Union Home and Cooperation Minister Amit Shah has announced that the Centre will establish a cooperative life insurance company, describing it as the next major step in expanding the cooperative movement into the financial services sector.
Making the announcement during the fifth Foundation Day celebrations of the Ministry of Cooperation, Shah said the proposed insurer would build on the successful cooperative insurance model of IFFCO-Tokio and significantly increase the presence of cooperatives in life insurance.
He also revealed plans to launch a utility aggregator cooperative on the lines of Bharat Taxi, underscoring the government’s strategy of taking cooperatives into emerging sectors. Shah said these initiatives would strengthen financial inclusion, create new opportunities for cooperative institutions and benefit millions of members across the country.
The proposed cooperative insurer is expected to become another key pillar of the Ministry’s vision of “Sahkar Se Samriddhi” by broadening the cooperative ecosystem beyond its traditional sectors.
