Mumbai, January 29, 2011: Here are some startling facts about dismal Insurance penetration in our country that served as a starting point for us to do something radically different as our first step to change this picture.
- Insurance penetration in India is just 4.6% in life and 0.61% in non-life insurance (annual premium paid as % of country’s GDP)
- In terms of Insurance density, the numbers are even more alarming – in developed nations like the U.S is it is 33 times, that of India, the UK is 73 times and Japan is 65 times.
- Even a country like Thailand is double than that of India.
- The fact that we rank a lowly 12th In Asia is alarming, considering that we are amongst the fastest growing economies.
- So clearly we have a huge number of Indians with little or no insurance.
With such sad state of affairs, the so called young India we celebrate and talk about will probably be a middle aged/old India just 15 to 20 years down the line, with little or no Insurance.
As Indians get wealthier and begin to enjoy a higher standard of living, the need to ensure that their loved ones do not suffer after their lifetime – becomes even more critical. Insurance is a natural solution, but sadly, most Indians still view the need for insurance from the prism of an Investment/Tax need than for its primary benefit – peace of mind and security. The result is that today, Insurance is “sold†and not “bought†and Insurance agents are perceived as pests.
Making insurance a way of life
Future Generali Life Insurance therefore decided to do something dramatic and strong to break down the barriers of apathy and procrastination that affect all of us when it comes to Insurance Planning.
‘Insurance Week’ is Future Generali’s way of creating a unique annual occasion to remind Indians the critical need to re-evaluate their insurance needs, and highlight to them the various simple ways of buying Insurance  – through agents, through over 119 Big Bazaars across the country, online, etc.
The campaign’s creative thought is rooted in an Indian insight: the ‘Karta’ philosophy. According to it, the family bread-winner needs to ensure the financial security of his family during and after his life. The light hearted handling of this hard hitting message in the ads, makes this bitter pill easier to swallow. The simple act of signing a white balloon at a Big Bazaar that will be released at the end of Insurance Week – to signify Mukti – is a powerful metaphor for life, and our sacred duties as Kartas – to ensure the financial security of our families, before it’s too late.
Like Mr. Kishore Biyani says “ Given the alarmingly low Insurance penetration in India, If Insurance Week can make a small tangible difference to the way we as Indians perceive Insurance, I believe we would have made a huge Brand leadership statement with tangible, long-term impact. This is a leader-ship stance taken by Future Generali and will surely help grow the overall industry, benefitting all concerned – customers, agents, distributors and insurersâ€
Insurance necessity
“There is a crying need for the Insurance Industry to create a movement to increase awareness, and change the perception of the need for Insurance, to shake people out of their inertia and create an occasion for buying / considering and re-evaluating their Insurance needs every year to keep pace with growing responsibilities and needs.
This has never been attempted in our country and we thought we were best poised to do this with over 2 crore retail customers walking into our Big Bazaars, annuallyâ€, says Mr. Kishore Biyani.
A plan for everyone
Deepak Sood – MD and CEO of Future Generali India Life Insurance Company adds, “One of the biggest hurdles facing Insurance in India is the general perception that life insurance offers only complex products, which are difficult to understand leading to the inertia. To tackle this barrier, we have launched a very simple and easy to understand insurance plan called Future Generali Select Insurance Plan, where one needs to just invest as little as Rs.1500 / month, to ensure both Insurance protection as well as a smart investment that grows till maturity.
To make it suitable to the retail format, we have created Rs.1500 & Rs. 2000 SIP boxes, which can be picked (like any other FMCG product) across the counter at any Big Bazaar. With this, for the first time, we have given a touch and feel factor to Insurance making it even more interesting & involving for the customerâ€.
Sign this balloon and drop it at your nearest Big Bazaar to set yourself free.
