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Life Insurance Companies In India

Life insurance market of India is the biggest in the world with above 36 crore policies which are projected to increase at a CAGR (Compound Annual Growth Rate) of 12 % - 15 % by 2020. In next five years, the total market volume of India's insurance sector is expected to touch US$ 350-400 billion from US$ 66.4 billion in FY13.

 

As of now, the Insurance Regulatory and Development Authority of India (IRDAI) has licenced 24-life insurance companies including Life Insurance Corporation of India (LICI), the only public sector player in the market. Prior to 2000 when the Indian insurance sector was opened for private players, LICI was the single life insurance provider in the country.