Consumer Protection in Life Insurance Contracts: Comparative Insights from France and India

Abstract

Background: Life insurance contracts form a cornerstone of financial security for individuals and families. However, consumer protection in these contracts often varies significantly across jurisdictions due to differences in legal systems, cultural norms, and regulatory priorities.

Objective: This study explores the legal frameworks governing consumer protection in life insurance contracts in France and India. It examines the extent to which these frameworks safeguard policyholder rights, address disputes, and adapt to emerging challenges such as digitalization and misrepresentation.

Methodology: The study adopts a comparative legal analysis, drawing on statutory laws, regulatory guidelines, and case law from France and India. Interviews with legal practitioners, insurance regulators, and consumer advocacy groups provide practical insights.

Findings: France’s mature regulatory environment offers robust protection mechanisms, with a strong emphasis on transparency and dispute resolution. In contrast, India faces challenges such as low consumer awareness and inconsistent enforcement of regulatory provisions. However, recent reforms in India demonstrate promising progress in bridging these gaps. The study highlights the need for a global harmonization of best practices in life insurance regulation to enhance consumer trust and market efficiency.