Sabse Pehle Life Insurance: Importance, Benefits, & More

Sabse Pehle Life Insurance - BimaBandhu

Did your father advise you to choose ‘Sabse Pehle Life Insurance’? Or have you heard your friends or peers about this particular tagline becoming popular these days?

Buying life insurance is indeed a part of strong financial plans for those who want to provide a financial security measure to their loved ones. You might know that proceeds from a life insurance plan can be used for day-to-day expenses or outstanding debt clearance. 

Still, not many people in India feel convinced about the idea of buying different types of insurance policies. If you want to go by the stats, the insurance penetration in India was 4.2% in FY2021, says IBEF.

Wondering what’s the possible reason?

Out of many others, lack of ‘Insurance Gyan’ can be one reason. Feeling the need to spread awareness about life insurance, the idea of ‘Sabse Pehle Life Insurance’ as a campaign came up. Let’s get into the details.

About ‘Sabse Pehle Life Insurance’ Campaign

‘Sabse Pehle Life Insurance’ is a campaign announced by the Life Insurance Council in India on Dec 4, 2019, with an aim to spread awareness about life insurance amongst Indians. It has also included the importance of selecting adequate sum assured or life insurance cover for policyholders and their families. 

All 24 life insurance companies in India have joined hands to support the ‘Sabse Pehle Life Insurance’ campaign at a mass level. It has also been translated into several regional languages in India like Bangla, Kannada, Telugu, to name a few, and backed by the power of digital advertising and social media to make it a success.

Through this campaign, the Life Insurance Council aims to explain to the masses how life insurance can help safeguard the financial interests of their loved ones in times of need. The primary audience for this campaign are sole breadwinners in a family, parents with dependent children, and married couples. 

What Has Led to the Sabse Pehle Life Insurance Campaign?

The Sabse Pehle Life Insurance campaign was conceptualized and brought to life after receiving impetus from life insurance companies about the low insurance penetration in the country. As per the IRDAI’s Annual Report in 2018, the number was 3.69% which is much lower than the global standards. The penetration stats even stayed flat at 2.7% during 2015-2017. 

Some of the primary reasons behind giving the Sabse Pehle Life Insurance campaign a significant boost are:

  • Many Indian citizens consider life insurance as more of a tax-saving tool than a way to provide financial protection to their families. This can be one reason why they were not much interested in finding a suitable life insurance policy.
  • A significant proportion of Indian citizens are not quite sure about making long-term commitments required with life insurance plans.
  • Lack of awareness amongst the masses and in society is yet another concern.
  • The rise in the cost of quality healthcare treatments has given a slight push towards life insurance and health-riders purchase.
  • Unlike motor insurance (third-party vehicle insurance), buying life insurance is not mandatory for all. 

What are the Main Objectives of Sabse Pehle Life Insurance Campaign?

Given below are the details of the primary goals behind Sabse Pehle Life Insurance campaign:

  • To educate more and more Indians and spread awareness about the value of having life insurance by their side
  • To clarify different terms, conditions, and jargon related to life insurance policies and make them easy to understand for the masses
  • To further simplify the process of buying life insurance
  • To highlight the relevance of having a suitable life insurance plan for protective coverage rather than just a way to save tax

What does Life Insurance Sabse Pehle Mean for You?

The Sabse Pehle Life Insurance campaign needs the attention of every Indian because of the underlying benefits it offers. By considering life insurance purchase as a part of your financial plan, you can avail of several advantages. 

Here’s why you should consider Life Insurance Sabse Pehle in your life:

  • For financial security of your loved ones

Life insurance can help you plan for the financial needs of your family in your absence. In case of any unforeseen event, your loved ones would be able to count on your life insurance policy for their regular needs without having to depend on others.

  • For fulfillment of life goals of your family members

With life insurance by your side, you can stay assured that the insurer will help your family financially through the policy proceeds. The amount received can be used to fulfill goals like child education, retirement planning, or buying a home.

  • For peace of mind

Although no one can predict what the future holds for us, having a life insurance policy acts as a shield against various uncertainties in life. If you want to live a stress-free life full of peace, it is important to consider ‘Sabse Pehle Life Insurance’, as the campaign says.

  • For easy reduction of financial liabilities

If you have borrowed loans for different financial needs like purchasing a car, bike, or a home, the burden of these debts may fall upon your family in case of your unfortunate demise. Life insurance can help save your loved ones from facing these debts and live their life peacefully even when you are not around.

For the better of your family, you need Sabse Pehle Life Insurance.

Understanding the Concept of Life Insurance with BimaBandhu

If you do not know much about the basics of life insurance, let’s get started with its definition –

A life insurance policy is an insurance contract under which the chosen insurance company assures you to pay the sum assured you select to your policy nominee as a death benefit in return of regular premium payments on time.

This way, your nominee/loved ones get financial protection against various uncertainties in life in case of your untimely death. It is in your hand to decide the policy tenure, sum assured, premium payment tenure, and other benefits via riders.

At BimaBandhu, we are dedicated to providing you with comprehensive information guides about life insurance that helps in making informed policy buying decisions.

Recommended Read: An All-Inclusive Guide to Understanding Life Insurance 

Sabse Pehle Life Insurance: Understanding the Basic Features of Life Insurance

  • Adequate life cover or sum assured
  • Life stage planning
  • Easy to secure family’s income during uncertainties
  • Return on investment (optional in the form of TROP plan)
  • Survival benefits (as detailed in the TROP plan)

Sabse Pehle Life Insurance: How Much Sum Assured is Sufficient?

The selection of the same sum assured with life insurance does not make sense for all. It is because different individuals have different income levels, financial needs, liabilities, and age. With the right guidance, you will find it easier to select an adequate sum assured for your loved ones. 

Make sure you consider the following factors while selecting sum assured under your life insurance plan:

  • Your age
  • Your income
  • Your lifestyle
  • Your health history
  • Inflation rate

Further Read: Different Aspects of Sum Assured Selection

Sabse Pehle Life Insurance: Different Types of Life Insurance 

There are various types of life insurance plans available to suit varying needs of people, such as:

  • Term plans
  • Pension plans
  • Saving plans 
  • ULIP
  • Child Insurance
  • Retirement Plans, and many others

You May Also Like to Read: A Guide to Different Types of Life Insurance

Reasons Why You Would Love to Read BimaBandhu

While you buy Life Insurance Sabse Pehle or any other type of insurance policy, you will surely love to visit BimaBandhu because:

  • We provide comprehensive guides to different types of insurance policy
  • We cover in-depth details about various aspects related to insurance purchase and how they affect your life
  • We can help you make informed insurance-buying decisions

Sabse Pehle Life Insurance- FAQs

What is Sabse Pehle Life Insurance campaign?

Sabse Pehle Life Insurance is a joint mass media campaign launched by Life Insurance Council in India to encourage Indian individuals to buy life cover as a fundamental necessity in life.

Why was Sabse Pehle Life Insurance campaign launched in 2019?

The Sabse Pehle Life Insurance campaign was launched because of various reasons, including:

  • Low insurance penetration in India
  • Life insurance purchase is not mandatory for all
  • Life insurance is highly regarded as a tax saving tool

How to understand life insurance in simple words?

As a contract between you and your insurance company, life insurance provides a pre-decided amount to your family in case of your unfortunate death. You need to pay the premiums on time to continue getting the benefit during the policy tenure.

Why should I consider buying life insurance?

We all know that we won’t be around our loved ones forever. In case of an unfortunate event, life insurance will provide a financial cushion to your family. 

When should I buy life insurance?

You are advised to buy life insurance at a young age and select a plan after assessing your needs and plan benefits carefully.

 

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