Insurance sector reforms

India's insurance liberalisation trajectory is anchored in the IRDAI Act, 1999. FDI limits have been progressively raised: 26% → 49% → 74% → 100% under the Insurance Amendment Act 2021. Reforms also include composite licence proposals, product de-tariffication, and a shift toward risk-based solvency norms. Key issues are low insurance penetration (below global average), competition between public-sector insurers (LIC, GIC, four PSU non-life insurers) and private/foreign players, and social-security broadening through schemes like Pradhan Mantri Jeevan Jyoti Bima Yojana.