New Delhi, 19 December (H.S.): R. Duraiswamy, Chief Executive Officer and Managing Director of Life Insurance Corporation of India (LIC), has said that the Insurance Bill passed by Parliament this week will act as a major catalyst for the sector’s growth. He stated that the new legislative framework will help make insurance policies more accessible and affordable, while encouraging healthy competition within the industry.

In a statement issued on Friday, Duraiswamy said the “Sabka Beema Sabki Raksha (Amendment to Insurance Laws) Bill, 2025” places strong emphasis on policyholder protection and the strengthening of regulatory oversight. He described the amendments as a game-changer for the industry that will modernize outdated frameworks, reinforce governance standards, and enhance transparency, accountability, and prudent supervision across the insurance ecosystem.

Duraiswamy added that the Bill provides a robust structure for operational agility and innovation, enabling insurers to design and deliver targeted products that address evolving protection needs such as retirement security, longevity solutions, and healthcare coverage.

He highlighted that the expanded role of the Insurance Regulatory and Development Authority of India (IRDAI) under the amended framework will guide sustainable sectoral growth, safeguard consumer interests, and foster innovation in line with national priorities.

According to the LIC CEO, these reforms will also empower LIC to further strengthen its market presence, leverage large-scale technology integration, and contribute meaningfully to the national goal of achieving universal insurance coverage.

Earlier this week, Parliament passed the “Sabka Beema Sabki Raksha Bill, 2025,” which opens the door for 100 percent Foreign Direct Investment (FDI) in the insurance sector.

During the debate, Union Finance Minister Nirmala Sitharaman stressed the urgent need to expand insurance penetration and awareness across the country, calling it a critical step toward inclusive economic protection.

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Hindusthan Samachar / Jun Sarkar