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Finance Made Simple with Anuj Mathur | Insurance – Mandatory or not?

Video Translation

Hello and welcome to this special series – Finance Made Simple.

Joining me today is Anuj Mathur who’s the Managing Director and Chief Executive Officer at Canara HSBC Life Insurance.

Thank you very much Anuj. Great talking to you.

Interviewer: Anuj, you’ve been an insurance sector veteran and you’ve spent many years in this industry. When we buy a car or a vehicle, we are told that third party insurance is mandatory. But when it comes to life or when it comes to protecting your health – we still don’t have insurance mandatory in this country. Is that feasible according to you? A lot of experts say that’s the way it should be because we have such low levels of penetration and I was seeing some data that came out for last year, almost 18,000 crore, if I am not mistaken of claims that were paid out, which is very significant. Do you believe that if we need to get more and more people protected especially in the wake of COVID, some kind of a greater incentive to get people insured needs to be brought in this country?

Anuj Mathur: Right. So, I don’t believe in making things mandatory. Because things don’t work that way. I think there is a dire need for bringing more and more people into this protection net. Its really important and I think people are also realising. So, some kind of incentives will definitely help PM JJVY – the Prime Minister scheme, which was launched 5 years back. We are seeing that more and more people are kind of getting into it. The recently launched Saral Jeevan Beema also provides a very good option for the customer to buy protection at low premiums. So, I think my request to everyone would be “don’t take it as a compulsion”. It is a requirement. It is actually a need and without government making it mandatory, I think people can come forward and go for it. It is a need and particularly when we have seen COVID times. This is just one instance, there could be many such things like pandemics or uncertainties in life where insurance is going to be very very useful. So, my submission is that don’t take insurance as a burden. I think this is more from long-term protection needs as well as savings need that one should come forward and buy on their own. There should not be any compulsion or anything like that.

Interviewer: Alright. Thank you very much for joining me and sharing your perspective with our viewers. Thank you.

Anuj Mathur: My pleasure. Thank you very much. Thanks.

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