New Delhi, Dec. 17 -- The Sabka Bima Sabki Raksha (Amendment of Insurance Laws) Bill, 2025, introduced in the Lok Sabha on 16 December, represents the most significant reform of India's insurance sector in decades.

The bill seeks to amends three core laws-the Insurance Act, 1938; the LIC Act, 1956; and the IRDAI Act, 1999-to liberalise foreign investment, strengthen regulation, introduce new intermediaries, and accelerate insurance penetration in line with the government's goal of 'insurance for all by 2047'.

It also aims to enhance protection for policyholders, which should boost consumer confidence and help build a more resilient insurance ecosystem. At a high level, the legislation represents a decisive shift towards a liberalised, g...