Hailing the Congress-led UPA victory in the 15th Lok Sabha polls, insurance and pension fund industry today said this would help in pushing the long pending reforms in the two sectors stalled by the Left parties earlier.

"It is a good news. This government (UPA) brought in reforms by introducing Insurance Amendment Bill in Parliament a few months back. The Bill will now go through," Allianz India country manager Kamesh Goyal told PTI.

Allianz has partnered with Bajaj in the life and general insurance sector.

"The entire financial sector would take an upswing," he said.

Sharing similar views, Tata AIG General Insurance MD and CEO Gaurav Garg said the results of the Lok Sabha elections would benefit the insurance sector as a whole.

"The positive thing of Congress coming in power again is that there will be continuity in the reforms. The government will push forward more reforms," Garg said.

The insurance amendment and PFRDA bills would be cleared now. The passage of the bills would bring reforms in insurance and pension sectors, he said. "The general insurance especially is still untapped and requires the amendment."

PFRDA chairman D Swarup said with Congress-led government reforms would certainly get a push.\

Life Insurance Council secretary general S B Mathur hoped that the Bill (Insurance) would be passed soon to enable flow of more FDI in the insurance sector.

"This is a clear and stable government which will work freely. As Parliament will convene, the insurance bill will be cleared soon. Now, economic reforms will also be pushed forward further, he said.

Welcoming the poll verdict, SBI Life Insurance managing director U S Roy said the return of the Congress would be beneficial for business.

"If election throws-up a stable government, it is good for business. Today it seems more likely," Roy said.

Future Generali India Life managing director and CEO Jayant Khosla, said the new government will help the country to emerge from the economic downturn.

"The country has given a firm decision. The Congress-led government will be a stable government. We will see a much stronger resolve on coming out of the downturn," Khosla said.