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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.
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 ]
The Insurance Act has 120 sections and 8 schedules. Under it, only an Indian company, as defined and registered under Companies Act, 1956, is allowed to operate in India.
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.
Digital Payment Infrastructure — Multiple 2016 Financial Inclusion Encourages digital transactions through platforms like UPI, RuPay, and FASTag. It is a part of India’s strategy to create a cashless economy, improving financial inclusion and transparency while reducing reliance on cash-based transactions. PM Ujjwala Yojana (PM Lighting Scheme)
NEW DELHI (Reuters) -Foreign institutional investors (FIIs) have some concerns about Life Insurance Corp's (LIC) IPO but global pension funds have "good interest" in the Indian state-run insurance ...
A suspect has been arrested following the reported shooting of Alabama stepsisters Kayden Lynch, 19, and Madison Daly, 18, on Christmas Eve. Per Lee County outlet The Observer, 18-year-old Jalen ...
The company's AUM crossed the milestone of Rs 50000 crore and the total number of branches in the country crossed 750 during the financial year 2012-13.The company's GWP crossed the milestone of Rs 15000 crores during the financial year 2015-16 and in the subsequent financial year in 2016-17 SBI Life's renewal premium collection crossed the ...