Insurance & Pension (Financial Markets).
Syllabus: UPSC Pre GS1: Economic & Social Development; Mains GS3
Insurance sector for UPSC: history, IRDAI, 100% FDI under the 2025 amendment, penetration and density, Bima Trinity, schemes, challenges and way forward.
On 16 September 2026 the Union Cabinet raised the wage ceiling for mandatory EPFO coverage from ₹15,000 to ₹25,000 a month. More than 51 lakh more employees will now come under provident fund, pension (EPS) and insurance (EDLI) cover. The ceiling was last raised in September 2014. The Government's yearly outgo is estimated at about ₹11,339 crore.
UPSC angle: Prelims: EPFO's parent Act and ministry. · Mains: Will a higher wage ceiling formalise jobs or raise employer costs?
16 Sep 2026
The Department of Financial Services launched India's first sovereign-backed Protection and Indemnity (P&I) insurance product under the Bharat Maritime Insurance Pool on 30 July 2026. Designed by New India Assurance, it covers third-party liabilities up to USD 1.5 billion. Since May, BMIP has issued 1608 war risk policies and cut premiums by about 35 to 40 per cent.
UPSC angle: Prelims: P&I insurance.
30 Jul 2026
The Department of Financial Services launched the Bharat Maritime Insurance Pool (BMIP) of USD 1.5 billion on 12 May 2026, backed by a sovereign guarantee of USD 1.4 billion (₹12,980 crore). It covers hull and machinery, cargo, P&I and war risk for Indian-linked vessels. GIC Re is administrator. The guarantee applies only to claims above USD 100 million.
UPSC angle: Prelims: BMIP.
12 May 2026
The three Jan Suraksha schemes, launched on 9 May 2015, completed 11 years in 2026. PMJJBY has over 27.43 crore enrolments and paid ₹21,512.50 crore on 10,75,625 claims. PMSBY has over 58.09 crore enrolments and paid ₹3,667.52 crore on 1,84,662 claims. Atal Pension Yojana has over 9.04 crore subscribers.
UPSC angle: Prelims: premiums and cover.
9 May 2026
A PIB backgrounder on 23 April 2026 notes India is the 10th-largest insurance market by premium (Swiss Re), with penetration at 3.7%. The Sabka Bima, Sabki Raksha (Amendment of Insurance Laws) Act, 2025 raised FDI in insurance to 100%. IRDAI's vision is Insurance for All by 2047. PMJJBY has 26.88 crore enrolments (Feb 2026).
UPSC angle: Prelims: insurance reforms.
23 Apr 2026
Atal Pension Yojana crossed 9 crore gross enrolments on 21 April 2026. FY 2025–26 saw a record 1.35 crore new gross enrolments. Launched on 9 May 2015 and run by PFRDA, APY pays a guaranteed monthly pension of ₹1,000 to ₹5,000 from age 60 for eligible citizens aged 18–40 who are not income-tax payers.
UPSC angle: Prelims: APY features.
22 Apr 2026