| Oriental Life Insurance Company, the first insurance | | | | were only two type of insurance viz. life i.e. LIC and |
| company of India, was started by Europeans in | | | | general i.e. GIC. |
| Kolkata in 1818. The purpose of this company was to | | | | General Insurance Company had four subsidiary |
| cater to the needs of European community. There | | | | companies. With effect from December 2000, these |
| was discrimination among the life of Europeans and | | | | subsidiaries have been de-linked from parent |
| that of Indians in the pre-independent era in India. | | | | company and made as independent companies: |
| Higher premiums were charged for lives of Indians in | | | | Oriental Insurance Company Limited, New India |
| comparison with the lives of foreigners. Later in 1870 | | | | Assurance Company Limited, National Insurance |
| Bombay Mutual Life Assurance Society, the first | | | | Company Limited and United India Insurance |
| company for Indians was established who covered | | | | Company Limited. |
| Indian lives at normal rates. | | | | Insurance in India is still a growing sector with huge |
| As soon as the twentieth century started, companies | | | | potential. This sector in India has gone through a |
| in this field started growing up like mushrooms. For | | | | number of phases and changes, particularly in the |
| the first time the insurance business was regulated in | | | | recent years when the Govt. of India in 1999 opened |
| the year 1912 as the Life Insurance Companies Act, | | | | up the this sector by allowing private companies to |
| and the Provident Fund Act were passed in that | | | | solicit insurance and also allowing FDI up to 26%. Ever |
| year. According to the former Act, 1912, it became | | | | since, the Indian insurance sector is considered as a |
| necessary that the premium rate tables and periodical | | | | booming market with every other global company in |
| valuations of companies should be certified by an | | | | this sector wanting to have a lion's share. Currently, |
| actuary. | | | | the largest life insurance company in India is still |
| National Insurance Company Ltd., founded in 1906, is | | | | owned by the government. |
| still in existence and doing business today. There | | | | |