Life Insurance coverage Council’s Insurance coverage Consciousness Committee (IAC-Life) chairperson Kamlesh Rao stated the merchandise meant for rural India shall be offered by all insurance coverage firms at a uniform worth with Rs 5 lakh cowl per particular person.
The council has all 26 life insurance coverage firms, together with Life Insurance coverage Company (LIC), as its members.
Rao stated that the product shall be launched to extend the penetration of insurance coverage within the rural belts of the nation.
“Penetration is decrease in rural India. Bima Vistaar shall be launched, focusing on a rise within the insurance coverage penetration in rural India,” he stated.
Speaking of the life insurance coverage business within the nation, Rao stated complete property below administration (AUM) of all of the insurers had touched Rs 67 lakh crore through the 2024-25 monetary 12 months, whereas the entire premium collected had grown at a ten per cent CAGR over 5 years.He stated the IAC-Life has initiated a 360-degree marketing campaign to lift consciousness about life insurance coverage within the nation with the tag line ‘Sabse pehle life insurance coverage’.He stated an quantity of Rs 150 crore has been earmarked for the marketing campaign, which might be carried out for 3 years.
The mutual fund business has already initiated such a marketing campaign, ‘mutual fund sahi hai’, for popularising its merchandise.
To a question whether or not the life insurance coverage business is going through stiff competitors from mutual funds, Rao stated the AUM for the life insurers for a five-year CAGR has grown by 13 per cent, whereas that of the latter by 17 per cent.
as a Dependable and Trusted Information SupplyHe stated that IAC-Life had commissioned a market analysis which revealed that West Bengal is likely one of the states with excessive potential for all times insurance coverage penetration.