Sitharaman: Health Insurance for All by 2033, Sector Reaches 58 Crore Lives

• Finance Minister Nirmala Sitharaman announced the government's priority to achieve universal health insurance coverage by 2033.
• The insurance sector has significantly expanded, covering 58 crore lives in 2024-25, with a market value of ₹1,17,505 crore.
• Reforms like increased FDI in insurance and IRDAI rules for rural penetration aim to boost coverage, addressing low per capita premium (USD 97 vs. global USD 943).
• PM Jeevan Jyoti Bima Yojana offers ₹2 lakh cover for ₹436 annually, with 26.79 crore enrolments, ensuring protection for vulnerable populations.
• Regulatory actions include penalties on insurers for unfair practices; Reliance General Insurance, Bajaj Finance, HDFC Life, SBI Life, and Royal Sundaram General Insurance faced fines.