Value-based extensions to TPB in public insurance continuance: Linking attitude, trust, and price value to beneficiaries' financial well-being

The purpose of this study is to analyze the factors influencing the continuance of government insurance schemes (GIS) on financial wellbeing of Indian consumers by using an extended theory of planned behavior (ETPB). This study is based on primary data collected from the beneficiaries of three government insurance schemes namely Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJY), Pradhan Mantri Suraksha Bima Yojana (PMSBY) and Atal Pension Yojana (APY). Data for this study are collected through a structured questionnaire from 334 respondents in Pondicherry, India. Confirmatory factor analysis (CFA) and structural equation modeling (SEM) is performed to validate the constructs and test the proposed hypothesis. The results of this study confirm that factors viz., relative advantage, awareness, price value, perceived trust, social influence, perceived behavior control, and attitude have a significant impact on the behavioral intention toward continuance of insurance policies. Also, behavioral intention to continue insurance policies has a significant influence on policyholders' financial well-being. The findings of this study provide valuable insights for all stakeholders to enhance participation in government insurance schemes, contributing significantly to the achievement of Sustainable Development Goals (SDGs). Furthermore, increased involvement of Non-Governmental Organizations (NGOs) and Self-Help Groups (SHGs) can serve as catalysts in maximizing the inherent benefits of these schemes, thereby reaching a broader base of potential beneficiaries. The originality of this research paper lies in its incorporation of additional dimensions such as price value, awareness, relative advantage, perceived trust, and financial well-being to examine the proposed research model. Grounded in the extended theory of planned behavior, the study seeks to understand the factors influencing the adoption of government insurance schemes (GISs) and to evaluate their impact on policyholders' financial well-being.