Union Home Minister and Minister of Cooperation Amit Shah announced the formation of a Cooperative Life Insurance Company, a move aimed at strengthening the cooperative sector in India. The announcement was made on July 6, 2026, during an event in New Delhi.
Key Details of the Cooperative Life Insurance Company
The new insurance entity will be established under the ambit of the Ministry of Cooperation. Shah emphasized that this initiative would provide affordable life insurance coverage to members of cooperative societies across the country. The company is expected to operate on a mutual model, with profits being plowed back to policyholders.
According to Shah, the cooperative sector has immense potential and needs institutional support to thrive. He stated, "This life insurance company will not only provide financial security but also promote the spirit of cooperation among citizens."
Expansion of 'Bharat Taxi' Service
Shah also highlighted the performance of 'Bharat Taxi', a cooperative-based taxi service launched earlier. He noted that the service has received positive response and is currently operational in 100 cities. The minister announced plans to expand 'Bharat Taxi' to 500 cities over the next two years.
"Bharat Taxi has performed well and will be expanded to 500 cities over the next two years," Shah said. The expansion is expected to create thousands of jobs and provide affordable transportation options in tier-2 and tier-3 cities.
Impact on the Cooperative Sector
The formation of the Cooperative Life Insurance Company is part of a broader push by the government to revitalize the cooperative movement. The sector includes credit societies, agricultural cooperatives, and housing cooperatives, among others. The new insurance company is expected to cover over 10 million cooperative members initially, with plans to scale up.
Shah also urged state governments to support cooperative initiatives. He said, "Cooperatives are the backbone of rural economy. We need to work together to ensure their growth."
