India: Call for 'Insurance for All by 2047' to be pursued as a national mission

India is setting its sights on a comprehensive insurance initiative, aiming to provide "Insurance for All by 2047." This ambitious goal seeks to enhance financial security across the nation, marking the centenary of India's independence with a significant social safety net. The Insurance Regulatory and Development Authority of India (IRDAI) is spearheading this mission, emphasizing the importance of insurance as a fundamental right and necessity for all citizens. The core of this initiative is the "1+1 coverage" model, which envisages every citizen having at least one term life policy and one health insurance policy. The target is to cover over 60% of the population, ensuring that a majority of Indians are protected against life's uncertainties. By phasing in this coverage, the government and IRDAI aim to gradually build a robust insurance ecosystem that is accessible and affordable, particularly for the underprivileged and underserved communities. This mission aligns with broader national goals of financial inclusion and social welfare, as it seeks to mitigate risks associated with health emergencies and life uncertainties. By promoting insurance literacy and simplifying access to policies, India hopes to foster a culture of preparedness and security. As the nation embarks on this journey, the success of "Insurance for All by 2047" will depend on collaborative efforts between the government, insurance providers, and the public to create a resilient and inclusive insurance framework.

— Authored by Next24 Live