Life Insurance in India

Life Insurance is the fastest growing sector in Indian since 2000 as Government allowed Personal players and FDI up to 26%. Life Insurance in Indian 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 Republic of Indian appointed RN Malhotra Panel to lay down a road map for privatisation of living insurance sector.

While the board submitted its report in 1994, it took another six years before the enabling regulation was passed in 2000, regulation amending the Insurance Act of 1938 and legislating the Insurance Regulating and Development Authority Act of 2000. The same year that the newly appointed insurance regulator - Insurance Regulating and Development Authority IRDA --started issuing licenses to private life insurers.