Kathmandu. Taking inspiration from its non-life insurance counterparts, the Life Insurance Council on Wednesday launched the next phase of the nationwide campaign ‘First Life Insurance’ in India.
The campaign aims to raise awareness about insurance and expand the reach of life insurance in India. The council plans to spend up to Rs 1.6 billion annually (total Rs 4.8 billion) on this initiative for the next three years.
According to Kamlesh Rao, MD and CEO of Aditya Birla Sun Life Insurance, the council plans to spend between Rs 1.5 billion and Rs 1.6 billion every year for the next three years. “The contribution of the companies will be on the basis of APE (annual premium equivalent),” he said, adding, “As the volume increases, the available funds will also increase.” ’
“This campaign has been planned as a year-long initiative,” the council said in a statement. It aims to bring behaviour change among consumers and increase awareness and access to life insurance solutions. ’
India’s access to life insurance was 3 per cent in FY23. Which has come down to 2.8 percent in FY24. The total premium of the life insurance industry increased by 6.1 per cent year-on-year to Rs 8.29 lakh crore in FY24.
