Recent Current Affairs related to Insurance

Union Minister Sarbananda Sonowal has launched two specialised credit risk insurance products named the Shipbuilding Project Credit Risk Insurance Policy (SbPCP) and the Business Credit Shield Policy - Shipbuilders (BCSPS) during the 21st Maritime State Development Council (MSDC) meeting held in Mumbai.

The products were introduced under the Shipbuilding Development Scheme (SbDS). The SbPCP was developed by the Export Credit Guarantee Corporation of India Ltd to cover export shipbuilding projects and safeguard shipyards. The BCSPS was formulated by The New India Assurance Company Ltd to shield domestic shipbuilding projects from specified payment risks.

The United Nations Development Programme (UNDP) and Generali Central Insurance Company Limited (formerly Future Generali India Insurance Company Ltd) have jointly launched an insurance innovation challenge to strengthen the resilience of the Micro, Small and Medium Enterprises (MSME) sector in India.

Under the initiative, a maximum of 3 winners will receive grants of up to $40,000 each.

Karur Vysya Bank has signed a bancassurance partnership with Zurich Kotak General Insurance Company (India) to sell the latter’s general insurance products via the bank’s branches. The partnership aims to enhance customer access to non-life insurance solutions.

Pramerica Life Insurance Ltd, a Joint Venture between DIL and Prudential International Insurance Holdings, Ltd (PIIH), has launched a new insurance product named “Poorna Rakshak”. It is a non-linked, non-participating individual savings life insurance plan.

ICICI Lombard General Insurance Company Ltd has launched a health insurance product named ‘VIBE’ specifically for the Gen Z demographic. The insurance plan is designed for young adults within the age group of 18 to 35 years.

The name of ICICI Prudential Life Insurance Company Ltd has been officially changed to ICICI Life Insurance Limited, effective from September 22, 2026. The change follows approval from the Registrar of Companies (RoC), Central Processing Centre, Ministry of Corporate Affairs (MCA).

LIC (Life Insurance Corporation of India) has launched two new non-linked, non-participating insurance plans named ‘LIC Bima Platinum’ (Plan 770) and ‘LIC Jeevan Raksha’ (Plan 894) on the occasion of the 70th anniversary of LIC in Mumbai.

It is to be noted that the ‘LIC Bima Platinum’ requires a minimum Basic Sum Assured (BSA) of ₹3 lakh with no upper limit. The ‘LIC Jeevan Raksha’ provides a BSA ranging from ₹5 lakh to ₹24 lakh.

Bajaj General Insurance Ltd has launched “My Family Complete”, which is the first health insurance policy in India to include pet dogs and cats as insured family members under a single integrated plan.

The policy provides comprehensive protection for adults (18 years and above), children (3 months to 30 years), and pets (from 3 months of age with no upper age limit).

The Competition Commission of India (CCI) has approved the acquisition of a 23% equity shareholding in TM International Logistics Ltd by Tata Steel Ltd.

Additionally, the CCI has approved the acquisition of a specific equity shareholding in Bharti Life Insurance Company Ltd by Prudential Corporation Holdings Ltd.

The Supreme Court of India (SCI) bench, comprising Justice Sanjay Karol and Justice Prashant Kumar Mishra, has extended the mandatory third-party insurance period for newly purchased vehicles by one year to strengthen compliance with the Motor Vehicles Act (MVA), 1988.

Under the revised mandate, new cars are now required to have 4 years of third-party insurance coverage, while two-wheelers are mandated to have 6 years of coverage.

The Department of Financial Services (DFS) under the Ministry of Finance (MoF) has launched India’s first sovereign-backed Protection & Indemnity (P&I) insurance product under the Bharat Maritime Insurance Pool (BMIP) in New Delhi.

The insurance product provides third-party liability coverage of up to $1.5 billion.

The Insurance Regulatory and Development Authority of India (IRDAI) has approved the acquisition of Magma General Insurance from Sanoti Properties (owned by Adar Poonawalla) by Patanjali Ayurved and the DS Group for ₹4,500 crore. Under the share purchase agreement (SPA), Patanjali Ayurved will acquire a 73.56% stake, while the DS Group will acquire a 24.50% stake in the company.

Separately, the IRDAI has granted a licence to ProTec General Insurance, a joint venture (JV) between the M Pallonji Group and Divya Sehgal of True North.

Policybazaar has launched US dollar-denominated term insurance plans for Non-Resident Indians (NRIs). These products are offered in collaboration with partner insurers and operate out of the International Financial Services Centre (IFSC) in GIFT City, Gujarat.

UK-based Aviva Plc has acquired the remaining 26% stake in Aviva Life Insurance Company India Ltd (Aviva India) from its Joint Venture (JV) partner, Dabur Invest Corp. (DIC).

With this, Aviva Plc has become the first foreign insurer to fully own its life insurance business in India.

SBI Life Insurance Company Ltd has signed an MoU with the IIT Bombay to establish the 'Bharat AI & Cyber Innovation Hub for Insurance'. This joint research and innovation centre aims to develop indigenous deep-technology defence systems for the insurance sector.

The Insurance Regulatory and Development Authority of India (IRDAI) has constituted a 7-member Working Group on AI (WG-AI) to guide insurance companies regarding the adoption, governance, and oversight of AI technologies.

The WG-AI is chaired by Prof. Sandeep K Shukla, Director of the International Institute of Information Technology (IIIT) Hyderabad. Deepak Gaikwad, General Manager (GM) and Chief Information Security Officer (CISO) at IRDAI, has been appointed as the member-convener of the group.

The Ministry of Corporate Affairs (MCA) has approved the incorporation of Mahindra Manulife Insurance Ltd (MMIL). It is a 50:50 life insurance joint venture between the Mahindra Group (India) and the Manulife Financial Corporation (MFC) (Canada).

The venture aims to provide AI-native and digitally-led insurance solutions across rural, semi-urban, and urban India, aligning with the vision of “Insurance for All”.

West Bengal Gramin Bank (WBGB) has partnered with Canara HSBC Life Insurance Company Ltd to enhance life insurance coverage in rural and semi-urban areas of West Bengal. The insurance company will use the bank's network of 960 branches across the state to offer its insurance products.

Bajaj General Insurance Ltd (BGIL) has launched a next-generation health indemnity insurance plan named ‘My Health Care Plan Edge+’ (MHCP EDGE+), offering comprehensive coverage ranging from ₹5 lakh to ₹5 crore.

The MHCP EDGE+ is available for individuals from 3 months of age, featuring a policy tenure of up to 5 years, lifetime renewability, and flexible waiting period options.

The Ministry of Finance (MoF) has notified the “Foreign Exchange Management (Non-debt Instruments) (Second Amendment) Rules, 2026”, allowing 100% Foreign Direct Investment (FDI) in Indian insurance companies and intermediaries through the automatic route.

It is to be noted that foreign investment in the Life Insurance Corporation of India (LIC) remains restricted to a maximum of 20% under the automatic route.