Insurance plans vital to retirement planning, says Srinivas Balasubramanian of ICICI Prudential
ICICI Prudential Life Insurance Company. In an interview with MintGenie, Balasubramanian said that to increase insurance penetration across the country, IRDAI is working towards implementing Bima Sugam, Bima Vahak, and Bima Vistaar initiatives. Edited Excerpts: The life insurance industry in India has registered a 13% year-on-year growth in total premium income, amounting to ₹7.83 trillion during FY2023, according to the IRDAI Annual Report, indicating an increase in the uptake of life insurance products.
Understanding customers’ needs and making life insurance products affordable are crucial factors in enhancing accessibility. Life insurance companies are implementing various strategies such as leveraging technology for distribution, simplifying products, and creating more affordable and customisable products tailored to the specific needs of the customers. Additionally, to increase insurance penetration across the country, the IRDAI is working towards implementing Bima Sugam, Bima Vahak, and Bima Vistaar initiatives.
These initiatives will collectively work towards making insurance more accessible, simplified, and tailored to the needs of the Indian population. Life insurance companies broadly offer three different categories of products – which are health and protection, annuities, and long-term savings. Product innovation across all these categories is ongoing and has received further fillip thanks to the facilitative regulations introduced by the regulator such as the “use and file" approach, sandbox regulations, and so on.
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