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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 Republic of India appointed RN Malhotra Committee to lay down a road map for privatisation of the life insurance sector.
While the committee submitted its report in 1994, it took another six years before the enabling legislation was passed in the year 2000, legislation amending the Insurance Act of 1938 and legislating the Insurance Regulatory and Development Authority Act of 2000. The same year that the newly appointed insurance regulator - Insurance Regulatory and Development Authority IRDA -- started issuing licenses to private life insurers.
List of Life Insurers (as of Sept, 2006)
Apart from Life Insurance Corporation, the public sector life insurer, there are 14 other private sector life insurers, most of them joint ventures between Indian groups and global insurance giants.
Life Insurer in Public Sector
- Life Insurance Corporation of India
Life Insurers in Private Sector
- Bajaj Allianz Life
- ICICI Prudential Life Insurance
- HDFC Standard Life
- Birla Sunlife
- SBI Life Insurance
- Kotak Mahindra Old Mutual Life Insurance
- Aviva Life Insurance
- Reliance Life Insurance Company Limited - Formarly known as AMP Sanmar LIC
- Tata AIG Life
- Metlife India Life Insurance
- ING Vysya Life Insurance
- Max Newyork Life Insurance
- Sahara Life Insurance - Now they are not into business
- Shriram Life Insurance
- Bharti AXA Life Insurance Co Ltd
Foreign Direct Investment (FDI) Policy in Insurance Sector
As per the current (Mar 06) FDI norms, foreign participation in an Indian insurance company is restricted to 26.0% of its equity / ordinary share capital. The Union Budget for fiscal 2005 had recommended that the ceiling on foreign holding be increased to 49.0%. However, the matter is still under discussions.
All life insurance companies have to comply with the strict regulations laid out by IRDA. Therefore there is risk in going in for private insurance players.
Even if Life Insurance Corporation of India(LIC), the state owned behemoth is the largest player in the market, the private companies are coming out with better products which are more beneficial to the customer.Among such products are the ULIPs or the Unit Linked Investment Plans which offer both life cover as well as scope for savings or investment options as the customer desires.Further, these type of plans are subject to a minimum lock-in period of three years to prevent misuse of the significant tax benefits offered to such plans under the Income Tax Act.Hence, comparison of such products with mutual funds would be erroneous.
Even more about life insurance comparison
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