THE FORTRESS OF HEEDFULNESS: BUDDHIST PRINCIPLES SUPPORTING THE LIFE INSURANCE BUSINESS IN THAI SOCIETY

Abstract

This article aims to study the relationship between Buddhist principles and the life insurance business by analyzing the concept of life insurance as a risk management tool that helps provide security and economic stability for individuals, families, and society. It also examines the application of Buddhist principles in the operation of the life insurance business, including organizational management, the performance of life insurance agents, and the role of policyholders.

          The study found that several Buddhist principles, such as the Three Pāpaṇika-dhammas, the Four Gharāvāsa-dhammas, the Four Saṅgahavatthus, the Threefold Good Conduct (Sucarita 3), and Diṭṭhadhammikattha-saṃvattanika-dhamma, can be appropriately applied to promote morality, ethics, and responsibility in the life insurance business. In particular, these principles help foster honesty, compassion, prudence, and trust among all parties involved. Furthermore, life insurance is consistent with the Buddhist principle of Appamāda-dhamma (heedfulness or non-negligence), as it reflects living with careful awareness, preparing for life’s uncertainties, and reducing potential economic impacts on families and society in the future. The study also found that the concept of a life insurance contract corresponds to the Buddhist concept of “Samaya” (agreement), which is founded upon honesty and truthfulness. Meanwhile, the role of life insurance agents should be grounded in loving-kindness, compassion, and the intention to benefit policyholders rather than seeking profit alone. In conclusion, the study suggests that the life insurance business does not contradict Buddhist teachings; rather, it can serve as an important mechanism for promoting heedfulness, responsibility, and mutual support in society, ultimately leading to stability and sustainability at the individual, organizational, and societal levels.