Budget 2018: Insurance shares soar as FM proposes National cover plan

SBI Life Insurance, ICICI Prudential Life Insurance Company and HDFC Standard Life Insurance Company have rallied by up to 9% on BSE in intra-day trade.

Shares of companies engaged in insurance business such as SBI Life Insurance, ICICI Prudential Life Insurance Company (ICICI Pru) and HDFC  Standard Life Insurance Company have rallied by up to 9% on BSE in intra-day trade after the government proposed a national health protection scheme to benefit 100 million poor families in the Union Budget 2018-19.

To provide Rs 500,000 per family annually for medical reimbursement under National Health Protection Scheme, the finance minister says the plan will protect 500 million poor people and will be world's largest health protection scheme.

“We will launch a flagship National Health