IRDAI Unveils Comic Book Series to Enhance Life Insurance Literacy Among Consumers
Insurance Regulatory and Development Authority of India (IRDAI) chairman Ajay Seth launched a consumer awareness comic book series on Saturday, aimed at enhancing life insurance literacy. This initiative coincides with National Insurance Awareness Day and is designed to simplify complex insurance concepts through storytelling. The comic series focuses on key topics such as the Married Women’s Property (MWP) Act, Waiver of Premium (WoP), and Critical Illness riders, using relatable scenarios to engage readers.
Initiative aims to improve insurance literacy
The comic book series is part of IRDAI’s “Insurance for All” vision, which seeks to boost insurance awareness and promote informed financial planning among households. Kamlesh Rao, chairperson of the Insurance Awareness Committee (IAC-Life), emphasized the initiative’s goal of making insurance concepts more accessible to consumers. He also highlighted the committee’s previous awareness initiatives, including the second phase of the ‘Sabse Pehle Life Insurance’ campaign, and discussed plans for expanding consumer outreach.
Aditya Gupta, secretary general of the Life Insurance Council, noted that the comic book series aims to simplify discussions around life insurance. He affirmed the industry’s commitment to collaborating with the regulator to enhance consumer awareness.
Industry highlights protection gap
The launch event featured a panel discussion titled ‘India Asks: Why Prioritize Life Insurance?’, which included industry leaders such as Kamlesh Rao, LIC managing director Doraiswamy, PNB MetLife managing director and CEO Sameer Bansal, and IndiaFirst Life Insurance managing director and CEO Rushabh Gandhi. Moderated by financial journalist Sonia Shenoy, the panel addressed the importance of life insurance in financial planning and the necessity of increasing awareness and adoption across the country.
Organizers reported a 15.7% year-on-year increase in New Business Premium (NBP) for India’s life insurance industry during FY26, with over 2.83 crore policies issued. However, they noted that insurance penetration has not kept pace with this growth, highlighting the need for ongoing efforts to improve awareness and financial literacy. The Insurance Awareness Committee, established under the Life Insurance Council in 2019, revealed that 87% of Indians face a life insurance protection gap, with the figure exceeding 90% among individuals aged 18-35.
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