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The 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 ]
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).
The Insurance Repository in India is a database of insurance policies.It allows policy holders to make revisions to a policy. It launched on 16 September 2013. It is the world's first of its kind.
It has over 1,343 direct customer interaction and policy issuance branches, over 49,305 agents (99.93% of whom are individuals), and 447 insurance brokers besides 11,005 Point of Salespersons (direct) and 1,731 Motor Insurance Service Providers across India, Bancassurance partnerships with 19 banks enable policy sales and services through bank ...
The business of general insurance was nationalised through The General Insurance (Emergency) Provisions Ordinance promulgated on 13 May 1971 and thereby the business being carried on by 107 entities was consolidated and restructured into four companies namely The New India Assurance Company Limited, Bombay, United India Fire & General Insurance Company Limited, Madras, Oriental Fire & General ...
HDFC Life Insurance Company Limited (d/b/a HDFC Life) [4] is a long-term life insurance provider headquartered in Mumbai, offering individual and group insurance services. The company was incorporated on 14 August 2000.
Star Union Dai-ichi Life Insurance is an insurance company with headquarters in Mumbai, India. It was founded in 2007 and began operations in 2009 as a joint venture between Bank of India , Union Bank of India , and Dai-ichi Life , a Japanese life insurance firm. [ 1 ]
ICICI Prudential Life Insurance started its operations in 2001. The life insurance arm was established as a joint venture between ICICI Bank Limited and Prudential Corporation Holdings Limited [10] with assets under management (AUM) of approx. ₹ 1 billion (US$12 million). [11] In 2005, the company crossed the mark of 1 million policies. [12]