New Delhi: The Government said it was expanding Insurance for All initiatives to strengthen social security, improve coverage, and make protection more affordable across India.
Officials said the vision aimed to ensure every citizen had access to life, health, and property protection by 2047. The Insurance Regulatory and Development Authority of India committed to this goal to improve financial resilience.
India ranked as the 10th largest insurance market globally by premium volume, reflecting steady growth. During FY 2024-25, the sector issued 41.84 crore policies and collected ₹11.93 lakh crore in premiums. It also paid claims worth ₹8.36 lakh crore.
The share of insurance and pension funds in household financial assets rose to 29.6% in FY25 from 28.6% in FY19. This increase showed rising awareness and wider adoption among households.
Reforms boost coverage under national insurance vision
The government introduced key reforms to expand access and improve efficiency. The FDI limit in the sector was raised to 100% under amended laws in 2025, aiming to attract investment and support growth.
In addition, GST was removed on life and health policies, reducing premium costs and encouraging uptake. Regulatory changes also strengthened consumer protection through stricter penalties and oversight.
The sector expanded its reach significantly. The number of insurer offices rose to 22,076 in March 2025, while the distribution network crossed 83 lakh agents and intermediaries.
Major social security schemes continued to support financial protection. Pradhan Mantri Jeevan Jyoti Bima Yojana recorded 26.88 crore enrolments, while Pradhan Mantri Suraksha Bima Yojana reached 57.11 crore enrolments.
Health coverage under Ayushman Bharat created 43.52 crore cards as of February 2026. Crop insurance schemes also supported farmers, with claims exceeding ₹1.94 lakh crore.
The government said these measures were improving financial security and expanding access across urban and rural areas.
