New Delhi, Oct. 1 -- Bharatiya Janata Party (BJP) Rajya Sabha MP Ajeet Madhavrao Gopchade has urged Prime Minister Narendra Modi to introduce a statutory protection mechanism for individual insurance policyholders in case a life insurance company becomes financially distressed, insolvent or bankrupt.

In a letter dated September 25, 2026, Gopchade proposed establishing a dedicated policyholders' protection framework, with separate arrangements for life and long-term insurance as well as general insurance.

"For millions of families, a life insurance policy is not merely a financial product but represents long-term savings, family protection and retirement security; consequently, ensuring continuity of cover and safeguarding legitimate pol...