The current study has motivated for assaying whether life insurance (LI) enrolment should be taken as a protection tool or a saving instrument. Reviewing literature hypotheses have been farmed and tested by gathering primary data through a survey from 120 sample respondents chosen by applying stratified random sampling. It has applied a cross-sectional study design and significant results have validated selective demographics, risks, returns, tax incentives, and precautionary motives likely have influenced LI enrolments. Interestingly, instead of protection tools, LI plans have been preferred as saving instrument. Existing insured customers may use the report for revisiting their risk appetites and quantum of sum assured to assess whether they have been under-insured and if so, they could chalk out plans for taking purely term plans rather than traditional plans and unit link insurance plans to replenish the deficiency.
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