Today, with different channels of distribution available — conventional agents, banks, brokers, and digital insurance — consumers often get confused. IRDAI has started a digital platform called ‘Bima Sugam’ so that the customer can visit the platform and see the benefits of various plans offered by different companies. But as is said, insurance is a push product and a subject matter of deliberation.

The penetration of life insurance is low and the awareness of insurance among consumers is also low. The concept of HLV (Human Life Value) is not yet well known. Also, the protection gap — i.e., the insurance you have versus the insurance you should have — is different. Hence the customer needs someone who will be able to explain the scheme properly. Most intermediaries push high-commission products, whereas term insurance, where premiums are low, is not pushed. IRDAI has formed a committee to rationalise the commission structure to protect the customers and improve persistency.

In today’s fast-paced environment, insurance has become a highly subjective "mad rat race". Consumers are frequently overwhelmed by a confusing array of distribution channels—from conventional agents and banks to brokers and digital platforms.

Despite IRDAI launching the digital platform ‘Bima Sugam’ to help customers compare plan benefits, insurance remains a "push product" that requires careful deliberation. The most pressing issues include:

• The Protection Gap: A severe disconnect between the insurance coverage a person currently holds and the actual coverage their family needs.

• Misunderstood Human Life Value (HLV): The fundamental concept of HLV remains largely unknown to the average consumer.

• Product Mis-selling: Many intermediaries push complex, high-commission products while ignoring cost-effective, high-cover options like pure Term Insurance.

As insurance is fundamentally a long-term contract, navigating these challenges requires a foundation of trust and utmost good faith

In today's mad rat race, insurance has become highly subjective. We will help you understand it in simple terms and offer personalized solutions for both individuals and companies. As insurance is a long-term contract, trust and utmost good faith help the individual understand his financial needs. In the quest for market-based returns, how does insurance help in stabilizing future needs in the current situation? Insurance protection is not merely a need — it is very much essential for both individuals and companies/start-ups.