Budget 2018: Arun Jaitley's bold policy steps to expand insurance market

FM said the govt would launch a flagship called the National Health Protection Scheme to cover over 100 million poor and vulnerable families

By announcing the merger of three state-owned non-life insurance companies, the government has taken a bold step that will curb unhealthy competition, improve governance, and bring discipline.

Union Finance Minister Arun Jaitley, while presenting the Budget for 2018-19, said National Insurance Company Ltd, United India Assurance Company Ltd, and Oriental India Insurance Company Ltd would be merged into a single entity and then listed.

Economic Affairs Secretary S Garg said the process of consolidation and listing would be completed in 2018-19.