Prashant Tripathy, Axis Max Life

Other top barriers include:

• Never thought about life insurance at all (28 per cent)

• Prefer investing in other financial instruments (26 per cent)

• More inclined to buy health insurance (22 per cent)

Says Tripathy, “We need to simplify the product, reduce distribution costs, and build digital platforms that make insurance intuitive.”

To that end, the Insurance Regulatory and Development Authority of India’s (Irdai) recent initiatives like Bima Vistar and other digital aggregators are being developed to bridge this divide. “These platforms aim to offer simplified, affordable insurance products with easy comparisons and transparent processes, helping consumers, especially in underserved geographies, make better-informed decisions,” he states.

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