The Insurance Regulatory and Development Authority of India (IRDAI) chairman Ajay Seth on Saturday unveiled a consumer awareness comic book series aimed at improving life insurance literacy and simplifying key insurance concepts for the public, according to a report by Business Today.
Initiative Aims to Improve Insurance Literacy
The initiative, launched as part of National Insurance Awareness Day, has been developed in collaboration with the life insurance industry. According to the organisers, the comic book series focuses on explaining concepts such as the Married Women's Property (MWP) Act, Waiver of Premium (WoP), and Critical Illness riders through relatable scenarios. The stories revolve around a young life insurance advisor named Supriya, who helps readers understand how financial decisions can affect long-term financial security.
Kamlesh Rao, chairperson of the Insurance Awareness Committee (IAC-Life) , said the initiative seeks to make insurance concepts more accessible and encourage greater understanding of life insurance among consumers. He also presented an overview of the committee's awareness initiatives over the past year, including the second phase of the 'Sabse Pehle Life Insurance' campaign, and outlined its priorities for expanding consumer outreach.
Aditya Gupta, secretary general of the Life Insurance Council, said the comic book series aims to make conversations around life insurance simpler and more relatable, adding that the industry would continue working with the regulator to strengthen consumer awareness.
Industry Highlights Protection Gap
The launch event also featured a panel discussion titled 'India Asks: Why Prioritize Life Insurance?', which included Kamlesh Rao, LIC managing director Doraiswamy, PNB MetLife managing director and CEO Sameer Bansal, and IndiaFirst Life Insurance managing director and CEO Rushabh Gandhi. The discussion was moderated by financial journalist Sonia Shenoy.
According to the organisers, India's life insurance industry recorded a 15.7% year-on-year increase in New Business Premium (NBP) during FY26 and issued more than 2.83 crore policies. They noted, however, that insurance penetration has not kept pace with the sector's growth and stressed the need for continued efforts to improve awareness and financial literacy.
The Insurance Awareness Committee, formed under the Life Insurance Council in 2019, said that a large section of India's population remains underinsured. It estimates that 87% of Indians face a life insurance protection gap, with the figure exceeding 90% among people aged 18-35. The committee comprises 25 life insurance companies working together on consumer awareness campaigns.
Implications for Financial Decision-Makers
For finance executives and treasury professionals tracking India's insurance sector, the protection gap figures highlight a significant underinsurance risk that can affect long-term corporate liability management and employee benefit planning. A workforce where 90% of young employees lack adequate life cover may face higher financial stress, impacting productivity and retention. The regulator's push for simplified education through mediums like comic books signals an effort to close the gap, potentially increasing demand for group insurance products.
| Metric | Value |
|---|---|
| NBP growth (FY26 YoY) | 15.7% |
| Policies issued | >2.83 crore |
| Insurance protection gap (overall) | 87% |
| Protection gap (age 18-35) | >90% |
| Insurance Awareness Committee members | 25 companies |
Sources:
