The reasons for lower insurance penetration in India are multifaceted. However, one of the main factors is limited financial literacy and awareness. Typically, legalese in the policy document makes interpretation and  understanding a challenge. Globally, the World Bank, OECD, and several other associations/ authorities have expressed the need for transparent communication to build consumer trust and confidence in the insurance industry. Given the current Indian demographics, the need of the hour is to simplify policy wordings to assist in greater financial awareness and aid the goal of insurance coverage for all.Continue Reading Policy Wordings – Lost in Translation?