The union cabinet has approved to raise FDI limit in the sector to 49%. It has also approved amendment to insurance laws bill. In addition, cabinet has approved amendment to SEBI act. Cabinet nod to SEBI amendment paves way to replace ordinance.

Rajesh Sud, chief executive officer & MD, Max Life Insurance said, "It is heartening to see that the Central Government is acting quickly on policy decisions. The approval of increase in FDI cap in insurance industry to 49% by the Cabinet Committee on Economic Affairs is a welcome move. Once approved by the Parliament this move should bring in the much required long-term capital for the sector. It will also bring in domain capital which is of critical importance in this phase of growth of life insurance industry."

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