New Delhi, April 1 -- India's life insurance penetration, at just 2.8%, reflects a glaring gap in coverage, particularly in rural and low-income areas. Challenges like geographical isolation, financial illiteracy, affordability concerns, and mistrust of financial institutions exacerbate the problem. The insurance sector must embrace digital-first distribution strategies to dismantle these barriers and align with IRDAI's vision of "Insurance for All by 2047."

Breaking Barriers with Technology

In remote areas, local agents and service centers are scarce. This creates significant hurdles for people trying to explore or buy life insurance. Limited understanding of insurance benefits further discourages adoption. Adding to this are affordabi...