What is the name of this insect? Is it venomous or possess any threat to human life if someone gets stung?
That looks like some kind of lappet moth caterpillar. Although I am no expert in them, especially not species that would appear in India. But hopefully my answer gives you the right direction of research.

You can see some visually similar observations on iNaturalist:


https://www.inaturalist.org/observations/42382365
https://www.inaturalist.org/observations/40958993
https://www.inaturalist.org/observations/40137289