- India celebrates “National Insurance Awareness Day” on June 28 every year to review the country’s existing insurance coverage.
NE BUSINESS BUREAU
MUMBAI, JUNE 28
The penetration of life insurance in India is estimated at somewhere between three and five per cent while the knowledge of general insurance seems to be lower. India celebrates “National Insurance Awareness Day” on June 28 every year to review the country’s existing insurance coverage.
The Insurance Regulatory and Development Authority of India (IRDAI) recently issued draft guidelines for the establishment of “Bima Vahaks”. These guidelines aim to establish a dedicated distribution channel in every gram panchayat (village administrative unit) to improve insurance coverage and promote awareness among the population.
The IRDAI has embarked on an ambitious dream of educating every Indian about insurance and its significance by 2047.
Commenting on this, Bhargav Dasgupta – MD & CEO, ICICI Lombard, said, “On National Insurance Awareness Day, we recognize the crucial mission of increasing insurance penetration in India. In a nation brimming with potential and opportunities, awareness and understanding of insurance play a paramount role. The visionary reforms set in motion by IRDAI have brought forth transparency, consumer-centric practices and accessibility- ultimately fostering trust.”
“At ICICI Lombard, we are committed to the regulator’s vision of ‘Insurance for All’ by 2047. As the leading private general insurer, our efforts aim to democratize insurance, making it accessible and affordable for every Indian, empowering them with knowledge and personalized solutions.
Let’s work towards fostering a culture of financial awareness and education, where risks are mitigated, aspirations are protected, and wellbeing assured with the promise of a secure future. Join us in our commitment to increase insurance penetration, and create a society that values safeguarding of our futures,” Dasgupta added.
