Insurance policies

Irdai publishes a series of videos on different insurance policies to raise awareness

“Okay, so you both loved each other and got married. But have you ever thought whether you’re safe or settled in the real way or not? Have you done your insurance?” a grim-looking man with a worried face says to his couple of friends in a video released by the Insurance Regulatory and Development Authority of India (Irdai).

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

Industry experts claim that the overall insurance penetration is low in India due to a lack of awareness. According to a recent research report by the India Insurtech Association (IIA) in collaboration with the Boston Consulting Group (BCG), the penetration of health and life insurance products remains 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 life insurance video focuses on how this coverage can secure your loved ones for life.

The ad begins with a couple telling their friend to get married soon and settle down. That’s when the friend turns around and asks them if just getting married has made them secure and settled. He went on to explain how important life insurance is to keep two married people safe in the truest sense of the word. He explained that someone who had made a vow to take care of their partner forever could not do so without purchasing life insurance. The video ends with the note that it was important to secure the lives of your loved ones with the right life insurance coverage.

Home Insurance

Home insurance is the best friend to have when you have problems with your home, this is the message conveyed by this video.

In this video, two friends reunite after a long time. One friend tells the other that she learned how the other’s property had suffered flood damage. The first friend then said that the other should have told her about the mishap and that only good friends stayed there even in bad times. Her friend then replied, “That’s true, but do you know, I actually have a very good friend like you during this hour of crisis. And that’s insurance. I had taken out home insurance to insure my house.

Crop insurance

The third video begins with a farmer asking another farmer, “So you married your daughter with a lot of pomp and show. This time there was a bumper crop, right? He replied that he could only do so because he had taken out a loan with a high interest rate and was planning to repay it from the profit of next year’s harvest. Then his friend told him that in such cases he should take out crop insurance, because how would he repay the debt if the harvest did not come as expected.

Other videos in the series include one on automobile liability insurance, standard products and another warning buyers and policyholders against fraud.