100% FDI to Slash Insurance Premiums, Boost Competition: Govt

• Government introduces Insurance Amendment Bill, allowing 100% FDI in the sector, aiming for cheaper premiums.
• M Nagaraju, Secretary of DFS, states 100% FDI will bring significant capital, increase competition, and benefit customers.
• Global companies from Europe and America are expected to invest, bringing new technology and better products to India.
• Increased competition among insurers will drive down costs and lead to lower premiums for health, life, and general insurance.
• IRDAI will issue guidelines to control agent commissions, preventing wrong practices and unnecessary customer burden.

Why It Matters: 100% FDI in insurance aims to reduce premiums, increase competition, and bring global expertise to India.