The importance and meaning of Literature
When we begin the study of literature, we find it has always two   aspects, one of the simple enjoyment and appreciation and the other of   analysis and exact description. Usually it happens when we go through   literature in our classroom either by ourselves or by our teachers one   thing matters very much and that is the importance of literature for   students? Until our concept is not clear we can never understand what   literature is? We need time and understanding to nurture our spirits.
I read somewhere in a short story of "The shell and the Book". A child   and a man were one day walking on the seashore when the child found a   little shell and held it to his ear. Suddenly he heard sounds, strange,   low, melodious sounds, as if the shell were remembering and repeating  to  itself the murmurs of its ocean home. The child's face filled with   wonder as he listened. 
Here in the little shell, apparently, was a voice from another world,   and he listened with delight to its mystery and music. Then came the   man, explaining that the child heard nothing strange; that the pearly   curves of the shell simply caught a multitude of sounds too faint for   human ears and filled the glimmering hollows with the murmur of   innumerable echoes. It was not a new world, but only the unnoticed   harmony of the old that had aroused the child's wonder. 
So some such experience as this awaits us when we begin the study of   literature with its two aspects of simple enjoyment and appreciation and   the other if analysis and exact description. Like when a song appeals   to the ear or a noble book to the heart we discover a new world for the   moment, at least, a completely new world which is very different from   our own world and it sees that we are in a place of dreams and magic.
"Behind every book is a man; behind the man is a race; and behind the   race are the natural and social environments whose influence is   unconsciously reflected”, this we must know, if the book is to speak its   whole message. In simple word, we have now reached at the point where   we wish to understand and enjoy literature, and the first step toward  it  is to know its essential qualities as exact definition is  impossible.
In broader sense, perhaps literature means simply written records of the   race, including all its history and sciences, as well as its poems and   novels, and in narrower sense literature is the artistic record of  life  and most of our writing excluded from it. A history or a science  may be a  literature sometimes but only when we forget the subject  matter and the  presentation of facts in the simple beauty of its  expression.
Qualities of Literature
The first significant thing is the artistic quality of all literature.   All art is the expression of life in forms of truth and beauty or in   another word which exist in this world and which remain unnoticed until   bought to our attention by some sensitive human soul same like the   delicate curves of the shell reflects sounds and harmonies too faint to   be otherwise noticed. In the same pleasing, surprising way, all  artistic  work must be a kind of revelations architecture is probably  the oldest  creative work of arts and yet we still have many builders  but few  architects, that is, men whose work in wood or stone suggests  some  hidden truth and beauty to the human senses.
Suggestiveness
The second significant quality of literature is its suggestiveness, its   appeal to our emotions and imagination rather to our intellect.
Permanence
The third characteristic of literature is arising itself directly from the other two and that is permanence.
The importance of Literature 
It is a prevalent opinion that literature is like all arts is mere play   of imagination, pleasing enough like a new novel without any serious or   practical importance. Nothing could be farther from the truth,   Literature preserves the ideals of a people and these ideal are love,   faith, duty, friendship, freedom and reverence which are the part of   human life most worthy of preservation.
Lastly in summary we can say Literature is the expression of life in   words of truth and beauty, it is the written record of man's spirit of   his thoughts, emotions, aspirations, and it is the history and only the   history of the human soul having characteristics of its artistic   quality, its suggestiveness and its permanent qualities which will never   fade. Literature can offer an insight into social commentary and critique. It  can tell us alot of about society through the use of characterization  and plot, and the themes in the novel. For example, Charles Dickens  novels provide us with social commentry and deal with problems at that  time such as children in the workhouse, crime, social conditions, etc.
Literature is almost like history, and you can learn a lot about history  and the general views of the time. Literature also contains  philospohical ideas as well, as well as narrative styles and how the use  of language and narrative changed over the decades.
Jane austen wrote her novels using satire (that means taking the mickey  out of society). Examples include pride and prejudice. Her writing style  is also highly sarcastic in the way she describes certain people of  high social ranking and how proud and vain they really are.  
 
