Insurance amendment Bill strengthens Irdai: LIC chief R Doraiswamy

The insurance amendment Bill strengthens the Insurance Regulatory and Development Authority’s (Irdai’s) ability to guide sectoral development, safeguard consumer interests, and foster innovation in alignment with national priorities, said R Doraiswamy, managing director & chief executive officer (MD & CEO) of the Life Insurance Corporation  (LIC) on Thursday. 

“A strong, empowered, and forward-looking regulator is indispensable for balancing growth with stability in a rapidly expanding insurance market”, Doraiswamy said. 

The Parliament on Wednesday passed the Sabka Bima Sabki Raksha (Amendment of Insurance Laws) Bill, 2025, marking a major overhaul of India’s insurance framework aimed at expanding coverage. 

“From the perspective of financial inclusion, the proposed amendments will help accelerate the expansion of insurance coverage across underserved segments, including rural households, informal sector workers, women, and first-time policyholders. By facilitating simplified processes, digital adoption, and scalable distribution models, the Bill supports the broader public policy objective of extending formal financial protection to every citizen,” Doraiswamy said. 

He highlighted that the Bill provides a framework for greater operational agility and innovation. 

For LIC, the proposed legislative changes will help the company in strengthening its reach, leveraging technology at scale, and for universal insurance coverage.

 

“Importantly, these changes have come just after the bonanza of full GST waiver on all Individual policies to great relief and joy of life insurance policyholders”, Doriaswamy said.