Insurance Awareness Survey
Insurance Regulatory and Development Authority (IRDA) engaged the National Council of Applied Economic Research (NCAER) to carry out a pan-India survey to assess the levels of insurance awareness in the country. The survey was undertaken in 29 states/union territories.
The survey has brought out various findings from the information it gathered relating to the socio-economic profiles of the insured and the uninsured in both rural and urban areas and correlating it to various life and general insurance parameters. The survey shows that most of the insured are salaried, regular wage earners or self-employed. Insured households possess a high level of education as opposed to uninsured households which are mostly illiterate.
Geographic Analysis: The report contains a geographical analysis of the parameters and it is interesting to study the patterns in various states. (this requires more info from the survey or we can drop it in this position)
Purpose of insurance: A higher percentage of insured households, as compared to uninsured households, are aware that the purpose of insurance is to compensate for losses due to unforeseen events.
Source of Information: The major source of any information for both the insured and uninsured is television. But when it comes to insurance the major source is insurance agents.
Of the insured households 97% feel that insurance is relevant for them. Even among the uninsured, 57% feel that insurance is relevant for them.
Relevance of Insurance: The fear of accidents and untimely death makes them think of insurance. Among those who did not think that insurance is relevant, the attitude is that they would rather enjoy the present than think of securing the future. There is a general feeling that insurance simply takes away hard-earned money.
Perceptions of Insurance: More than half of the insured households think that insurance is both a savings and a protection tool. Decision to take insurance: The decision is majorly influenced by agents, friends and relatives. There are certain regional variations as to whose influence predominates and this is brought out in the report.
Decision to take insurance: The decision is majorly influenced by agents, friends and relatives. There are certain regional variations as to whose influence predominates and this is brought out in the report.
Life and Non-life Insurance: For purposes of identifying the universe of insured, the survey considered those who held life insurance. Among them, it was noted that only 31% had motor insurance and 6% health insurance.