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
editCompanies
editBelow are the list of life insurance companies in India:[3]
- Life Insurance Corporation of India
- HDFC Life
- ICICI Prudential Life Insurance
- Bajaj Allianz Life Insurance
- Kotak Life Insurance
- SBI Life Insurance Company
- Max Life Insurance
- Exide Life Insurance
- Reliance Life Insurance
- Canara HSBC Oriental Bank of Commerce Life Insurance
- Aviva India
- Aegon Life Insurance Company
- PNB MetLife India Insurance Company
- Bharti AXA Life Insurance Co. Ltd.
- Birla Sun Life Insurance Co. Ltd.
- DHFL Pramerica Life Insurance Co. Ltd.
- Edelweiss Tokio Life Insurance Co. Ltd
- Future Generali India Life Insurance Co. Ltd.
- Sahara India Life Insurance Co. Ltd.
- Shriram Life Insurance Co. Ltd.
- Star Union Dai-ichi Life Insurance
- Tata AIA Life Insurance Co. Ltd.
References
edit- ^ Mean risk per policy of Indian life insurers was ₹2,950 in 1955
- ^ "COI". coi.org.in.
- ^ "IRDA - Registered Insurers - Life". www.policyholder.gov.in. IRDA. Retrieved 15 September 2020.
Further reading
edit- Parida, Tapas; Acharya, Debashish (30 April 2018). The Life Insurance Industry in India: Current State and Efficiency. Springer. ISBN 978-981-10-2233-3.
- Sadhak, H (2009). Life Insurance In India: Opportunities, Challenges and Strategic Perspective. SAGE Publications. ISBN 9788178298467.