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Sabse Pehle Life Insurance Campaign: India’s First Collective Insurance Awareness Campaign

Dec 16, 2019 | 1 month ago | Read Time: 6 minutes | By iKnowledge Team

Sabse Pehle Life Insurance Campaign aims to educate the Indian audience about the importance of having a Life Insurance policy. India’s financial market is home to 24 life insurance companies. Collectively, all these insurance service providers offer various life insurance and term insurance plans designed to bestow a protective cover on the investor. Despite the variety of insurance schemes offered to the average Indian investor, insurance penetration in India remains feeble.

Fortunately, a recent development in the country’s insurance sector may turn things around for the better. All 24 life insurance companies in India have come together in a joint effort to raise awareness about the importance of life insurance. Christened Sabse Pehle Life Insurance (translating to life insurance before everything else), this campaign draws inspiration from the extremely successful mutual fund drive spearheaded by AMFI, titled Mutual Funds Sahi Hai (meaning mutual funds are right for you).

What is the Sabse Pehle Life Insurance campaign?

Sabse Pehle Life Insurance campaign was announced by the Life Insurance Council on Dec 04 and is aimed at making Indian households more aware of the importance of life insurance. It also intends to encourage investors to obtain adequate life insurance cover. This campaign is the first collective mass media drive organized in the country’s insurance sector.

The tagline Sabse Pehle Life Insurance is also all set to be rendered into other major Indian languages. The purpose of this presentation is to drive up the impact of the campaign in regional media as well, so the message can be successfully dispersed across the country. As V. Manickam, the secretary of the Life Insurance Council, explained, “The slogan is being presented in all major Indian languages such as Tamil, Telugu, Kannada, Malayalam, and Bengali, which will help increase its visibility and bring recall value.” He also revealed that when launched, the campaign would use a combination of advertising, media coverage, on-ground activation, and digital and social media initiatives to ensure extensive outreach.

Why is there a need for such a drive?

A closer look at the statistics surrounding this industry reveals that the penetration of life insurance in India is startlingly low. At merely 3.69% of the GDP, it is one of the lowest levels of insurance penetration on a global scale. Additionally, in FY18, the country’s insurance density, which is essentially the average premium per person, stood at $73. By comparison, the global average insurance density was $850.

Aside from poor penetration, the Indian populace is also significantly unaware about the necessity of life insurance. By contrast, people are growing increasingly conscious of the importance of health insurance. This growing awareness can be traced back to the rising costs of healthcare. Life insurance, however, continues to remain unappreciated because most people only view this investment as a tax-saving option. The Sabse Pehle Life Insurance campaign is the need of the hour, because it can help educate people about the critical importance of having a life cover.

This campaign is also essential because it can help the common man make a financial plan that smarter and more sound, by placing life insurance as an important investment option that needs to be given priority. In fact, the very essence of the drive is to draw from the cultural practice of taking care of the most important things first, before carrying on with other priorities. When translated to the financial sector, this sentiment ensures that the average Indian investor purchases life insurance or invests in term insurance before moving on to other financial goals.

What are the goals of the Sabse Pehle Life Insurance campaign?

The primary goal of the Sabse Pehle Life Insurance Campaign is to increase awareness among Indian families about the value provided by a life insurance plan. Through this drive, the Life Insurance Council can also focus on elucidating the terms and benefits of a policy in a clearer manner, so it’s easily understood by the common man. In addition to this, the campaign can also bring about other essential changes like simplifying the process of purchasing insurance and encouraging people to use insurance primary as a protection plan rather than a mere tax-saving tool.

Conclusion

AMFI’s mutual fund awareness campaign reportedly drove in an additional 3.2 million investors between March 2017 and April 2018. Judging by this success, the Sabse Pehle Life Insurance campaign may prove to be the turning point that the country’s insurance sector requires. If it’s as effective as it’s conceived to be, the penetration of insurance in the country could rise up to meet Asia’s average of 5.62, at the very least. It could also finally clear the air around life insurance being a mere tax-saving tool, and make Indian investors sit up and see the financial merit in purchasing a protective cover.

FAQs

1. What is Sabse Pehle Life Insurance Campaign?

In India, people are not fully aware of the use of life insurance products. So, to create awareness among individuals, Life Insurance Council of India has launched a thought-provoking campaign ‘Sabse Pehle Life Insurance’ to make people understand the value of life insurance in their lives. To support this campaign, 24 other insurance companies have joined in hands to make Indian population more aware of the advantages of life insurance. In addition to this, this campaign is going to use both traditional as well as digital platforms to reach out to people at a mass level. Moreover, the ‘sabse pehle life insurance’ campaign is all set to be featured in several different languages such as Tamil, Malayalam, Bengali, Kannada, Telugu, etc. to successfully spread the word across the country.

2. Why was Sabse Pehle Life Insurance Campaign launched?

In India, awareness about Life Insurance is extremely low. Below are some of the reasons for the awareness being low:

  • People see life insurance as an expense & not as a necessity
  • In India, the government has not made life insurance mandatory
  • People buy life insurance only for tax saving purposes

Sabse Pehle Life Insurance Campaign was launched by Life Insurance Council of India on Dec 4th to build awareness among individuals about the importance of life insurance in India. The aim of this innovative campaign is to educate people and make them understand the utility of life insurance products in their lives.

3. What is the Main Objective of Sabse Pehle Life Insurance Campaign?

The primary objective of Sabse Pehle Life Insurance Campaign is to spread awareness about life insurance and the importance of buying one for yourself and your family.

4. What led to Sabse Pehle Life Insurance Campaign

According to IRDAI’s Annual Report in FY18, the insurance penetration in India is only 3.69% which is one of the lowest as per global standards. Understanding the real purpose of needing a Life Insurance policy is very low. Thus, the Life Insurance Council of India has launched ‘Sabse Pehle Life Insurance’ campaign.

5. How to buy a Life Insurance Policy completely online?

Here’re the following steps that you need to follow while buying a life insurance policy online –

  • Log on to the insurance company’s website. For Example: Log on to Aegon Life’s website
  • Click on the ‘plan’ section to choose your iTerm plus plan
  • Now fill in your personal details. This includes your name, address, gender, cover amount, mobile number, e-mail ID, etc.
  • The next step is to click on the ‘get free quote’ section so that you get an idea of the premium that you would need to pay
  • Once you finish this step, the customer care team will try to contact you
  • Let your insurance company know your needs so that they can send you the plan details through e-mail
  • Thereafter, they will share a link with so that you make the payment.

6. Can I take a loan against my Life Insurance policy?

Yes, in case of an emergency or unfortunate event, you can take loan against life insurance policy as interest rates in case of life insurance are much lesser than that of personal loans. Even the process of taking loan against life insurance is every quick and hassle free as there’s no paperwork required. However, you won’t be allowed to take loan just after buying your policy. In addition to this, you cannot take loan against all types of life insurance policies. You can take loan only against specific insurance policies such as whole life insurance policy, endowment policy, etc., not against term insurance policy.

7. Being an NRI, am I eligible to purchase Life Insurance in India?

Yes, Non-resident Indians (NRIs) are allowed to buy life insurance in India as per Foreign Exchange Management Act. They can buy an insurance policy as per their needs whether they are currently living in India or not. If you are buying a policy from overseas, then you need to send the copy of your medical examination to the insurer in India. However, before buying a policy in India, NRIs should take few things in to consideration such as tax regulation and policy cost.

8. What are the benefits of buying Life Insurance plans online?

Here’re the few advantages of buying life insurance online –

  • Saves Your Valuable Time– Buying an insurance policy online saves time as the entire process is fast, hassle free and requires less paperwork.
  • Convenient – Through online facility, you can easily buy your life insurance policy in just a few clicks anywhere, anytime.
  • Safe and secure – Online process is the safe and secure mode for making payments. Moreover, it also takes care of the security of your policy documents. As the policyholder gets a soft copy of the documents in case of an online insurance.
  • Cost Effective – Buying a life insurance policy online will cost you lesser as there’s no mediator involved in the process.

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