Swaminathan S Iyer, member, Life, IRDAI, will be in Mumbai along with other CEOs of life insurance industry to unveil the multimedia public awareness Initiative for consumer education and action that will continue for couple of years
Mumbai: After the Indian general insurance industry’s Rs 500 crore ‘Achha Kiya Insurance Liya’ campaign, the life insurance industry, with 27 players, is launching its massive Rs 450 crore nationwide awareness campaign in Mumbai on 2nd July aimed at promoting the industry in the country.
Swaminathan S Iyer, member, Life, IRDAI, will be in Mumbai along with other CEOs of life insurance industry to unveil the multimedia public awareness Initiative for consumer education and action that will continue for couple of years.
“We have a budget of around Rs 500 crore, raised from life insurers, to be spent over next 3-4 years through this proposed campaign,’’ said life insurance industry sources.
IRDAI and insurers feel insurance industry should do something similar to mutual funds industry’s “Mutual Funds Sahi Hai” nationwide campaign, believed to be highly effective in promoting mutual funds, launched by the Association of Mutual Funds in India (AMFI) in 2017 to boost insurance sales in the country.
The Indian mutual fund industry’s asset under management, standing at an all-time high level of Rs 72.2 lakh crore, has grown at a rate of 20% CAGR in the past 10 years, and 24% CAGR in the last 5 years.
It has grown from 12.6 per cent in 2015 to over 31 per cent in May ’25.
Way back in 2018, the life insurance industry had spent Rs 100-crore in a multimedia campaign `Sabse Pehle Life Insurance’ aimed at spreading awareness around life insurance and removing misconceptions around the products.
India’s insurance penetration had fallen to 4 per cent in 2022-23 from the level of 4.2 per cent in 2021-22, primarily due to lesser contribution from the life insurance sector.
According to the latest IRDAI annual report for Fy 23-24, the insurance penetration for life insurance industry had again marginally declined from 3 per cent in the previous year to 2.8 per cent during 2023-24.
Life insurers recorded a marginal 5.1 per cent increase in new business premium collection to Rs 3.97 lakh crore during the financial year ended March 2025. The industry had collected Rs 3.77 lakh crore in the preceding financial year, according to Life Insurance Council data.
However, the life insurers including Life Insurance Corporation, has remained hopeful of an improvement in the industry’s performance in coming days.
Said Tarun Chugh, MD&CEO, Bajaj Allianz Life Insurance, “The insurance industry in India is undergoing a significant transformation. Insurers are working closely with the regulator to make insurance more accessible, affordable, and relevant for customers across all cohorts. IRDAI’s visionary reforms and continued focus on customer awareness have laid a strong foundation for deepening insurance penetration and advancing financial inclusion. Complementing this, the industry is introducing new-age insurance solutions that are simpler, more personalised, and digitally enabled.
“On this National Insurance Awareness Day, we must take a moment to reflect on the progress we have made as an industry and then look ahead at how we can drive even greater impact by staying responsive to evolving customer needs and aligned with the shared vision of ‘Insurance for All by 2047,’ he added.
Rushabh Gandhi, MD & CEO, IndiaFirst Life Insurance, commented “Life insurance penetration remains modest at 3.7% of GDP.As we celebrate National Insurance Awareness Day, we reflect on the sector’s pivotal role in driving financial security and inclusive growth. The insurance industry is on a strong trajectory; it is expected to triple by 2035 .
To realise IRDAI’s vision of ‘Insurance for All by 2047’, the industry is reshaping access and efficiency to reach out to the under-served and uninsured population.
With over one crore lives insured through PMJJBY, IndiaFirst Life is one of the top contributors to the Central Government’s social sector scheme .
“Under IRDAI’s State Insurance Plan, we are actively driving outreach in the hinterlands of Madhya Pradesh to make insurance accessible and affordable for the rural populations. Through these initiatives, IndiaFirst Life continues to play a pivotal role in advancing financial inclusion and social protection,’’ he said