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IRDAI's Vision 2047: Insurance for Every Indian Citizen

The Insurance Regulatory and Development Authority of India (IRDAI) has unveiled an ambitious long-term roadmap titled “Vision 2047”, aiming to provide insurance access to every citizen of India. This initiative aligns with the Government of India's larger developmental vision for a fully insured and financially secure population by the year 2047, marking 100 years of independence.

Under Vision 2047, IRDAI plans to make insurance affordable, accessible, and inclusive across all segments of the society, especially the rural and economically weaker sections. The strategy includes simplifying insurance products, enabling seamless digital infrastructure, and boosting awareness programs.

The plan also calls for strengthening the existing distribution network and onboarding more digital intermediaries to reach every corner of the country. The regulator wants insurers to innovate and offer micro-insurance policies that can meet the needs of common people without heavy premiums.

IRDAI chairman has emphasized the importance of making insurance a key pillar of financial resilience, particularly in the face of increasing health risks, climate change, and livelihood uncertainties. Vision 2047 aims not just at penetration but at building public trust in insurance as a protective financial tool.

Source: The Economic Times