Bridging the affordability gap in term life insurance
Press Information Bureau says digital underwriting is making term life insurance more affordable in India by improving risk assessment.
AI generated- Press Information Bureau says India remains underinsured in term life insurance despite growing awareness.
- Press Information Bureau says insurers are using artificial intelligence and digital data to assess insurance risk more accurately.
- Press Information Bureau includes the Account Aggregator framework among the digital inputs used for insurance underwriting.
- Press Information Bureau says accelerated underwriting can issue low-risk policies with simplified or no medical tests, often within hours instead of weeks.
What happened
Press Information Bureau says technology is reshaping term life insurance in India and helping reduce the affordability gap. It argues that artificial intelligence-led underwriting and digital data can make policy assessment faster, cheaper, and more precise.
Press Information Bureau links India’s underinsurance problem to four practical frictions: affordability concerns, underwriting delays, paperwork burdens, and the perception that buying term insurance is difficult.
UPSC can frame the issue around how technology changes insurance penetration, affordability, risk-based pricing, and the regulatory balance between efficiency and consumer protection.
