Kotak Life has launched a new campaign, ‘ Virasat Banke hi Rahegi ,’ focusing on legacy, security, and financial planning. The campaign aims to highlight the importance of life insurance in securing a family’s future, especially in an era of rising incomes and increasing consumer aspirations. Speaking to Media Dialogues, Ashish Nair, CMO & Head of Customer Value Management and Health Tech at Kotak Life, explained the campaign’s inspiration.
"India is on rocket fuel – we have healthy economic growth, rising per capita income, and increasing spending. But in this consumption frenzy, security has taken a backseat." He pointed out that while luxury spending is rising, life insurance penetration remains low at around 2.
8-3% of gross domestic product (GDP). Also Read | From tax savings to insurance cover, key benefits of maintaining a balance in PF Nair emphasised the government’s initiatives like ‘Insurance for All by 2047’ and Insurance Regulatory and Development Authority of India’s (IRDAI) ‘Bima Trinity’ to improve accessibility, affordability, and awareness. However, companies also have a role in making life insurance relevant.
Kotak Life conducted research to understand consumer attitudes toward financial security. They found that many people are focused on building assets like homes and investments but often overlook term insurance as a necessary safety net. "People want to leave behind a legacy, but legacies aren’t built overnight.
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