Financial Literacy Initiative undertaken by Insurance Regulatory and Development Authority of India (IRDAI)
Since its inception, IRDAI has taken various initiatives in the area of financial literacy. A snapshot of the major initiatives undertaken are as under:
- Content Development: A Brochure was prepared giving a bird's eye view of IRDAI and its functions has been prepared besides a documentary film on Policyholder Initiatives carried out by IRDAI. Further, 'Policyholder Handbook' as well as a comic book series in 12 vernacular languages on insurance has been developed. Further, animation film of the messages in the Comic Book Series and virtual tour in 12 vernacular languages were made. In addition to the above, handbooks on Insurance covering topics like employment opportunities in the Insurance sector, details about Crop Insurance, right buying etc. were launched.
- Mandating Board Approved Policy for Insurers: Insurers are mandated to have Board approved Insurance Awareness Policy with action plan for organizing various activities promoting consumer awareness on various aspects of insurance.
- Undertaking Seminar and Quiz Programme: Conducting Quiz competition for insurance intermediaries/insurers as participants. Organizing seminars on Policyholder protection and Welfare besides sponsoring seminars conducted by Consumer Bodies and NGOs in rural, semi-urban areas
- Undertaking Awareness Campaigns for Public through various channels:
- Television and Radio: Awareness programmes on television and radio on messages about the rights and duties of policyholders, channels available for dispute redressal have been undertaken. Pan-India campaign against spurious callers through TV Commercials and Radio jingles on the utility and benefits of various forms of insurance in five regional languages aired through All India Radio, FM Radio and 144 private FM channels.
- Print Media: Sustained campaigns in English, Hindi and 11 other Indian languages undertaken including cautioning the general public about the spurious callers and fictitious offers
- Website: Launching a dedicated website for consumer education in insurance to reach out to the policyholders more effectively. A Hindi version of the website was also launched to increase its reach. New Insurance material viz. Introduction to Insurance; Employment opportunities in Insurance Sector targeting students; Crop Insurance for the benefit of farmers and Handbook on Insurance with FAQs on right buying & generic aspects of insurance added from time to time. 'Young Corner'- an interactive six game featurette was launched on the Policyholders website.
- Social Media Campaigns: Leveraging Social Media viz. YouTube, Facebook and Twitter for dissemination of financial education by uploading relevant messages
- Metro Rail: Undertaking Insurance Awareness Campaigns in metro rails in various cities like New Delhi, Hyderabad etc.
- Sponsoring Pan India Insurance Awareness Campaign on Motor, Health, Rural and Property Insurance by General Insurance Council.
- Grievance Redressal: Setting up of Integrated Grievance Management System (IGMS) to create a central repository of grievances across the country and provides for various analyses of data indicative of areas of concern to the insurance policyholder.
- Undertaking Survey and Sponsoring Research:
- Conducting a pan India survey on awareness levels about insurance through the National Council of Applied Economic Research (NCAER) in a bid to improve on its strategy of creating insurance awareness. A post launch survey was also done to gauge the efficacy of the campaigns of IRDAI in increasing insurance penetration and awareness.
- Launching a Research Grant Scheme to have research and analysis to protect interest of policy holders
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