The Sabka Bima Sabki Raksha (Amendment of Insurance Laws) Bill, 2025 (the Bill) was introduced in the Lok Sabha on 16 December 2025. The said Bill received President’s assent on 20 December 2025 and accordingly, the Sabka Bima Sabki Raksha (Amendment of Insurance Laws) Act, 2025 (the Act) was published for general information on 21 December 2025. However, the Act has not yet been brought into force, pending notification by the Central Government in the Official Gazette.
The Act seeks to amend the Insurance Act, 1938 (1938 Act), the Life Insurance Corporation Act, 1956, and the Insurance Regulatory and Development Authority Act, 1999 (IRDA Act).
The government’s decision to introduce the Act stems from a clear imperative to modernise India’s insurance ecosystem. The Act does not repeal the older insurance laws, but radically revamps them through amendments. It marks India’s shift to a more open, competitive, and regulation-driven insurance ecosystem, incorporating global best practices while strengthening consumer safeguards.
