Insurance foundation of India has always maintained that penetration of insurance in India is very low because insurance has been limited to metro/ large cities. Lot of effort is needed to tell the masses about insurance and that too in the easy to understand language or should we say in Hindi & Vernacular languages. Insurance should be introduced as a subject in Schools /Colleges. What can you expect from those who have graduated in Hindi medium with History & Geography as subjects and are working as freelance agents of life insurance companies and are trying to sell ULIP product with English literature /proposal forms? It gives a good chance for mis-selling especially when the buyer also does not understand English language.
Even the survey conducted by IRDA has also revealed that 25% of people think that insurance is not needed. The primary reason is lack of awareness about insurance. What is more worrying is that people in the age group of 20-30 also lack the awareness given that in last 10-15 years internet and mass media has been very active in spreading awareness in various arenas. The insurance sector now has 48 companies operating and during last 12 years insurance industry has also grown, IRDA has also initiated various campaigns like BIMA BEMISAL.
Insurance awareness cannot grow unless it is taught at school and college levels. Some colleges offer the insurance courses but these colleges are concentrated in few big cities. The challenge is to take insurance education or financial literacy at grass root level. We feel there should be atleast 660 schools offering BBA (insurance management). This is 1 school per district.
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