The Insurance Awareness Committee, representing all life insurers in India, has launched the next phase of its nationwide campaign, Sabse Pehle Life Insurance. This unified initiative brings together all life insurance companies under a single umbrella, supported by a robust annual budget of ₹150–160 crore.
The campaign addresses the longstanding challenge of low insurance penetration in India, despite the sector growing at a 10% compound annual growth rate (CAGR) over the past five years. It aligns with the Insurance Regulatory and Development Authority of India’s (IRDAI) ambitious vision of achieving Insurance for All by 2047.
Funding for the campaign is based on each company’s Annualized Premium Equivalent (APE) and market share, ensuring proportional contributions. The initiative carries a firm three-year commitment and has secured board-level approvals across participating insurers.
Kamlesh Rao, Chairperson of the Insurance Awareness Committee, noted, “We estimate the industry could grow by about 15–20% annually. Since the contribution formula is fixed and linked to APE, the campaign’s funding pool will expand alongside industry growth.”
Importantly, this campaign supplements insurers’ individual marketing budgets, demonstrating a united effort to promote life insurance as a category.
Industry veteran Piyush Pandey will mentor the campaign, which will employ an omnichannel strategy to maximize reach and effectiveness.
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