Mumbai: As India aims to become a fully developed nation by 2047, financial inclusion play a vital role in making that dream a reality. The Money9 Financial Freedom Summit 2025 provided a platform for industry experts to discuss key topics including mutual funds, equity, insurance, and fintech unicorns.
At a time when the Indian government is welcoming investments in the insurance sector, the ‘Insurance for All’ session at Money9 Financial Freedom Summit 2025 caught the eye with a discussion on making insurance accessible and beneficial to all. The program is moderated by Gaurav Agarwal, Anchor & Executive Producer on TV9 Bharatvarsh. The session was attended by industry experts Satishwar B, MD & CEO of Bandhan Life, Mayank Bathwal, CEO of Aditya Birla Health Insurance Co Limited, and Mahesh Balasubramanian, MD of Kotak Life Insurance.
Gaurav Agarwal started the debate on whether everyone can access insurance. If not, what are the main reasons?
Bandhan Life MD & CEO, Satishwar B, said, “Insurance is a risk-mitigation product. The focus should be more on risk-mitigation, which means taking precautions in case of an unfortunate event. This toll reduces the financial burden on the family in case of any misfortune. Undoubtedly, there will be emotional loss to family but there will be no loss to the family or income if you have life insurance. Therefore, insurance is not a means of making money. Instead, it should be seen as a financial security. People are aware of all these things. The sad part is that only 2-3 out of 10 people are taking insurance. The awareness about insurance is good but people are not aware of the need and necessity.”
“Insurance is meant to protect the income of an income earner,” says Mayank Butwal
Answering the question of what to consider before taking an insurance policy, Mayank Butwal, CEO, Aditya Birla Health Insurance Co Ltd said, “Life insurance is meant to protect the income of an income earner. There are various types of insurance in the market such as annuity insurance and health insurance. Therefore, it is always good to evaluate the reasons behind choosing an insurance policy as far as life insurance is concerned.”
Gaurav Agarwal posed a strong question about the main reasons why about 40-50 crore people in the country are uninsured. Mahesh Balasubramanian said that the main reason for this is the combination of AAA (Affordability, Accessibility and Awareness). He said that awareness is a major problem in rural areas. About 60-65 per cent of hospital expenses are spent out of pocket. Only 15 per cent of assets in the country are insured. Another big reason for not taking insurance is instant gratification. In a simple term, it is a long-term product, where the amount can be seen only after 15-20 years.
Shield Against Uncertainty: Mahesh Balasubramanian backs insurance for everyone
Mahesh Balasubramanian, MD of Kotak Life Insurance, said, “life insurance is meant for protection. The first thing is protection against dying young. Secondly, protection against living too long. Lastly, protection against the uncertainty of market. So, if anyone sees all these risks should buy life insurance.”
Are life insurance companies bringing policies to different sections of people using technology to suit their specific needs? Satishwar B said that innovation is needed in promoting insurance. A few years ago, the process of taking an insurance policy and claiming it was not that easy. However, that has changed due to digitalization, where KYC can be done online with Aadhaar. With a selfie and a simple application form, an insurance policy can be issued. The government also thought of this while launching the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), where insurance coverage is easy and simple.
Is health insurance booming post-Covid?
Answering the question of what are the trends after the pandemic, Mayank Butwal said that people have understood the importance of taking health insurance. Health insurance sales have increased. However, after the pandemic, the trends have started changing and purchases have returned to pre-Covid levels. There is no uniform solution to this problem. Affordability is the biggest problem among the low-income and missing middle class. Most private companies focus on the segment of people who can invest and afford it. The affordability problem can be solved by addressing two components – the cost of healthcare delivery and the cost of distribution.
Money9 Financial Freedom Summit 2025
The 3rd edition of the Money9 Financial Freedom Summit 2025 was held at Taj Santacruz, Mumbai on March 5. The event was attended by Maharashtra Chief Minister Devendra Fadnavis along with top financial experts and policymakers from India. Ashish Kumar Chauhan, NSE MD and CEO, A Balasubramanian, Aditya Birla Sun Life Fund MD and CEO and Kalpen Parekh, DSP Mutual Fund MD and CEO, also shared their views on the summit platform.
