Page 46 - Insurance Times March 2022

age of 10 years in 10 cities across the country as a part of our The survey also revealed that parents consider life insurance
#FutureFearless survey. The survey was conducted by our a low-risk investment tool and a reliable financial instrument
research partner, YouGov India, to understand the parents’ to cover the family against any future uncertainties. Around
financial planning and investment decisions taken in the half of the monthly household income is currently being spent
current scenario. on savings and investments, and life insurance is among the
top instruments for secured long-term investment.
As one might expect, most parents have a strong set of
dreams and aspirations for their children. Not only do they Continuing to drive awareness and education around the
want their children to do financially and socially better than benefits of life insurance could help to boost further interest
themselves, but they are also encouraging their children to in the category. During this period, the regulator, IRDAI,
learn new things and enrolling them in various courses, has taken a number of laudable steps, which have
especially on the digital medium. Children, too, are exposed benefited customers, as well as the insurance players. Since
to new and exciting fields with career interests expanding to the pandemic, the regulator has introduced several
emerging domains such as YouTuber, scientist, astronaut, and standard products in the insurance market such as Saral
virtual reality designer. Jeevan Bima, Saral Pension, Corona Rakshak and Corona
Kavach, which simplify the decision-making process for
Key findings customers as the product features and options are
One of the key findings was that while most people were standardised and limited.
forced to cut down on their savings and investments, it also Hence, these plans are an option at the entry level for
made them relook at their financial preparedness. Saving for
customers.
their children’s future and milestones emerged as the top
priority for parents, along with saving for medical India is a severely under-penetrated market for insurance
emergencies. and while the pandemic has brought about increased

The rising cost of education right from pre-primary levels, awareness about the importance and benefits of insurance,
coupled with parents’ growing aspirations, have driven them there is still a long way to go.
to save for academics over other life goals for their children
Offering innovative products that cater to the life-cycle needs
like saving for marriage or setting up a business.
of the customer, ensuring adequate life cover to suitably
Considering this, it provides an opportunity for life insurers to protect one’s family in case of any unfortunate
further drive education about the relevance of life insurance circumstances, and fostering a digital-first approach to
and the importance of child plans in reassuring parents that enhance customer experience and satisfaction are some of
their child’s dreams will be met despite any unfortunate the steps that we can take to further drive insurance
circumstances. penetration in India. (Source: Business Line)

SBI General Insurance launches insurance literacy drive in

Namsai, Arunachal

SBI General Insurance company has launched an awareness drive in Namsai, Arunachal Pradesh to ensure better
insurance literacy among the locals. SBI General has been a lead insurer to take up the campaign to drive insurance
awareness in selected and suggested regions by IRDAI, the company said.
The launch event was virtually addressed by PC Kandpal, MD & CEO, SBI General Insurance, RK Sharma, Deputy
Commissioner, Namsai District and Shefali Khalsa, head – brand & corporate communications, SBI General Insurance.
Kandpal said, “SBI General is glad to take up the drive to spread insurance awareness in Namsai, the 18th district of
Arunachal Pradesh. We started this insurance awareness drive from Ri-bhoi, Meghalaya, and with the success of the
activities, we are happy to host the launch event and kick-start the similar activities in Namsai. Our goal is to ensure that
every household in the region is educated about the benefits of ‘insurance’ and understands the need to build a secure
future. SBI General Insurance will remain committed towards nation-building and support insurance penetration through
such initiatives."

46 The Insurance Times, March 2022