Amit Shah announces cooperative life insurer targeting coverage by 2047
Business
Union home minister Amit Shah just announced a new life insurance company run by cooperatives, aiming to make insurance more accessible, especially in rural and semi-urban areas where it's often missing.
The goal is to help everyone get covered by 2047, with policies sold through local groups like PACS, dairy co-ops, and urban cooperative banks.
Launch pending regulator approval
The company plans to launch in six to 12 months once it gets the green light from regulators.
Cooperative insurance has done well in places like Japan and Europe because it puts people over profits.
Still, making this work in India means tackling some big hurdles, like governance and meeting strict rules, but if they pull it off, a lot more people could finally get insured.