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.
The Union Cabinet has approved the establishment of the Bharat Maritime Insurance Pool (BMI pool) to provide continuous maritime insurance coverage for Indian vessels. The initiative is backed by a sovereign guarantee of ₹12,980 crore to provide financial security and ensure insurance availability for the pool.
The BMI pool is intended to reduce dependency on external insurance and mitigate risks from global volatility and geopolitical instability in the maritime sector of India.
The Insurance Regulatory and Development Authority of India (IRDAI) has formed a sub-committee of the Insurance Advisory Committee (IAC) to examine the current state of private health insurance in India.
The initiative aims to improve consumer experience and increase the reach of health insurance by building trust among policyholders.
The sub-committee is tasked with reviewing critical parameters, providing advice, and overseeing digital transformation.
Maha
46.5
V Vijay
48.3
DS Devadharshini Senthil
44
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"Thx to daily quizzes. It played a big role in revisions. April 2024 - April 2025 I missed quizzes 3 or 4 days only. It's that interesting."
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