IRDAI Vision 2047: 'Insurance for All' drive in Mizoram

As part of the Insurance Regulatory and Development Authority of India (IRDAI) vision of ‘Insurance for All’ by 2047, the Indian Insurance industry has collectively come together to drive insurance penetration in Mizoram. Tata AIA Life Insurance and IFFCO-Tokio General Insurance are leading the initiative, supported by Life Insurers and General Insurers from India’s Private and Public Sector.

Under the leadership of the IRDAI, a committee of representatives from various Life and General Insurance companies have been working towards increasing awareness and penetration of life insurance in the state. As part of the process to discuss the progress of the initiatives and way ahead, a meeting was held in Mizoram under the guidance of Shri Lalramsanga Sailo, Secretary, Government of Mizoram, Shri Gautam Kumar, Deputy General Manager, IRDAI. Key dignitaries including senior officials from Common Service Centers (CSC), Life and General Insurance companies, Agents and Bank representatives were present in the joint industry level stakeholders meeting.

“Insurance is one of the most important security cover for any individual, family or business. We are very happy to support the initiative of IRDAI to introduce state-level insurance awareness and penetration drive. We are keen to participate in the initiative and ensure the success of this program. We look forward to Life and General insurance companies making significant contribution to promote the cause of insurance, generate employment and promote entrepreneurship in the State of Mizoram,” said Lalramsanga Sailo, Secretary, Govt of Mizoram.

“IRDAI as the Insurance regulator has envisioned Insurance for all by 2047. We are pleased to obtain the support of the State Government of Mizoram to drive insurance awareness and penetration in the state," said Gautam Kumar, IRDAI.

Lead Life Insurer, Girish Kalra, Chief Marketing Officer from Tata AIA Life Insurance, said, “In line with the vision of IRDAI, Tata AIA is leading the efforts of the life insurance industry and making insurance accessible to every citizen of Mizoram. We have already implemented a mass media campaign in FY23 through digital and social media, reaching over 8 lakh people of Mizoram. Our tie-up with the Common Service Centers (CSC) has enabled us to reach the rural and remote locations of Mizoram. We have further scaled up our efforts for FY24 along with other life insurers and would deepen our reach in Mizoram through multiple initiatives including Village Level Entrepreneur training, Bimarath introduction, tie-ups with MSME associations, etc.”

Tata AIA along with other life insurers has implemented campaigns through the popular Digital and Social Media that are widely viewed by the people of Mizoram. The focus of this campaign was to improve citizens’ awareness and understanding of financial planning. To achieve this goal, a series of videos were developed in Mizo language, using simple story lines and featuring Ka Pu Sanga, a financially savvy middle-aged Mizo resident.

IFFCO-Tokio is also creating visibility for general insurance solutions with the help of outdoor media campaign in identified areas of the state. It will also conduct social campaigns in mizo to increase the digital reach.

IFFCO-Tokio, along with other non-life insurers, plans to conduct insurance seminars and van activations to reach the rural areas of Mizoram.