New Delhi | Jagran Business Desk: While the coronavirus-induced lockdown has resulted in job losses across the country, the insurance sector has the potential to provide employment as the pandemic has made people more concerned for life and health insurance policies, according to Vipin Anand, Managing Director, Life Insurance Corporation of India.

Vipin Anand, in an exclusive conversation with Jagran New Media’s Senior Editor Pratyush Ranjan, said that the insurance sector has the potential to give employment to around 50 lakh people across the country.

Anand said that life insurance is the most important thing after the three basic needs of life - food, shelter and clothes. He said that if you combine the policies of LIC India and private insurance companies, about 45 crore people have insurance polices, while 90 crore people still need life insurance. At this time policies are available for everyone including children and women. In such a situation, these 90 crore people are the future customers of insurance policy providers, he added.

 

 
 
 
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LIC MD Bipin Anand discussing the challenges and opportunities for Insurance sector and LIC during Covid, Lockdown, Unlock time

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Anand further explained that “to provide insurance to this large population of the country, a large number of marketing channels and marketing people are needed. Today we have over 11 lakh agents in public enterprises and over 9 lakh agents are in private insurance companies. Many banks, corporate agencies and NGOs are also providing insurance policies today. Marketing is also taking place online, but despite all this, there is no big increase in the number of people being insured every year”.

He further said, that “even today 90 percent of our policies are sold through agents. If we look at how big the market is, and how many people need insurance, at least 50 lakh agents will be needed to insure the people of the whole of India. Which means that the insurance sector has the potential to employ 50 lakh more people”.

Anand said, “We have not been able to make people aware enough for life insurance in many years, as the Corona epidemic has done in last five months. This is a big opportunity for the insurance sector. If more and more people make life insurance marketing their business, they will not only get a secure employment, but also get a chance to make a professional career”, he added.

Posted By: Talib Khan