Thursday, Sep 29, 2022
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Irdai Releases Series Of Videos On Different Insurance Policies To Spread Awareness

The Insurance Regulatory and Development Authority of India (Irdai) has released a series of videos on its website. These are on life insurance, third-party motor insurance, crop insurance, and property insurance. A fifth one is a cautionary video.

Irdai Releases Series Of Videos On Different Insurance Policies To Spread Awareness

“Ok, so you both loved each other and you got married. But have you ever thought whether you are secured or settled in the true sense or not? Have you got your insurance done?” says a grim-looking man with a concerned face, to his couple friend in a video released by the Insurance Regulatory and Development Authority of India (Irdai).

The video is part of a series of five videos that Irdai has launched on its website to raise awareness about various types of insurance policies.

Industry experts say that overall insurance penetration is low in India due to lack of awareness. According to a recent research report by the India Insurtech Association (IIA) in collaboration with Boston Consulting Group (BCG), insurance penetration of health and life insurance products continue to remain low in India, compared to global distributors.

Irdai’s new videos are a step in the right direction as they seek to create maximum impact.

Life insurance

The video on life insurance emphasises on how this cover can secure your loved ones for life.

The advertisement starts with a couple telling their friend to get married soon and get settled. That’s when the friend turns back and asks them if just getting married made them secured and settled. Then he went on to explain how life insurance is important to make two married people secure in the truest sense. He explained that someone who had taken a vow to take care of his partner forever couldn’t do so without taking a life insurance. The video ends with the note that it was important to make the life of your near and dear ones secure with the right life insurance cover.

Property insurance

Property insurance is the best friend to have wen you are in trouble regarding your house is the message that this video conveys.

In this video, two friends meet after a long time. One friend tells the other that she got to know how the other’s property suffered damage due to floods. The first friend then said that the other one should have told her about the mishap and that it was only good friends who stick around even during bad times. Her friend then replied, “That is true, but do you know, I actually got a very good friend like you during that hour of crisis. And that’s insurance. I had taken property insurance to get my house insured.”

Crop insurance

The third video starts with a farmer asking another farmer, “So, you married your daughter off with much pomp and show. This time, there was a bumper crop, was it?” He replied that he could do it only because he took a loan with a high interest rate, and he was planning to pay it off from the profit of the harvest next year. Then his friend advised that in such cases, he must take crop insurance, because how would he pay off the debt if the crop didn’t turn out as expected.

Other videos in the series include one on third-party motor insurance, standard products and another one cautioning buyers and policyholders of fraud.