Amid rising consumerism and job uncertainty, need for life insurance protection has increased, says LIC CEO & MD Doraiswamy

R Doraiswamy, CEO and MD, Life Insurance Corporation of India, noted that rising consumerism, increasing reliance on credit, technological disruption, and employment uncertainty have heightened the need for life insurance.

He was speaking at the 27th Annual C D Deshmukh Memorial Seminar, the flagship academic event of the National Insurance Academy (NIA), Pune was organised on Monday on the theme “IMPACT 2047: Insurance Mobilization for Protection through Availability, Care and Trust.

He emphasised that addressing these challenges would require simplified products, deeper distribution penetration, and sustained trust-building efforts.

R Doraiswamy delivered the keynote address and highlighted the historical significance of January 19, 1956, the day on which the life insurance business was nationalised in India. He recalled that Sir C D Deshmukh consciously refrained from describing life insurance as merely a business or an industry, instead characterising it as a “gospel”, reflecting its broader social mission.

Doraiswamy observed that the vision of ‘Insurance for All by 2047’, articulated by the Insurance Regulatory and Development Authority of India (IRDAI), is a continuation of this foundational philosophy. While acknowledging the expansion of the industry and the introduction of regulatory reforms, he expressed concern over the continued stagnation in the number of policies in force and the persistence of a significant protection gap.

The seminar was inaugurated in the presence of senior policymakers, regulators, industry leaders, delegates, academicians, members of the media, and PGDM students.

The seminar, organised annually for the past 26 years, commemorates Sir C D Deshmukh, one of the founding architects of India’s financial system and the principal force behind the nationalisation of life insurance in 1956.

Swaminathan S Iyer, Member (Life), IRDAI, delivered the chief guest’s address and presented the regulatory perspective on the national vision of Sabka Bima, Sabki Raksha – Insurance for All by 2047. He clarified that the vision is not confined to conventional metrics such as insurance penetration or density but instead focuses on ensuring that every citizen has access to appropriate life, health, and property insurance, while enterprises are adequately protected against risks.

He highlighted that several challenges continue to impede progress, including limited awareness of insurance and financial literacy, affordability constraints, restricted accessibility beyond Tier I and Tier II cities, product complexity, and deficits in consumer trust. Iyer noted that IRDAI has consciously shifted from a rule-based to a principle-based regulatory framework, empowering insurer boards while strengthening supervisory oversight.

He emphasised the importance of innovation in product design and distribution, timely settlement of claims, and customer-centric practices in building trust.

He also articulated the Five A’s framework comprising Awareness, Accessibility, Affordability, Assurance, and Acceptability as a structured approach to achieving insurance inclusion. Addressing the students, he encouraged them to view insurance as a long-term national project and an opportunity to create meaningful social impact alongside professional growth.

BC Patnaik, Director, National Insurance Academy, Pune, delivered the welcome address and formally inaugurated the proceedings of the seminar. He said that the theme of the seminar, “IMPACT 2047: Insurance Mobilisation for Protection through Availability, Care, and Trust”, was positioned as being closely aligned with the national objective of Viksit Bharat 2047, with a focus on advancing inclusive life insurance coverage.

In his address, Patnaik highlighted India’s strong macroeconomic outlook, noting that the country is projected to become the third-largest economy globally by 2030 and a major economic power by 2038. Against this backdrop, he emphasised that the life insurance sector is poised for sustained double-digit growth, significantly outpacing global trends.

He underscored that the seminar serves as a platform for policy dialogue, industry collaboration, and academic engagement to identify strategies for expanding insurance reach and strengthening trust in the sector.

The inaugural session formally commenced with the lighting of the ceremonial lamp, symbolising knowledge, prosperity, and the removal of ignorance. Dinesh Pant, MD, Life Insurance Corporation of India, delivered the special address and reflected on his long-standing association with the National Insurance Academy, describing it as a unique forum for intellectual exchange and industry introspection.

In his address, Pant emphasised that insurance is not merely a commercial activity but a socially significant institution with a vital role in nation-building. Drawing inspiration from the life and legacy of Sir C D Deshmukh, he highlighted the latter’s academic brilliance, administrative acumen, and, most importantly, his strength of character and ethical leadership.

Pant observed that the vision of Insurance for All by 2047 should be viewed not as an industry target but as a national commitment to ensuring economic security and social resilience. He underscored that professionals in the insurance sector are uniquely positioned to contribute to society by protecting families against uncertainty and called for collaborative efforts across the industry to fulfil this responsibility.

The inaugural session concluded with a shared acknowledgment that achieving Insurance for All by 2047 requires sustained collaboration among regulators, insurers, intermediaries, academia, and policymakers. The session laid a strong foundation for the subsequent panel discussions, which focused on product innovation, distribution strategies, reduction of the protection gap, and trust-building mechanisms essential for expanding life insurance inclusion in India.

Inaugural session was followed by three enriching and informative panel discussions on the themes :

Panel I: Strategy for bridging protection gap (Metro, urban, semi-urban, rural) through customer-centric product–market fit

Panel II: Optimizing distribution for life, health and annuity business

Panel III: Leveraging AI for care and trust

V Balagopal, chair professor (Life) and Dr Sanjay Dayal, seminar coordinator thanked all the dignitaries for gracing the seminar and making it a wonderful learning experience.