In a bid to raise awareness about the importance of life insurance, the industry has come together with the tagline 'Sabse Pehle Life Insurance' (first thing is life insurance) as a part of its media campaign.
This mass media campaign that will be launched within a month encourages Indian households to opt for adequate life insurance cover as the fundamental necessity in their lives.
This is the Indian life insurance industry’s first joint mass media campaign aimed at increasing life insurance awareness in the country.
Among other financial services industry segments, mutual funds have a campaign titled 'mutual funds sahi hain' (mutual funds are right) driven through their industry body AMFI.
The new campaign represents joint efforts of all 24 Indian life insurance companies who are working towards creating a common narrative aimed at increasing life insurance awareness in the country. It will be driven through the industry body Life Insurance Council.
Moneycontrol had reported earlier that the insurers are taking lessons from the MF industry which had seen a rise in investments post their awareness campaign.
Life insurance penetration is at a mere 3.69 percent of the country's GDP. Considering that there is no large scale life insurance policy for the masses apart from the Rs 2 lakh term insurance cover (for Rs 330 annual premium) funded by the central government under Jan Suraksha, the awareness campaign will nudge individuals to make life insurance their first priority.
Stressing on the importance of life insurance and why it should be a priority for every Indian the campaign slogan 'Sabse Pehle Life Insurance' urges Indians to first build a shield of protection by securing their financial future and then build a robust financial plan. The slogan will encourage Indian households to opt for adequate life insurance cover as the fundamental necessity in their lives.
For a strong resonance in regional media, the tagline will also be presented in the major Indian languages, such as Tamil, Telugu, Kannada, Malayalam and Bangla.
V Manickam, Secretary, Life Insurance Council, said: "As part of Indian culture, our elders have always stressed on doing the most essential things first and then opt to carry on with other things. This is an integral part of day to day conversations. 'Sabse Pehle Life Insurance' comes from this very cultural nuance and will help establish an understanding of the essentiality of life insurance in our lives and the need to treat it as top most priority while planning for life.”
The insurance industry is taking lessons from the Association of Mutual Funds in India (AMFI) that had in March 2017 launched the investor awareness campaign called 'mutual funds sahi hai' (mutual funds are the right choice).
AMFI had said the campaign had led to an addition of 3.2 million investors between March 2017 and April 2018.