The Indian Insurance sector has gone through several phases and changes.LifeInsurance and general insurance is a booming sector in India. Insurance sector in India is consider as a flourishing market amongst global insurance companies. Life insurance company of India is the largest life insurance company in India and it is still owned Indian government. If we look back to history dates 1818 in Calcutta. Oriental life insurance company was established by Europeans to their requirements. Nevertheless, there was discrimination among the life of foreigners and Indians, as higher premiums were charged. In 1870 Indian liver were covered at normal rates with first Indian insurance company Bombay Mutual Life Assurance Society.Life Insurance Companies Act, and the Provident Fund Act these two laws were passed by the Govt. of India in 1912 to regulate the insurance business . The oldest existing insurance company National Insurance Company was founded in 1906. Now a numbers of companies are operating their business with their different plans.
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