Money9 Financial Freedom Summit There was a detailed discussion on the insurance sector. money9 According to the survey, 19 percent people in the country take insurance in terms of savings. The special thing is that in the last 10 years the insurance sector (Insurance Sector) I have seen 10 years of growth. Even after that, the reach of insurance in the country is only up to 4.2 percent. In that too, one percent penetration is seen in health insurance. At present, even after having 57 insurance companies in the country, why is there less insurance among the people? Why don’t people buy insurance? The most important question is whether India will be able to fulfill the target of ‘Har Ghar Insurance’ by the year 2047. To answer all these questions, veterans of the insurance sector were present as guests in this summit. Let us also tell you what he said after all?
Why are you not taking health insurance?
Priya Deshmukh, COO of ManipalCigna Health Insurance, said on the occasion that during COVID we all saw that the health expenditure of common people increased significantly. After that awareness about health insurance has increased in many people and people are also coming towards it, but the speed is very slow. There are many reasons behind this, first mind set. People think that if we are healthy then why is there a need for health insurance. Second trust deficit, people do not get anything in return in health insurance. If nothing happens to you, people feel that their money was wasted. Will they get proper returns? This trust issue on insurance companies is present in common people. Apart from this, there is a need for awareness regarding health insurance. Today health insurance covers everything for people.
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These problems come to the fore regarding insurance
Expressing his concern about life insurance penetration, Venkatesh Naidu, CEO of Bajaj Capital Insurance, said that its figures are even worse in non-metro cities, which is not even 1 per cent. Now the question is how to increase it, which is a big challenge. As soon as the name of life insurance comes to the fore, people find it quite complicated. In such a situation, product simplicity is very important. Secondly, how and where are we reaching the customers. Today people are buying insurance through digital medium. Apart from this, it is very important for insurance companies to have product variety. Because today all companies have similar products. In such a situation, it is not necessary that the product at which price I like, the same product should be liked by the people living in a village.
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Regulators, government and companies need to come on one platform
Shubhrojit Mukhopadhyay, Executive Director, Edelweiss Tokio Life, in response to the question of how to meet the target of ‘Har Ghar Insurance’ by the year 2047, said that this target is quite aspirational. We all want it to be completed and work is going on for it. But the most important question is why people do not want to buy insurance? There is a need to understand it more deeply. Let’s try to understand with an example that if someone takes term insurance of Rs 1 crore per annum for Rs 30,000. If nothing happens to him in the meantime, that money will be lost to him. Actually people need returns. This is the difference of understanding. There is a great need to create this understanding about insurance among the common people. For this, all the insurance companies, regulators and the government all need to come on one platform. After that the target of insurance for all will definitely be fulfilled.