Tuesday, April 29, 2014

IRDA, Insurers Launch Insurance Awareness Campaign

With a view to create awareness for insurance needs and on different insurance products, the General Insurance Council (GIC) in association with the Insurance Regulatory and Development Authority (IRDA) has launched an insurance awareness drive on television, newspaper and other media channels on April 19 on the occasion of Insurance Awareness Day.

IRDA had declared April 19 as the Insurance Awareness Day to intensify insurance penetration in the country. Since IRDA came into existence on 19th April, 2000, the regulator chose this date to celebrate as Insurance Day.

The total budget for the campaign is Rs. 16 crore, out of which 12 crore will be contributed by the insurance regulator and the remaining 4 crore will be funded by the general insurance companies.

“Lack of insurance awareness has proved to be one of the hurdles in penetration of insurance across the country. Therefore, in an attempt to enhance insurance awareness across the nation, IRDA is celebrating its formation day as Insurance Awareness Day on April 19 involving all stakeholders of the insurance sector," said an IRDA statement.

Apart from efforts made from the IRDA, individual companies have also been asked to make additional initiatives to increase awareness about the need of insurance, the products and the industry.

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