Why in news?
In recent "Insurance for All by 2047" initiative highlights significant government efforts to make insurance more affordable and accessible to every Indian citizen as part of the vision to achieve universal insurance coverage by India's centenary year.
 
Key points about this initiative are:

• The vision aims for universal insurance penetration across India, addressing the large segments of populations currently uninsured, especially in rural and unorganized sectors.
• It focuses on creating the right insurance products for varied needs, robust grievance redressal mechanisms, simplicity and ease in insurance processes, innovation, and use of technology.
• The government and IRDAI plan to launch programs like Bima Trinity (Bima Sugam, Bima Vistar, Bima Vaahaks) to facilitate hassle-free insurance distribution and coverage, with Bima Vistaar set to launch by December 2025 targeted at rural populations with a cover of Rs 5 lakh per individual.
• Efforts include policy simplifications, increased Foreign Direct Investment (FDI) in insurance, awareness campaigns such as "Sabse Pehle Life Insurance," and tax relief on insurance products to boost affordability.
• This mission aligns with the broader economic and social goals of enhancing financial security and healthcare access for every citizen.

By 2047, the government envisions every Indian having protection against life, health emergencies, and property losses, supported by a growing and innovative insurance sector.

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