New Delhi, 16 December (H.S.): Union Finance Minister Nirmala Sitharaman introduced the Sabka Bima Sabki Raksha (Amendment of Insurance Laws) Bill, 2025, in the Lok Sabha on Tuesday, proposing to elevate foreign direct investment in the insurance sector to 100 per cent amid vehement Opposition backlash.

The legislation amends the Insurance Act of 1938, Life Insurance Corporation Act of 1956, and Insurance Regulatory and Development Authority Act of 1999, aiming to infuse capital, broaden penetration, and fortify financial inclusion for underserved populations.

Sitharaman underscored Prime Minister Narendra Modi's unwavering commitment to universal coverage, citing pandemic-era extensions to marginalised groups as testament to prioritising the common citizen's security.

Opposition members erupted in protest during the tabling, decrying potential foreign dominance and dilution of national control, demanding scrutiny via a parliamentary committee before passage. This contentious move aligns with broader economic liberalisation, targeting deeper insurance market expansion despite partisan uproar in the Winter Session.

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Hindusthan Samachar / Jun Sarkar