Role of insurance in mitigation of financial stress: An imperial study anatomizing individual elation

Stress is not only an emotional process it also inculcates biochemical changes in the human body. These changes have direct impact on the decision making process of humans and as it is correctly said the decisions make the future of a person. Stress is caused when the expected is not met with the actual situation. Fear plays a pivotal role in the process of stress generation. Many times stress is caused by unexpected risk. In order to mitigate such stressful situations the concept of insurance emerged in late eighteen century pertaining to the shipping industry. Here, in this research the researchers have made an attempt to evaluate the role of insurance on reducing the propensity of stress on individuals who are associated with insurance. In this research the researcher has used co relation, multiple regression, t test, and descriptive statistics in order to comprehend the research questions. The study suggests thatinsurance has helped in reducing the financial stress vis-a-vis establishing financial stability towards the source of income and morale of the person. The study can be useful for many insurance providing organizations and the government in devising latest techniques to motivate people to take more secure ways to reduce financial catastrophe in family. This in turn helps to enhance the process of elation in the life of the person which in turn has impact on the crime rate, health problems, law and order issues, and economic development of the country. The study also speaks of the socioeconomic status of the beneficiaries and what impact it has on the poverty, the problems which the insurance organizations are facing and suggestions are also elucidated. Additionally, in the end of the research the future scope has been proposed as well.