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
We need to focus on developing the field force i.e life advisor about financial knowledge and stop misselling. Educate the society about importance of insurance by conducting lot of awareness program.
Economy must grow at a desirable rate. Only then such campaign to promote Insurance in India will show up. Otherwise, NO.
very informative article very useful for insurance marketing fraternity.
Fantabulous initiative to educate public to opt for insurance and need for insurance
Please Reduce The Pure Term Plan Premium For Those Aged Between 40- 50 Years of Healthy, Standard Life
Prospect
Why need this ,why not, Direct Benefits to Customer by offering Discount,Less Premium, Higher Age Maturity.
Rs 450 CR Expenses In Advertisement But Not Direct Benefits. Customers mouthing Publicity of the life insurance industry is the Best Option.
Lic has the cheapest term plan for youngsters upto age 45 yrs .The plan is named yuva term plan. People can consider this plan if going for pure term plan with minimal cost
9india’s insurance penetration is very marginal and so it has boundless scope to improve it to a reasonable level
to make insurance more accessible, affordable, and relevant for customers across all cohorts. Sorry to say some of our insurers starting their premiums of rs 26,125 yearly to sell & purchase…..
Congratulations, Mr Swaminathan.!
Great initiative!
Let’s hope we can reach out to more people who really need insurance protection.
All the best for the multimedia campaign.
This campaign was long over due for t he life industry. Mutual fund sahi hai contributed immensely towards growth of MF industry more than its return hype. The campaign should also include a educational campaign at school level to sustain life insurance is a necessity for the generations to come.
We may see Downwards trend in near future in Life Insurance Industry ,GST imposed is very high ,it was better to spend Rs 450 Cr towards Policy holders benifits insted in Advertisement . Top management’s are humbly requested to control the Lapisation in Life Policies.
With regards,
I understand that when it comes to life insurance, the new generation does not value it as much since they are motivated by instant gratification. Corona had more contribution in promoting health insurance as cash outgo impacted salaried class. Even though endowment plans target wealth creation opportunity, the term life insurance is more associated with life after death and with husband wife both working, its value is less and no one likes a promotion targeting him to invest in his coffin. The positioning needs to change.
I would also request IRDA and the life insurers to explore how to leverage the reverse mortgage route to pension plan and annuity by making reverse mortgage loan interest rate reasonable. The awareness to this would open up a huge opportunity and benefit empty nesters.
To,
Shree Tarun Chugh
MD &CEO
BAJAJ ALLIANZ LIFE INSURANCE.
Please look into cases of cheating by mis-seling committed by your company against senior citizens, in cunivance with channel partner RBL Bank.
Ref my case of RBL customer and Bajaj Allianz Pension Policy.
After retiring in 2023, I approached Max Life to become an agent. They asked me to give irdia exam and made me give polices to self and family members. At the age of 58 and the company gave me policies of 27 to 30 years with guaranteed benefit plans ect by misselling. Atleast, get me back all my premiums paid for first 2 years and oblige.