Swaminathan S. Iyer, Member (Life), IRDAI,Dinesh Pant, managing director, LIC, R. Doraiswamy, CEO and Managing Director, LIC and BC Patnaik,director, NIA at the 27th Annual C. D. Deshmukh Memorial Seminar, organised by National Insurance Academy (NIA), Pune, on Monday
Swaminathan S. Iyer, Member (Life), IRDAI highlighted that several challenges continue to impede progress of Indian life Insurance industrty, including limited awareness of insurance and financial literacy, affordability constraints, restricted accessibility beyond Tier I and Tier II cities, product complexity, and deficits in consumer trust
Pune: R. Doraiswamy, CEO and Managing Director, Life Insurance Corporation of India(LIC) has expressed concern over the continued stagnation in the number of policies in force and the persistence of a significant protection gap. ,
Delivering the keynote address at the 27th Annual C. D. Deshmukh Memorial Seminar, the flagship academic event of the National Insurance Academy (NIA), Pune, on Monday, on the theme “I.M.P.A.C.T. 2047: Insurance Mobilization for Protection through Availability, Care and Trust,Doraiswamy said rising consumerism, increasing reliance on credit, technological disruption, and employment uncertainty have heightened the need for life insurance protection.
He emphasised that addressing these challenges would require simplified products, deeper distribution penetration, and sustained trust-building efforts..
He recalled that Sir C. D. Deshmukh consciously refrained from describing life insurance as merely a business or an industry, instead characterising it as a “gospel”, reflecting its broader social mission.
Doraiswamy observed that the vision of Insurance for All by 2047, articulated by the Insurance Regulatory and Development Authority of India (IRDAI), is a continuation of this foundational philosophy.
Speaking at the event, Swaminathan S. Iyer, Member (Life), IRDAI, presented the regulatory perspective on the national vision of Sabka Bima, Sabki Raksha – Insurance for All by 2047.
He clarified that the vision is not confined to conventional metrics such as insurance penetration or density but instead focuses on ensuring that every citizen has access to appropriate life, health, and property insurance, while enterprises are
adequately protected against risks.
He highlighted that several challenges continue to impede progress of Indian life Insurance industrty, including limited awareness of insurance and financial literacy, affordability constraints, restricted accessibility beyond Tier I and Tier II cities, product complexity, and deficits in consumer trust.
Iyer noted that IRDAI has consciously shifted from a rule-based to a principle-based regulatory framework, empowering insurer boards while strengthening supervisory oversight. He emphasised the importance of innovation in product design and distribution, timely settlement of claims, and customer-centric practices in building trust.
He also articulated the Five A’s framework comprising awareness, accessibility, affordability, assurance, and acceptability as a structured approach to achieving insurance inclusion.
Dinesh Pant, managing director, LIC, observed that the vision of Insurance for All by 2047 should be viewed not as an industry target but as a national commitment to ensuring economic security and social resilience.
BC Patnaik,director, NIA highlighted India’s strong macroeconomic outlook, noting that the country is projected to become the third-largest economy globally by 2030 and a major economic power by 2038.
Against this backdrop, he emphasised that the life insurance sector is poised for sustained double-digit growth, significantly outpacing global trends. He underscored that the seminar serves as a platform for policy dialogue, industry collaboration,
and academic engagement to identify strategies for expanding insurance reach and strengthening trust in the sector.