Experts say increasing penetration and awareness of life insurance products is the need of the hour
The insurance sector has been at the forefront of economic development in India. As per the Insurance Regulatory and Development Authority of India (IRDAI) data, the life insurance sector has touched a CAGR of 16.4% and the total life insurance premium has gone up to Rs 4.6 lakh crore for FY17-18.
Despite a steady growth of the life insurance sector in India, a majority of the Indian population do not have life insurance or are underinsured, which is a serious concern, as it puts their family into financial risks. As per IRDAI, the life insurance penetration in India stands at 2.7% in 2017, which is lower when compared to other Asian countries. The reason behind this low penetration can be attributed to a lack of awareness on the importance of life insurance.
Due to this lack of awareness, the families are getting themselves exposed to a plethora of financial risks emerging from the uncertainties of life. The Indian economy is growing and thus giving rise to the affluence of Indian families and their aspirations for a better standard of living. To fuel these aspirations, people are taking up more loans and liabilities, thereby exposing themselves and their families to financial risks. In such a scenario the sudden absence of the breadwinner because of an unfortunate event can leave the family very vulnerable. Hence, it is more important now than ever for people to understand the need for life insurance, especially protection plans and how they can play a key role in ensuring the financial security of their families.
To increase awareness about life insurance and to debunk the common myths surrounding it, ICICI Prudential Life and CNBC-TV18 have come up with a unique initiative called ‘Mission Insure India – Life Insurance For All’. This initiative highlights the various benefits of life insurance and its importance in financial planning.
Experts like Nilesh Sathe, Whole Time Member – Life, IRDAI; Puneet Nanda, Deputy Managing Director, ICICI Prudential Life Insurance; V Manickam, Secretary General, Life Insurance Council and Yashish Dahiya, CEO, Policybazaar discuss the key issues, benefits and tasks in hand surrounding the life insurance industry in India.
To know more, watch the first episode of ‘Mission Insure India – Life Insurance For All’.
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