Insurance industry comes together to increase life insurance awareness under aegis of IRDAI

Life insurance: As part of the Insurance Regulatory and Development Authority of India’s (IRDAI) vision of ‘Insurance for All’ by 2047, the Indian Insurance industry has come together to drive insurance penetration in Mizoram. Tata AIA Life Insurance and IFFCO-Tokio General Insurance are leading the initiative, supported by Life Insurers and General Insurers from the Private and Public Sectors of India.

Life Insurance offers comprehensive solutions that provide cover for one’s life, employees, etc. with term insurance also as opportunities to increase wealth with guaranteed income and investment linked plans. In addition, there are pension products in the category to ensure a worry-free retirement. On the other hand, General Insurance offers covers for property (vehicle, home) as well as health indemnity covers as well as corporate and rural insurance solutions (tractor, crop insurance).

Under the leadership of the IRDAI, a committee of representatives from various Life and General Insurance companies is working to increase awareness and influence life insurance in the state.

As part of the process to discuss the progress of the initiatives and the way forward, a meeting was held in Mizoram under the guidance of Shri Lalramsanga Sailo, Secretary, Government of Mizoram, Gautam Kumar, Deputy General Manager, IRDAI. Eminent persons including senior officials from Common Service Centers (CSC), Life and General Insurance companies, Agents and Bank representatives were present at the industry level stakeholder gathering.

Sharing his keynote address at the event, Lalramsanga Sailo, Secretary, Government of Mizoram said, “Insurance is one of the most important security covers for any individual, family or business. We are very happy to support the IRDAI’s initiative to introduce insurance awareness and penetration at the state level. We are eager to participate in the initiative and ensure the success of this program. We look forward to Life and General insurance companies making a significant contribution to advancing the cause of insurance, generating employment and promoting entrepreneurship in the State of Mizoram.”

Speaking at the event, Gautam Kumar, IRDAI said, “IRDAI as the Insurance regulator has envisioned insurance for all by 2047. We are happy to get the support of Mizoram State Government to drive insurance awareness and penetration in the state . Mizoram is one of the most literate and best to do states, so there is a lot of scope for development in the insurance sector. The people of Mizoram will surely benefit from the insurance safety net, and it will also generate new employment and development opportunities.”

Sharing his perspective as the Leading Life Insurer, Girish Kalra, Chief Marketing Officer from Tata AIA Life Insurance said, “In line with the vision of the IRDAI, Tata AIA is leading the efforts of the life insurance industry and making insurance accessible to all citizens. of Mizoram. We have already implemented a media campaign in FY23 through digital and social media, reaching more than 8 lakh people of Mizoram. Our tie-up with the Common Service Centers (CSC) has enabled us to reach the rural and remote locations of Mizoram. We have further increased our efforts for FY24 along with other life insurers and will increase our reach in Mizoram through multiple initiatives including Village Level Entrepreneur training, introduction of Bimarath, tie-ups with MSME associations, etc. “

Sharing his perspective, Raj Bora, EVP, IFFCO-Tokio General Insurance said, “We are committed to work towards the targets set by the IRDAI. We have already started the Insurance awareness activities across several districts of Mizoram and we plan to increase the activities on a larger scale. Under the guidance of the IRDAI and State authorities, along with other insurers, we will conduct various training sessions and joint initiatives to increase access and awareness of insurance in the state.”

Digital Campaign – Reached 8 lakh people

Tata AIA along with other life insurers have implemented campaigns through Digital and Social Media which are very popular and widely seen by the people of Mizoram. The focus of this campaign was to improve citizens’ awareness and understanding of financial planning. To achieve this goal, a series of videos was developed in the Mizo language, using simple story lines and featuring Ka Pu Sanga, a financially savvy middle-aged resident.

The response to these videos and high engagement (8%+) among viewers on digital and social media was very encouraging. These videos explain how life insurance offers comprehensive benefits to people at different stages of life – families can protect against life’s uncertainties with term insurance, plan for rising costs with guaranteed income plans and worry-free retirement ensure with pension products. In addition, these campaigns have been linked to a special website in the Mizo language, to provide detailed information on the solutions and their benefits.

IFFCO-Tokio is also creating visibility for general insurance solutions with the help of an outdoor media campaign in identified areas of the state. It will also do social campaigns in mizo to increase the digital reach.

Rural Outreach through Joint Service Centers (CSC)

To provide much-needed life insurance cover to the people of Mizoram, Tata AIA has supported over 50 Village Level Entrepreneurs (VLEs) in association with Centers for Common Services (CSE), an organization run by the Ministry of Electronics & IT . Known as the last mile of distribution, VLE provides essential government and non-government services from CSC outlets for the welfare and development of rural communities. Tata AIA provided permanent visibility at CSC outlets and trained these VLEs about life insurance solutions, to help them seek life insurance business.

IFFCO-Tokio, along with other non-life insurers, plans to conduct insurance seminars and van activations to reach the rural areas of Mizoram.

Benefits for the people of Mizoram

The initiative launched by the IRDAI with the support of the Mizoram State Government will result in multiple benefits:

• Security cover for Mizoram citizens – life insurance & general insurance covers
• Employment generation with the recruitment of Insurance staff, Consultants across the state
• Industrial development, especially MSMEs which are the backbone of India’s growth engine. The insurance industry offers specific solutions in the field of business insurance

Known as the land of whispering winds and Blue Mountains, Mizoram has the second best literacy rate in India. Its literacy rate at 91.3% is much higher than the national average of 74.0%. Despite being the second least populated state in India, Mizoram has the unique distinction of having a similar male-to-female ratio across age groups.

About Tata AIA Life

Tata AIA Life Insurance Company Limited (Tata AIA Life) is a joint venture company, established by Tata Sons Pvt. Ltd. and AIA Group Ltd. (AIA). Tata AIA Life combines Tata’s outstanding leadership position in India with AIA’s presence as the world’s largest independently listed pan-Asia life insurance group spanning 18 markets in the Asia Pacific region.

About the Tata Group

Founded by Jamsetji Tata in 1868, the India-headquartered Tata group is a global enterprise comprising 30 companies across ten verticals. The group operates in more than 100 countries across six continents, with a mission to ‘Improve the quality of life of the communities we serve globally, by creating long-term value for stakeholders based on Leadership with Trust’.

Tata Sons is the principal investment holding company and promoter of the Tata companies. Sixty-six percent of Tata Sons’ equity share capital is held by philanthropic trusts, which support education, health, livelihood generation and art and culture. In 2021-22, the combined revenue of the Tata companies was $128 billion (INR 9.6 trillion). Together these companies employ over 935,000 people.

Each Tata company or enterprise operates independently under the guidance and supervision of its own board of directors. There are 29 publicly listed Tata enterprises with a combined market capitalization of $311 billion (INR 23.6 trillion) as on March 31, 2022. Tata companies include Tata Consultancy Services, Tata Motors, Tata Steel, Tata Chemicals, Tata Consumer Products, Titan, Tata Capital , Tata Power, Indian Hotels, Tata Communications, Tata Digital, and Tata Electronics.

(With PTI inputs)

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