AN ANALYSIS OF DESIRABLE LIFE INSURANCE ACCORDING TO THERAVADA BUDDHIST PHILOSOPHY

Abstract

The objectives of this research article are : 1) to study life insurance in the context of general Thai society, 2) to study life and life insurance from the perspectives of Theravada Buddhist philosophy, and 3) to analyze desirable life insurance according to Theravada Buddhist philosophy. It is a qualitative research by studying from Buddhist scriptures, academic papers and related research. The research results were then presented by descriptive and descriptive analytical methods.The results of research found that: 1. Life insurance is a contract in which the insurer agrees to pay or spend a certain amount when the insured remains alive until the time specified in the contract or dies during the contract period. There are three parties involved in life insurance: the insurer, assured person and beneficiary person. When a life insurance contract occurs, the parties shall have the rights and obligations under the contract with each other.2. Life and life insurance in the view of Buddhist philosophy, it will seen that Buddhism has proposed principles for life insurance sellers or agents in the name of Papanikadhamma namly, Cakkhuma, who have expertise in the life insurance business, Vithuro, who have expertise in operational techniques, and Nissayasampanno, who have interpersonal skills. Life insurance agents must have Panca-sila–Panca-dhamma principles. Life insurance business owners must have honesty. 3. For the issue of desirable life insurance, the researcher proposed principles related to the life insurance business. Life insurance sellers or agents must have 4 Buddhist principles: (1) honesty, sincerity, straightforwardness to the insured (Sacca); (2) self-training to be able to face various situations while providing services to the insured (Dama), (3) having patience in providing services and maintaining the benefits of the life insured with attentiveness (Khanti), and (4) having self-sacrifice in order to help the insured fully and willingly (Caga).