FDI in Indian Insurance Sector!!!

Indian government has passed a bill in the parliament which has increased the limit of Foreign Direct Investment in the Indian Insurance sector. The Communist Party of India has opposed this bill and the other opposition parties were also against this.
They were saying that the insurance sector is already flourishing very well. Why to open it for the foreign companies as this might effect the government's revenue generated through this sector.

One more thing I want to add on this is that the public sector company in this field Life Insurance Corporation of India, is giving a great amount of profit to the Indian government. It is not a company which is facing problems at all. So this step is not at all acceptable. At least government should keep good companies with itself for the profit they give.