Latest news with #SabsePehleLifeInsurance
Time of India
02-07-2025
- Business
- Time of India
Mis-selling of life cover not at alarming levels: Irdai
MUMBAI: The Insurance Regulatory and Development Authority of India (Irdai) has said that mis-selling in the life insurance sector is not at alarming levels, citing grievance data published in its annual report. Speaking at an industry event, Irdai member (Life) Swaminathan S Iyer said the number of mis-selling complaints are not alarming. They currently stand at around 0.41 per 100 policies. While it is not alarming, the regulator has consistently told the industry that the number must keep going down. Insurance CEOs at the event on launch of insurance awareness campaign said that addressing mis-selling is a collective industry responsibility, and both the regulator and insurers remain committed to further reducing the number of complaints. On the issue of public listings, Iyer clarified that Irdai does not mandate IPOs but encourages insurers to consider it as they grow. There have been deep conversations between the regulator and insurers, he said. As companies mature, listing becomes a natural next step, to show the world we are strong and well-governed, he added. With policy volumes stagnating and premium growth tapering, the industry has launched a major awareness campaign titled " Sabse Pehle Life Insurance ", backed by a Rs 450 crore investment over the next three years.
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Business Standard
02-07-2025
- Business
- Business Standard
Life Insurance Council to spend ₹160 cr yearly on awareness drive
Taking a cue from their non-life counterparts, the Life Insurance Council on Wednesday launched the next phase of its nationwide campaign Sabse Pehle Life Insurance, aimed at increasing awareness and, consequently, life insurance penetration across the country. The Council plans to spend up to Rs 160 crore annually for the next three years on this initiative. 'We have planned to spend Rs 150 crore to Rs 160 crore every year for the next three years. The contribution of companies is based on the Annualised Premium Equivalent (APE). Going forward, as the volume keeps growing, the funds available will keep increasing,' said Kamlesh Rao, managing director and chief executive officer, Aditya Birla Sun Life Insurance. 'The campaign is planned as a year-long initiative to drive behavioural change among consumers and increase awareness and penetration of life insurance solutions,' the Life Insurance Council said in a statement. Life insurance penetration declined to 2.8 per cent in FY24 from 3 per cent in FY23. The total premium of the life insurance industry grew by 6.1 per cent year-on-year (Y-o-Y) in FY24 to Rs 8.29 trillion. Of the total, new business premium stood at Rs 4.52 trillion, while renewal premium totalled Rs 3.78 trillion. However, the number of policies sold dropped 7.39 per cent Y-o-Y to 2.92 crore. 'There is still a large protection gap—even among those who already have policies—and a vast section of the population that still needs to be covered. We have a long way to go to reach 'Insurance for All' by 2047. This campaign is a major step by the Life Insurance Awareness Committee. It is a long marathon that must be run consistently over the years to make a meaningful impact,' said Swaminathan Iyer, member (life), Insurance Regulatory and Development Authority of India (Irdai).
Time of India
02-07-2025
- Business
- Time of India
Life insurance cos to pump Rs 450 crore on awareness campaign to deepen penetration
Battling a fall in penetration, life insurance companies on Wednesday committed to spending at least Rs 450 crore on a three-year multimedia awareness campaign. The Insurance Awareness Committee launched the campaign with the theme 'Sabse Pehle Life Insurance', which will have contributions from all life insurance players on the basis of their premium incomes. "We will spend at least Rs 150-160 crore per year, and we have commitments lined up to run the campaign at least for three years," Kamlesh Rao, chairman of the council, told reporters here. It can be noted that the penetration of insurance has dipped for the last few years, and the overall premium collected by companies stands at 3.2 per cent of GDP in FY25 against 4 per cent in FY23 and 3.7 per cent in FY24. India is still the 10th largest market in the world from a penetration perspective, but regulator Irdai's member (life) Swaminathan Iyer said that we have a long way to go. Live Events Speaking at the event, he said only about 36 crore of the 140 crore people have a cover at present, and added that migration to and out of big cities exposes people to financial vulnerabilities, which make insurance necessary. A survey done by the council also revealed that while people are aware and have taken cover, it may be inadequate for them. The campaign focuses on term, child and savings plans initially and also includes other aspects. Meanwhile, replying to a question on whether the watchdog is mulling allowing insurers to invest in gold exchange-traded funds, Iyer said that Irdai looks at all requests that are made, and the interests of policyholders and the growth of the industry are of importance to it.
