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 masses.Launched as part of National Insurance Awareness Day, the initiative has been developed in collaboration with the life insurance industry and aims to make insurance information easier to understand through storytelling rather than technical explanations.According to the organizers, the comic book series focuses on explaining concepts like Married Women’s Property (MWP) Act, Waiver of Premium (WOP) and critical illness rider through related scenarios.The stories revolve around a young life insurance advisor named Supriya, who helps readers understand how financial decisions can impact long-term financial security.
The initiative aims to improve insurance literacy
This launch is part of the broader “Insurance for All” approach being adopted by IRDAI to improve insurance awareness and encourage informed financial planning among households.Insurance Awareness Committee (IAC-Life) Chairman Kamalesh Rao said the initiative aims 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 during the last year, including the second phase of the ‘Sabse Prahli Jeevan Bima’ campaign and outlined its priorities for enhancing consumer access.Aditya Gupta, secretary general, Life Insurance Council, said the comic book series aims to make conversations about life insurance simpler and more relevant, adding that the industry will continue to work with the regulator to strengthen consumer awareness.
Industry highlights safety gap
Launch event ‘India asks: Why prioritize life insurance?’ There was also a panel discussion titled, Kamalesh Rao, LIC Managing Director Doraiswamy, PNB MetLife Managing Director and CEO Sameer Bansal and IndiaFirst Life Insurance Managing Director and CEO Rishabh Gandhi.The discussion was moderated by financial journalist Sonia Shenoy.The panel discussed the role of life insurance in financial planning and the need for awareness and adoption across the country.According to the organizers, India’s life insurance industry recorded a 15.7% year-on-year growth in New Business Premium (NBP) during FY26 and issued over 2.83 crore policies.However, he noted that insurance penetration has not kept pace with the growth of the sector and stressed the need for continued efforts to improve awareness and financial literacy.In 2019, the Insurance Awareness Committee formed under the Life Insurance Council said that a large part of India’s population is deprived of insurance.It estimates that 87% of Indians face a life insurance protection gap, with the figure rising to more than 90% among those in the 18-35 age group. The committee consists of 25 life insurance companies working together on consumer awareness campaigns.