Trust, financial education crucial in achieving insurance for all by 2047

Irdai has committed itself to enabling "Insurance for All" by 2047, where every citizen has life, health, and property insurance cover

Low insurance penetration in the country, a phenomenon being seen for the past several decades, can be reversed if measures on financial education of the public and building trust are taken. In fact, the insurance community believes these are among several measures crucial in achieving the Insurance Regulatory and Development Authority of India’s (Irdai’s) target of “Insurance for All by 2047”.

“To change this (the image of insurance being a push product) and boost the industry in India, several strategies need to be implemented like educating the public about the importance of life insurance with slogans like ‘Sabse Pehle Life