Indian Insurance Industry

In India the saga of Life Insurance begins in the Year of 1818. Oriental Life Insurance Company started by Europeans in Calcutta was the first life insurance company on Indian Soil. All the insurance companies established during that period were brought up with the purpose of looking after the needs of European community and Indian natives were not being insured by these companies.

Later many companines such as Bombay Mutual Life Assurance the first Indian life insurance company in the year 1870 covered Indian lives .

Later on after the Indedependence many private insurance companies which were performing in the indian soil were taken of by the government of India by an Special billin the Parliment.The Parliament of India passed the Life Insurance Corporation Act on the 19th of June 1956, and the Life Insurance Corporation of India was created on 1st September, 1956, with the objective of spreading life insurance much more widely and in particular to the rural areas with a view to reach all insurable persons in the country, providing them adequate financial cover at a reasonable cost.

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