Reforms to grant greater access to insurance for people: FM

New Delhi: Finance Minister Nirmala Sitharaman on Tuesday said the insurance reforms brought in through a bill in Parliament will grant greater access to insurance for the people, have better regulatory oversight and ensure ease of compliance.

Moving the ‘The Sabka Bima Sabki Raksha (Amendment of Insurance Laws) Bill, 2025’ for consideration of the Lok Sabha, Sitharaman said the draft legislation was aimed at bringing transparency, ease of compliance mandates and increasing foreign direct investment (FDI) in the sector.

The minister said that the FDI limit in the insurance sector was increased from 26 per cent to 49 per cent in 2015, 74 per cent in 2021 and now proposed to 100 per cent.