In a pivotal move for the Indian insurance landscape, the Insurance Regulatory and Development Authority of India (IRDAI) held an intensive interaction with CEOs of insurance companies and Appointed Actuaries on 17th September 2025 at its headquarters. The meeting, chaired by Mr. Ajay Seth, Chairperson, IRDAI, marked a strategic milestone in the journey toward making insurance more inclusive, accessible, and impactful.
A Focused Agenda: Policyholder Protection & Industry Growth
The meeting centered around two core priorities:
- Strengthening policyholder protection, and
- Enabling the orderly and inclusive growth of the insurance sector.
One of the biggest highlights was the collective appreciation of the Government of India’s recent GST exemption on life and health insurance. This reform, a part of broader indirect tax rationalisation, was described as a transformative step. It is expected to boost affordability, especially for underserved segments, and increase insurance penetration across the country.
IRDAI urged insurers to ensure that the full benefit of the GST exemption is passed on to policyholders, thereby reinforcing customer-centric practices and building public trust.
A Call to Action for the Industry
Mr. Seth clearly outlined that the longstanding demand from both the industry and policyholders had now been fulfilled through this tax relief. The onus is now on insurers to respond proactively by:
- Launching more affordable and need-based insurance products,
- Enhancing coverage and accessibility,
- Driving penetration in rural, semi-urban, and unorganised sectors, and
- Fulfilling social and rural sector obligations more meaningfully.
He emphasised that this is an opportunity to reimagine insurance—not merely as a product, but as a public good essential for national development. “This is a big step towards achieving universal coverage by 2047,” Mr. Seth noted.
Broader Vision: From Protection to Nation Building
The discussions went beyond just regulatory compliance and market performance. Several key action areas emerged:
- Timely and efficient claims settlement,
- Strengthening the grievance redressal system,
- Enhancing the coverage of government-sponsored schemes for vulnerable populations,
- Establishing uniform service standards across policy issuance, underwriting, and claims,
- Creating a standing forum under the Life Council to analyse court awards and evolve standard practices.
IRDAI also underlined the need to improve service quality, especially for the socially and economically vulnerable, to foster trust and transparency in the sector.
Towards Insurance for All by 2047
In his concluding remarks, Mr. Seth framed this moment as a national mission. He reiterated the sector’s responsibility in building a resilient, empowered, and insured India, in line with the Viksit Bharat 2047 vision.
“These steps are aimed at building trust and widening access, making insurance simpler and more inclusive.”
This meeting wasn’t just about policies—it was about purpose. With the foundation laid for systemic reform and industry collaboration, the path is clear: by 2047, every Indian—urban or rural, salaried or self-employed—should have access to life, health, and property insurance.
Conclusion:
The 17th September meeting signifies a turning point in the evolution of India’s insurance sector. With regulators and industry leaders aligned in vision, the march towards “Insurance for All” is not just aspirational—it is actionable, measurable, and well within reach.