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How Demonetization Helped Life Insurance Industry

September 27, 2018
One of the biggest advantages of Demonetization happened to the insurance industry. In November 2016 the total first-year premium collected by insurers was Rs16,061 crore, a jump of 113% from a year ago and 45% from the preceding month, according to figures released by the Insurance Regulatory and Development Authority of India (Irdai). In the first half of 2017, the insurance industry grew at 18%, while there was a jump to 23% in the second half. This growth trend is continuing with the industry growing at 25% in H1 of FY18. Demonetisation, along with other steps taken to formalize the economy, will result in a structural shift towards financialization of savings.

Demonetisation also brought about a mindset shift among consumers, moving them to digital payments from cash. “Life insurance premiums are sourced in three ways: cash, cheques and online payments. Of course, soon after demonetisation the industry witnessed a sharp spike in cash payment of premiums but over time,households from Tier-2 cities that preferred cash are  getting comfortable with NEFT (National Electronic Funds Transfer) and ECS (Electronic Clearance Service) mandate.This huge behaviour change has significantly improved contactibility and will reduce unclaimed funds.

HDFC Life has smart Life insurance policies to help you make the right choice for your future.

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How Demonetization Helped Life Insurance Industry

HDFC Life Insurance Company Limited. CIN: L65110MH2000PLC128245, IRDAI Reg. No. 101.

Registered Office: Lodha Excelus, 13th Floor, Apollo Mills Compound, N.M. Joshi Marg, Mahalaxmi, Mumbai 400 011. Email: [email protected], Tel No: 1800-266-9777 (10 am to 7 pm). The name/letters “HDFC” in the name/logo of the company belongs to Housing Development Finance Corporation Limited (“HDFC Limited”) and is used by HDFC Life under an agreement entered into with HDFC Limited.

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