The insurance sector in India has witnessed a significant influx of Rs 53,900 crore in foreign direct investment (FDI) from December 2014 to January 2024, according to Financial Services Secretary Vivek Joshi. This surge in FDI follows the liberalization of overseas capital flow norms by the government, with the permissible FDI limit increasing from 26% in 2014 to 49% in 2015 and further to 74% in 2021. Additionally, the permissible FDI limit for insurance intermediaries was raised to 100% in 2019, facilitating substantial investment in the sector.
The opening up of the insurance market by the Insurance Regulatory and Development Authority of India (IRDAI) in August 2000 attracted foreign companies, with ownership allowed up to 26%. Over the years, private life insurance companies like HDFC Life, ICICI Prudential Life, and Max Life have established partnerships with foreign insurers, resulting in significant capital infusion.
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