India, Feb. 1 -- Union finance minister Nirmala Sitharaman on Saturday announced that the Foreign Direct Investment (FDI) limit for the insurance sector will be raised from 74 to 100 percent.

"The FDI limit for the insurance sector will be raised from 74 to 100 percent. This enhanced limit will be available for those companies which invest the entire premium in India. The current guardrails and conditionalities associated with foreign investment will be reviewed and simplified," said the finance minister.

In November, the central government introduced proposals aimed at revamping the insurance sector. These included raising the Foreign Direct Investment (FDI) limit in Indian insurance companies from 74 percent to 100 percent, along with...