Stay Protected: Celebrate Insurance Awareness Day by Reviewing Your Coverage

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27th June, 2024: Insurance Awareness Day, observed annually on June 28th, serves as a reminder for individuals to review their insurance policies and ensure they have adequate coverage. This day highlights the importance of being informed about the various types of insurance available, such as health, life, auto, home, and disability insurance. It encourages people to evaluate their current insurance plans, understand their benefits, and make any necessary adjustments to better protect themselves and their families against unforeseen circumstances. By raising awareness, this day aims to promote financial security and peace of mind, emphasizing that being well-insured is a crucial aspect of a comprehensive financial plan.

Sumit Rai, MD & CEO, Edelweiss Life Insurance “For decades, the insurance industry has not only been enabling social security but also contributed heavily to nation-building. As of FY23, the industry has managed assets worth nearly Rs. 55 lakh crores and paid out claims to the tune of almost Rs. 5 lakh crores. And yet, there is much more to be done!

To achieve the regulator’s bold vision of ‘Insurance for all by 2047’, it’s essential to improve insurance penetration, which hinges on increasing consumer awareness and trust. Towards this end, there has been a heightened effort by the industry towards completely transforming buying experiences, innovating products and services, and promoting awareness through educative campaigns.

Supported by a range of progressive regulatory reforms, the regulator has effected wide-ranging simplification in products, and processes, and brought about transparency for the policyholders. A key initiative implemented by the regulator – State Insurance Plan – has led to industry-wide effort in interacting with public at large to help them understand insurance as an instrument, and in turn reducing the trust deficit in the industry. By fostering a healthier and more inclusive insurance landscape, these regulatory changes have prompted insurers to innovate, reorient the way they deliver advisory, and make way for improved accessibility of insurance for the consumer.

With these collective efforts, India is on track to become the world’s 6th largest insurance marketplace by 2032, marching steadily towards the ambitious vision of ‘Insurance for all by 2047.”