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Below the Views on National Insurance Awareness Day by Mr. Pankaj Gupta, Managing Director & CEO of Pramerica Life Insurance

"On this National Insurance Awareness Day, it's imperative to recognize the crucial role that awareness plays in increasing insurance penetration in India. The journey towards widespread insurance coverage begins with informed individuals and families. India's insurance penetration rate for 2023-24 is anticipated to be 3.8%, with life insurance penetration expected to be 2.9%1. These figures underscore the pressing need for heightened awareness and education about insurance.

 IRDAI has set a visionary goal of achieving 'Insurance for All' by 2047, and enhancing accessibility is at the heart of this mission. One of the most promising initiatives is the upcoming launch of Bima Sugam - designed to revolutionize the insurance landscape by simplifying the buying process, fostering transparency and empowering customers to make informed decisions. This platform is a testament to IRDAI's commitment to customer-centric solutions.

 Another significant step is the Bima Vahak initiative, a women-led distribution network aimed at bridging the insurance gap in far flung areas. By empowering women at the mass level, Bima Vahak is poised to make a substantial impact on insurance outreach.

 Raising awareness is not just about spreading information; it’s about sparking conversations within families about the importance of life insurance. These discussions will lead to informed decisions and actions, ultimately ensuring that more families are protected and financially secure. I am proud to be part of this transformative journey and celebrate the significant strides we are making in the insurance sector."

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