Latest news with #SwaminathanIyer
Time of India
02-07-2025
- Business
- Time of India
Use data to woo millennials to life insurance: Irdai
MUMBAI: Irdai whole time member (life) Swaminathan Iyer said that insurance companies need to leverage data to convince the working population to make life insurance an important aspect of their financial planning. "There is increasing awareness of life insurance among all sections of society, more specifically the millennials. However, emotions do not work much, and you have to drive logic through data," Iyer said at a Life Insurance Council event. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
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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.
