Abstract
The purpose of this study is to understand the socio-economic and demographic determinants of changes in life insurance consumption of Indian households. We use short panel data for 34,855 households for the periods 2004–05 and 2011–12, from the Indian Household Development Survey. Logistic regression models indicate that income and socio-economic status have the largest effect, positive for acquisition, and negative for discontinuance of insurance. Financial inclusion proxied by bank relationships increased insurance coverage in rural but not urban households. Our study contributes to the extant literature by looking at changes in insurance coverage over time rather than static demand.
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