India's Insurance Sector Revolution: FDI Now 100%
The Lok Sabha passed a bill to boost foreign direct investment in India's insurance sector to 100%. This aims to expand coverage, enhance competition, and improve affordability by 2047. The bill also proposes mergers and establishes a fund for policyholder protection, strengthening regulation and business ease for stakeholders.
- Country:
- India
The Lok Sabha has approved a new bill, increasing foreign direct investment (FDI) in India’s insurance sector to 100%. The bill, titled Sabka Bima Sabki Raksha (Amendment of Insurance Laws) Bill, 2025, aims to provide insurance for all by the year 2047.
Finance Minister Nirmala Sitharaman emphasized that increased FDI would attract more competitors, making insurance policies more affordable. She also underscored the government's commitment to strengthening public sector insurance firms.
The bill seeks substantial amendments to existing legislation like the Insurance Act of 1938 and the Life Insurance Corporation Act of 1956. It introduces advances like the establishment of the Policyholders' Education and Protection Fund to safeguard interests, alongside improving business operations for insurers and other stakeholders.
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