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The Vice President, Shri M. Venkaiah Naidu addressing the gathering after inaugurating the Centenary Celebrations of The New India Assurance Company Limited, in New Delhi on July 23, 2018.

Insurance industry must play a pivotal role in India’s growth story: Vice President

Newdelhi:23/7/18:The Vice President of India, Shri M. Venkaiah Naidu has said that the Insurance Industry must play a pivotal role in India’s growth story by offering innovative risk covers, policies and schemes. Addressing the gathering after inaugurating the Centenary Celebrations of The New India Assurance Company Limited, here today, he asked them to make India fully insured at the earliest.

The Vice President said that the overall insurance penetration reached only 3.69 per cent in 2017. The Insurance Industry that is projected to grow to US $ 280 billion by 2020 must take the responsibility and make India fully insured, he added.

Saying that the true worth of an insurance company is gauged by its claims settling performance, the Vice President said that supporting country’s various socio-economic classes and fulfill their aspirations for a bright and secure future is a great challenge and asked companies to supplement the efforts of the government to provide insurance to all.

The Vice President, Shri M. Venkaiah Naidu launching the Audio-visual presentation of the Centenary Celebrations of The New India Assurance Company Limited, in New Delhi on July 23, 2018.

The Vice President, Shri M. Venkaiah Naidu launching the Audio-visual presentation of the Centenary Celebrations of The New India Assurance Company Limited, in New Delhi on July 23, 2018.

The Vice President complimented New India for playing an important role in the Government-backed insurance schemes under the Pradhan Mantri Jan Dhan Yojana, namely Pradhan Mantri Surakhsha Bima Yojana, Rashtriya Swasthya Bima Yojana and other mass health insurance schemes or the country-wide crop insurance scheme Pradhan Mantri Fasal Bima Yojana. The fruits of development must reach poorest of the poor, he added.The Vice President said that there is a vast scope for the insurance industry to grow and create employment in the country. He further said that the insurance companies need to come out with innovative schemes and products for more and more people to avail of their services. Insurers must develop products that are effective and efficient on both covers and the claims, he added.The Vice President has also asked the insurance companies to leverage demographic dividend to impart employable skills to the youth. Long-term and constant skill development and enhancement is imperative for India so that it can keep up with the best in the world, he added.

 

 

 

 

 

 

 

 

 

 

About Editor in chief

Ashok Palit has completed his graduation from Upendranath College Soro, Balasore and post graduation from Utkal University in Odia Language and literture.. He has also carved out a niche for himself as a scribe of eminence after joining the profession in 1988. He is also an independent media production professional. He brings loads of experience to Advanced Media, Ashok Palit as a cineaste has been active in film criticism for over three decades. As a film society activist, he soared to eminence for his profound commitment to the art film appreciation and aesthetics of cinema. His mode of discourse is often erudite but always lucid and comprehensible marked by a perfect acumen so rare in the field. A film aesthete with an immense fond of critical sensibilities, he wrote about growth and development of odia cinema in New Indian Express, The Times of India, The Hindustan Times, The Asian Age and Screen. He has been working as an Editor for Cine Samaya from 2002-2004.. He had made solid contribution on cinema in many odia Dailies and weekly such as Samaj, Prajatantra, Dharatri, Samaya, Satabadi, and weekly Samaya.
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