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Life Insurance Corporation of India (LIC) is an Indian multinational public sector life insurance company headquartered in Mumbai. It is India's largest insurance company as well as the largest institutional investor with total assets under management worth ₹ 52.52 trillion (US$610 billion) as of March 2024. [ 4 ]
List is arranged chronologically based on their recognition by IRDAI # Company Sector Headquarters Founded 1: Life Insurance Corporation of India: Govt. Mumbai: 1956 2: HDFC Life Insurance Co. Ltd. Private Mumbai: 2000 3: Max Life Insurance Co. Ltd. Private Delhi: 2000 4: ICICI Prudential Life Insurance Co. Ltd. Private Mumbai: 2000 5: Kotak ...
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.
Public Sector Undertakings (PSUs) are government owned establishments, which are established and owned by the Government of India or State governments of India.The public sector undertakings are established either by nationalisation or an executive order in case of union government and state government or act of parliament in case of union government and act of state legislature in case of ...
The LIC absorbed 154 Indian and 16 non-Indian insurers and 75 provident societies. The LIC had a monopoly until the late 1990s, when the insurance industry was reopened to the private sector. General insurance in India began during the Industrial Revolution in the West and the growth of sea-faring commerce during the 17th century.
The All India Insurance Employees Association (AIIEA) is a trade union in the life and general insurance public sector of India.The AIIEA was formed in July 1951 and its inaugural convention was held at Dhuru Hall of Dadar, Bombay, on 30 June – 1 July 1951.
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By 2017, it was the country's third-largest private sector life insurance company [6] with a 16.5 percent share of total private-sector premiums for the Financial Year 2017 and fourth largest in the life insurance industry based on premium earned and had 66,372 individual agents across India, comprising 6.8 percent of total private agents in ...