Insurance Awareness Committee Tackles India’s 87% Life Insurance Gap
Piyush Pandey Adds Creative Firepower, Urges a Shift in Mindset
Campaign Focuses on Turning Awareness into Action Across India
- BILKULONLINE
- By Rafat Quadri
Ahmedabad, July 03: In response to India’s growing life insurance protection gap—which surged to 87% in 2023, and over 90% among young adults aged 18–35—the Insurance Awareness Committee (IAC) has launched an impactful new phase of its national campaign: ‘Sabse Pehle Life Insurance’. With participation from all 24 life insurance firms in India under the Life Insurance Council, the campaign positions life insurance as the foundation of sound financial planning, not an afterthought.
The campaign, running across television, digital platforms, print, and outdoor media, in the coming days seeks to correct the prevailing habit of prioritising investments over protection, especially in a country where a single income often supports multiple dreams.
“We often chase returns before securing what we already have,” said Kamlesh Rao, Chairperson of the Insurance Awareness Council. “This campaign is about making protection the first brick in the house of financial planning. Secure first, grow next—that’s the shift we’re driving.”
Piyush Pandey Redefines Public Perception with His Signature Clarity
Legendary adman Piyush Pandey, Padma Shri awardee and Chief Creative Officer Worldwide at Ogilvy, lends his creative vision to the campaign as an advisor and mentor. At this media interaction, he unveiled three new public service advertisements and offered a candid take on how insurance is misunderstood in India.
“Let me be blunt,” Pandey said with a smile. “Insurance is not the CSR department of the Government of India, boss. It hasn’t been for years. It’s time people stop treating insurance like charity. It’s a tool for dignity—for living and leaving with responsibility.”
His creative inputs, rooted in emotional realism and simplicity, bring alive the campaign’s core message: that insurance is a life-affirming act of care, not a reluctant obligation.
Digital and Rural Push to Drive Penetration
In alignment with IRDAI’s 2024 mandate requiring life insurers to cover 10% of lives in 25,000 Gram Panchayats, the campaign places strong emphasis on rural outreach and digital literacy. The updated knowledge portal, www.sabsepehlelifeinsurance.com, now offers simple, self-guided tools to assess life coverage and understand policy options.
“Every Indian deserves the clarity and confidence to make informed choices,” said Swaminathan Iyer – Whole-time Member (Life) of the Insurance Regulatory and Development Authority of India (IRDAI). “This platform simplifies insurance, making it easier for people to act, not just think”, he added.
High Claim Settlement Ratio Boosts Trust in the Industry
Backed by strong consumer confidence, the industry is showing promising results. According to IRDAI’s Handbook of Indian Insurance Statistics 2023–24, 96.82% of life insurance claims were settled within 30 days in FY 2023–24—reinforcing the reliability and readiness of insurers in India.
With the life insurance sector growing at a 9.5% CAGR, and projected to reach 10.5% over the next decade, the campaign rides on a wave of industry optimism. Experts believe this renewed effort could be a pivotal step in shifting life insurance from a “good-to-have” to a “must-have-first” financial product.
Empowering a Financially Secure India
As India moves steadily toward its vision of becoming a $5 trillion economy, the Insurance Awareness Committee’s Sabse Pehle Life Insurance campaign underlines a simple truth: protection must precede prosperity. By making life insurance the cornerstone of financial plans, the initiative aims to reduce vulnerability, especially for India’s young and working-class families.
For more information or to evaluate your insurance needs, visit 👉 www.sabsepehlelifeinsurance.com
(Rafat Quadri can be reached at editorbilkul@gmail.com)
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