3 Indian & AP Economy and Planning · 3.4.4 Financial markets

3.4.4.5 Insurance and pension sectors: IRDAI, LIC, PFRDA, NPS and the Unified Pension Scheme

Insurance is regulated by IRDAI and pensions by PFRDA; both sectors opened to private and foreign players after 1999, with 100 per cent FDI allowed in insurance by a law passed in December 2025.

  • APPSC Group 1
  • Advanced level
  • 6 min read
  • Full course

Key terms

  • insurance
  • IRDAI
  • LIC
  • GIC
  • Malhotra Committee
  • FDI in insurance
  • PFRDA
  • NPS
  • Atal Pension Yojana
  • Unified Pension Scheme
  • EPFO

What this note covers

  1. Core factsFoundation
  2. ExplainedStandard
  3. DeeperAdvanced
  4. Mains writingMains writing
  5. Common trapsFoundation
  6. Quick revisionFoundation

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