Life insurance is regarded as an essential commodity in terms of social security, which reduces or eliminates the risk of life and property. But delivering world class insurance products to the clientele has been one of the priorities for the policy makers at the time of liberalizing the insurance market in India. Hence, India has moved from the traditional insurance products that function as social security to products that are linked to investments in stock market. The present study attempts to know whether the Indian insurance buyers still perceive life insurance as a social security tool or as an attractive investment option linked to equity after deregulation. Various statistical analyses are carried out using tools such as Descriptive statistics, ANOVA, Levene’s Test for Equality of Variances, Tukey-HSD Multiple Comparisons to arrive at concrete findings and based on which suggestions are offered.