365Telugu.com online news,February 3rd,2025: Tarun Chugh, Managing Director and CEO of Bajaj Allianz Life Insurance, praised the Union Budget for its focus on consumption-driven growth and inclusive development.
A key highlight, according to Chugh, is the government’s decision to increase the Foreign Direct Investment (FDI) limit in the insurance sector from 74% to 100%.
Chugh emphasized, “This move is set to bring fresh capital into the insurance industry, strengthening its financial base and enhancing its growth potential. It reflects the government’s ongoing commitment to making India a prime destination for stable, long-term investment.”
The increase in foreign participation is expected to accelerate the adoption of global best practices, introduce innovative insurance products, and raise customer service standards.
Furthermore, the mandate requiring premium investments to be made within India will ensure that these funds contribute to the country’s economic growth and infrastructure development.
Chugh concluded, “The next five years hold tremendous potential for the industry to reach new heights, propelled by these positive changes.”