In a bid to create awareness for insurance needs and on insurance products for health, motor, home and travel insurance, the General Insurance Council (GIC) with support from Insurance Regulatory and Development Authority (Irda) is set to start its awareness campaign on television, newspaper and other media channels with a total budgeted spend of Rs 16 crore.
“We will launch the campaign in the next 3-4 weeks and the regulator is supporting the campaign where we plan to propagate the fundamentals of insurance products without advertising any product of any insurance company,” said R Chandrasekaran, secretary general, General Insurance Council.
For the campaign, the insurance regulator will fund 75 per cent while the remaining 25 per cent will be funded by the general insurance companies.
Chandrasekaran said that it will be a TV-led campaign, which accounts for 80 per cent of the spend while the remaining will be utilised for print, radio and other media.
The initial campaign will run in 2-3 bursts for a period of six months and based on the feedback, will be fine tuned and run again on a continuous basis. For the later phase insurance companies will increase their contributions.
“The key message will be to try and tell people about home, health, motor and travel insurance,” said Chandrasekaran.
Insurance companies have already made their contribution for the campaign.
“This is a very thoughtful move and we have already made our contribution for the campaign,” said KK Mishra chief executive officer, TATA AIG General Insurance.
The move to run a pan India awareness campaign is a result of the survey that was initiated by Irda in 2011 across 30,200 households throughout the country.
The survey figured out that the awareness of non-life insurance products is low at 54 per cent households and a high proportion of households connect insurance with loss of life.
It further recommended that an awareness campaign is needed. “The above findings clearly connote that awareness of insurance especially non-life including its benefits are lacking among a large mass of the population. It is extremely important to initiate a suitable campaign to increase awareness for non-life insurance among the