National Insurance Awareness Day 2024: The low insurance penetration in India is a stark reminder of the vulnerability of millions of Indians to financial burden and crisis in case of untoward incidents like terminal illness, accident, etc. National Insurance Awareness Day, observed every year on June 28, is an opportunity to raise awareness around the importance of taking insurance.
From early adulthood to retirement, the right insurance helps a person secure the future of himself and his family.
According to Casparus Kromhout MD & CEO of Shriram Life Insurance, insurance is crucial not only for personal coverage but also to safeguarding a person’s valuable assets like home, car, and business from damage, theft, or liabilities.
Financial Perks
“Many insurance products offer tax benefits and can even be used as investment tools. This means that while you’re enjoying the protection insurance provides, you can also grow your wealth and make your money work for you,” said Casparus Kromhout
Top Misconceptions About Insurance: Debunking Common Myths
Contrary to popular belief, life insurance doesn’t have to be expensive. Premiums can be adjusted to fit different budgets, and options like term insurance offer substantial coverage at affordable rates. You can buy policies for yourself, your spouse, or even your children. Joint policies and child plans provide comprehensive coverage for your loved ones too. Claim settlements have become hassle-free thanks to digitized processes, as long as the information provided by the customer is accurate and transparent.
“India, being one of the fastest-growing insurance markets, still has a relatively low insurance penetration rate of 4% of its GDP, leaving a sizable gap. This gap is largely due to a lack of awareness and accessibility of insurance and its critical role in financial stability during unforeseen incidents. The IRDAI is making commendable efforts to increase awareness and accessibility to insurance for the uninsured and underinsured segments, taking insurance to the last mile. On this National Insurance Awareness Day, the industry must spread awareness and work towards closing this gap. Harnessing the power of technology to make insurance more accessible is crucial for all players in the ecosystem,” said Dhirendra Mahyavanshi, Co-founder and CEO of Turtlemint
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Published: 28 Jun 2024, 09:38 AM IST