New India Assurance, GIC rally up to 8% as govt may raise FDI limit to 74%

That apart, 37.2 per cent year-on-year (YoY) growth in new premiums between April-November further boosted buying sentiment.

Shares of life insurance companies including HDFC Life Insurance, SBI Life Insurance, and ICICI Prudential Life Insurance were trading higher on Tuesday on report that the government may propose to raise foreign direct investment (FDI) limit in the sector to 74 per cent from 49 per cent currently in the Union Budget for 2020-21.

“The government is seriously contemplating opening up the sector as it wants long-term stable money to be invested in the country. The Insurance Regulatory and Development Authority of India (IRDAI) is seeking inputs from industry people on government instructions and a report is expected to be