indian people (Gautam, 2013).
HN1: There is a positive significant between family background and student awareness in
having life insurance policy.
HA1: There is a negative significant between family background and student awareness in
having life insurance policy.
Conceptual Framework
In order to investigate and understand better the independent variable of family
background and knowledge towards the awareness of student in having life insurance policy,
this conceptual framework provides an understanding ways on whether independent variebles
have significant towards student awareness in having life insurance policy. The independenet
variables are family background and knowledge. Awareness of the student is known as the
dependent variables. The conceptual frameworkfor the study is shown as follows:
Family
Backgrou
nd
Awareness of
student
towards life
insurance
policy
Knowledg
e