Bajaj Allianz Life, a private life insurer in India, has launched a campaign to address the issue of underinsurance. The campaign is centred around the ‘Thumb Rule,’ advising individuals to secure term insurance coverage that is at least 10 times their annual income. Cricketer Shubman Gill features in the campaign, guiding viewers through the essentials of term insurance.
“Simplifying by dejargonising is one of the potent solutions to overcome the perceived complexity coupled with high customer inertia, a key challenge faced by insurance industry. Lack of knowledge has been one of key barriers resulting in India’s high protection gap at 87%. Our underinsurance educational initiative equips customers with right advisory to make sound decision, keeping in mind long term protection needs of the family. Anchored on a thumb rule of 10x, we are confident that the initiative will aid easy comprehension and induce appropriate actionability,” Chandramohan Mehra, chief marketing officer, Bajaj Allianz Life, said.
Through a series of films, Bajaj Allianz Life highlights the importance of the 10X life cover guideline.
To maximise its impact, the company has launched a 360 degree marketing campaign, spanning across television, print, outdoor, digital and extensive use of fininfluencers. The message will be delivered through social media outreach as well. As the nation gears up for the T20 World Cup, Bajaj Allianz Life states that its campaign will be showcased there, driving home the importance of adequate insurance coverage.