Lalramsanga Sailo, secretary, Mizoram, said, “We look forward to life and general insurance companies making significant contribution to promote the cause of insurance, generate employment and promote entrepreneurship in the state of Mizoram.”
As part of the Insurance Regulatory and Development Authority of India (IRDAI) vision of ‘Insurance for All’ by 2047, the Indian Insurance industry has collectively come together to drive insurance penetration in Mizoram.
Tata AIA Life Insurance and IFFCO-Tokio General Insurance are leading the initiative, supported by life insurers and general insurers from India’s private and public sectors.
Sharing his keynote at the event, Lalramsanga Sailo, secretary, Mizoram, said, “Insurance is one of the most important security cover for any individual, family or business. We are very happy to support the initiative of IRDAI to introduce state-level insurance awareness and penetration drive. We are keen to participate in the initiative and ensure the success of this program. We look forward to Life and General insurance companies making significant contribution to promote the cause of insurance, generate employment and promote entrepreneurship in the state of Mizoram.”
Speaking at the occasion, Gautam Kumar, deputy general manager, IRDAI, said, “IRDAI as the Insurance regulator has envisioned Insurance for all by 2047. We are pleased to obtain the support of the State Government of Mizoram to drive insurance awareness and penetration in the state. Mizoram is one of the most literate and well-to-do states, and hence there is a lot of scope of development of insurance sector. The people of Mizoram will definitely get benefit from the security net of insurance, and it will generate new opportunities of employment and development too.”
Sharing his perspective as the lead life insurer, Girish Kalra, chief marketing officer from Tata AIA Life Insurance, said, ” We have already implemented a mass media campaign in FY23 through digital and social media, reaching over 8 lakh people of Mizoram. Our tie-up with the Common Service Centers (CSC) has enabled us to reach the rural and remote locations of Mizoram. We have further scaled up our efforts for FY24 along with other life insurers and would deepen our reach in Mizoram through multiple initiatives including Village Level Entrepreneur training, Bimarath introduction, tie-ups with MSME associations, etc.”
Sharing his perspective, Raj Bora, EVP, IFFCO-Tokio General Insurance, said, “We are committed to working towards the goals set by IRDAI. We have already started with the Insurance awareness activities across several districts of Mizoram and plan to ramp up the activities on a bigger scale. Under the guidance of IRDAI and State authorities, along with other insurers we will conduct various training sessions and joint initiatives to increase the reach and awareness of insurance in the state.”
Benefits to the people of Mizoram
The initiative launched by IRDAI with the support of the State Government of Mizoram will lead to multiple benefits:
-Security cover to the citizens of Mizoram – life insurance & general insurance covers
-Employment generation with the recruitment of Insurance staff, Advisors across the length and breadth of the state
-Development of industry, especially MSMEs that form the backbone of India’s growth engine. The insurance industry offers specific solutions in the area of business insurance
Referred to as the land of the whispering winds and Blue Mountains, Mizoram boasts the second-best literacy rate in India. Its literacy rate at 91.3 per cent is significantly higher than the national average of 74.0%. Despite being India’s second least populous state, Mizoram has the unique distinction of having a similar male-to-female ratio across age groups.