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Life insurance in India

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Life insurance is one of the growing sectors in India since 2000 as Government allowed Private players and FDI up to 26% and recently Cabinet approved a proposal to increase it to 49%. In 1955, mean risk per policy of Indian and foreign life insurers amounted respectively to ₹2,950 & ₹7,859[1] (worth ₹15 lakh & ₹41 lakh in 2017 prices). Life Insurance in India was nationalised by incorporating Life Insurance Corporation (LIC) in 1956. All private life insurance companies at that time were taken over by LIC. In 1993, the Government of India appointed RN Malhotra Committee to lay down a road map for privatisation of the life insurance sector.[2]

Types of life insurance in India

Companies

Below are the list of life insurance companies in India:[3]

References

  1. ^ Mean risk per policy of Indian life insurers was ₹2,950 in 1955
  2. ^ "COI". coi.org.in.
  3. ^ "IRDA - Registered Insurers - Life". www.policyholder.gov.in. IRDA. Retrieved 15 September 2020.
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