Mr. Sumit Madan, Senior Director & Chief Distribution Officer, Axis Max Life Insurance says, The insurance penetration rate of the country remains at 2.8% despite advances in digital infrastructure, regulation, and technology. This signals a wide gap in coverage, particularly in low-income and rural India. Although these segments have adopted OTT subscription and digital payments, life insurance often lags behind other financial priorities. This dilemma highlights the need for insurers to rethink their distribution models to align with the consumption patterns of rural India, thereby working towards IRDAI’s vision of “Insurance for all”.
Broadening access to life insurance aligns with India’s larger development goals for 2047. By focusing on measurable outcomes such as doubling life insurance penetration in the country and improving financial security for vulnerable groups, insurers can slowly inch towards achieving these goals .Metrics like the number of first-time policyholders and the growth of insurance penetration in rural areas can further help track progress.
Expanding life insurance access isn’t just about market expansion—it’s a moral imperative. Empowered by digital-first strategies, insurers have the opportunity to secure the financial futures of millions, drive economic growth, and transform underserved regions. With human touchpoints as facilitators and technology as an enabler , the Indian life insurance industry is poised to turn vision into reality by 2047.
Realizing IRDAI’s vision of “Insurance for All by 2047” would require strategic leadership as well as localized innovation. In this regard, partnerships with fintechs and regulators can ensure compliance while driving long-term agility. Using advanced forms of AI and data analytics and embracing a hybrid distribution model, insurers can create solutions specifically for the underinsured population. Moreover, AI-powered tools help agents deliver personalized services, while hybrid models allow for flexibility in premium payments in line with agricultural income cycles.