Mmakgabo Pinkie Segodi
Abstract
Life insurance is integral to the economy, functioning as a mechanism for mobilising long-term savings, advancing capital market growth, enhancing effective capital allocation, and both substituting and complementing government security initiatives. Therefore, the factors that shapes life insurance demand are imperative. Given the socioeconomic dynamics of these developing nations, research on the link between income levels and life insurance demand in BRICS nations (Brazil, Russia, India, China, and South Africa) is vitally important. This study conducts a literature review synthesizing case studies and empirical research within the broader domain of life insurance studies to identify key trends, gaps, and implications for future research. Reviewing articles from 2002 to 2025 the findings shed light on the substantial impact that income plays in determining the demand for life insurance in developing countries around the world. Furthermore, quantitative methodologies were utilised in most of the research that was reviewed. There is a possibility that more important theoretical contributions could be made by incorporating mixed research approaches.