Life Insurance Companies in India have their history dating back to 1818. The first Life Insurance Company in India was Oriental Life Insurance Company in Kolkata. It was started by the Europeans to provide insurance cover to the Europeans. A discrimination pattern was followed in the insurance premium charged. Higher premiums were charged for Indian lives as they were considered in the high risk category.
Life Insurance in India: The Beginning
In 1870, Bombay Mutual Life Assurance Society came into existence that provided the right definition of life insurance premium. Normal rates were offered. The oldest Insurance Company in India would be the National Insurance Company Ltd. Founded in 1906; it is in business even today.
Life Insurance in India was nationalized in 1956 by the incorporation of Life Insurance Corporation of India (LIC of India). All the private life insurance companies in business in India at that time were grouped under LIC. The freedom of private sector from some of the government regulations was established with the formulation of Insurance Regulatory and Development Authority (IRDA) Act in 1999. The IRDA started issuing licenses to private insurers in 2000.
Private Life Insurance Companies in India
Most of the present day Life Insurance Companies in India are joint ventures between Indian groups and conglomerates and global insurance companies. The terms of the joint ventures include a majority stake holding of Indian partner in the JV.
The life insurance deals include a detail information guide to the customer from the insurance agent or broker citing the various insurance plans and policies available, the insurance premium estimates and estimate of the prices of the insurance policy short listed, the guidelines and terms of the insurance company and many such info.
The life insurance companies work in close association with the life insurance agents and brokers. Special training and education is provided to each insurance agent or broker about the facts of life insurance, how it works, industry info, insurance leads, types of insurance policies on offer, claims settlements, life insurance laws in India, knowledge about the return of premium procedure of the life insurance company and the tax savings the insurance policy would provide.
Besides the usual life insurance services covering individual insurance, group life insurance, family insurance, health insurance and medi claims, Life insurance products in India are also designed for special target groups like:
Life Insurance Policies in India
- For seniors over 50, over 65 etc
- For kids or children
- For diabetics
- For the elderly
- For HIV patients
The ratings and reviews of the Life Insurance Companies in India are available online where you can check the rankings and rating of the insurance company you wish to buy a policy from. You can make comparison among the various life insurance policies on offer by the life insurance companies of India.
A comprehensive list of the major insurance companies has been provided here with compete profile of the company, their insurance products and policies, the terms and statistics of the insurance providers etc.
Every company has different policy to offer. You just need to choose which is the best for you. The amount for which you want to take the policy, the tenure of policy and the amount you want to pay in each installments, all these factors you need to keep in mind and then choose the company which fulfills all your needs and provides full transparency.