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ICICI Prudential Life Insurance

I'll see I say a Prudential life insurance and PM bttv 18 present mission insurer India life insurance for home mr. Satya well as the senior boasts that we start with you insurance penetration at two point seven other Asian countries are almost double at four point seven percent is this only a product of low per capita income or is it more ignorant how do we calculate penetration penetration is the insurance To GDP ratio now the insurance premium if it increases substantially at a faster rate than the GDP okay obviously the penetration will go and since GDP is growing reasonably well at six seven percent for the last couple of years obviously unless insurance premium grows at a higher rate than that the penetration will not go up and let me tell you over a period of time it is seen that the insurance penetration has been increasing though not at the desire Desired rate but it has been increasing and that is a good sign okay what would you say beneath to that is this that because of the unaffordability factor a lot of people are not buying protection or is it that you know we haven't even reached the message I think it's a combination of everything the the most important of course is the awareness levels the point you made about message I think that is responsibility for all of us together to ensure that what if I Look at it historically I think it is also a bit to do with affordability you know when when the income levels in a country are low people are worried about basic necessities also India traditionally culturally had a very strong joint family system where does insurance come in insurance comes if you are not there who takes care of your dependents in the whole joint family system you know the rest of the family would take care of your dependents like You took care of their dependent I think as families are becoming nuclear as income levels are increasing at least that part is getting taken care of and I think right now the single most important agenda for all of us is to increase the awareness levels and I think government is playing its role regulator's playing its own industry is playing its role distributors are playing their role but clearly there's a long way to go for all Of us okay what do you what would you say mr. Monica is it that a large number of people are not even aware that they have to buy this product it is affordable but they are not buying protection the Hummer is a premium per policy is only twenty two thousand rupees where was the affordable income of following Denise more than two lakh rupees when he is having disposable income of more than two lakh rupees and he is able to you Can either have you only twenty two thousand rupees at the premium there is enough room for them to go for higher higher higher number of policies terminals policies our government policies all the things what I can say awareness is very much either in India or life insurances honorable Prime Minister Modi ji has come out with the PM JJB ways that boosted a awareness it is our ability also is there under penetration to the protection gap the Problem is not just that those who can offered are buying are not buying insurance but they don't seem to be buying enough insurance yeah sheesh what what do you how do you look at this problem why is it that people you know should be insuring themselves for probably a crore their affordability is there but they think probably 10 lakhs is enough that seems to be the bigger problem isn't it I totally agree I think the bigger issue is when a family loses That breadwinner and it doesn't happen it should never happen but but in life it does happen when that happens the economic void created is very deep and people do not fully appreciate the severity of that and that is not communicated enough also I think we as an industry have failed at communicating the size of that void see typically if you look at the insurance industry today roughly ninety seven percent of Premium is going towards some form of Savings products whereas you know what is going towards pure protection is very very small and I think that is the reason as an industry we haven't done enough to educate the consumer on that need and that void and that void as Sir pointed out in a nuclear family today I had so many situations where somebody some friend has expired somebody has expired and they are in a financially difficult position and then friends get together To put some money together etc but it's very little compared to the needs the long-term debt family and I think that gap is whatever the numbers say this 2.7% etc actually means nothing that gap is way too wide right today I would say they are about 1 million two million pure protection policy is being sold in this country which is just too small what what is it as a percentage of total insurance and I think as number of policy will be three percent and that is The reason the biggest issue you are having is a summer short to premium difference people are paying a premium but that premium is not going towards the summer shorts in yeah and the protection is is the reason for this industry so I think somewhere that peace is not being focused sufficiently ICICI Prudential Life Insurance and PMTCT b18 present mission insurer India life insurance firm all 

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