Insurance in India refers to the market for insurance in India which covers both the public and private sector organisations. It is listed in the Constitution of India in the Seventh Schedule as a Union List subject, meaning it can only be legislated by the Central Government only.
The insurance sector has gone through a number of phases by allowing private companies to solicit insurance and also allowing foreign direct investment. India allowed private companies in insurance sector in 2000, setting a limit on FDI to 26%, which was increased to 49% in 2014, and further increased to 74% in May 2021. Since the privatisation in 2001, the largest life-insurance company in India, Life Insurance Corporation of India has held a monopoly till upto date but its market share slowly slipping to private giants like HDFC Life, ICICI Prudential Life Insurance, General Insurance Corporation of India and Exide Life Insurance.
Insurance Companies in India
Following is the list of insurance companies in India which have been approved by the Insurance Regulatory and Development Authority of India (IRDAI) which is a statutory body regulating and promoting the insurance and reinsurance industries in India.There are three types of Insurance Companies in India are as given below:
As of October 2018, IRDAI has recognized 23 life insurance companies. Following is the list
| Sr. No | Company | Sector | Headquarters | Found |
| 1 | Life IInsurance Corporation of India | Govt | Mumbai | 1956 |
| 2 | HDFC Standard Life Insurance Co. Ltd | Private | Mumbai | 2000 |
| 3 | Max Life Insurance Co.Ltd | Private | Delhi | 2000 |
| 4 | ICICI Prudential Life Insurance Co. Ltd | Private | Mumbai | 2000 |
| 5 | Kotak Mahindra Life Insurance Co. Ltd | Private | Mumbai | 2001 |
| 6 | Aditya Birla Sun Life Co. Ltd | Private | Mumbai | 2000 |
| 7 | TATA AIG Life Insurance Co. Ltd | Private | Mumbai | 2001 |
| 8 | SBI Life Insurance Co. Ltd | Private | Mumbai | 2001 |
| 9 | Exide Life Insurance Co. Ltd | Private | Bangalore | 2001 |
| 10 | Bajaj Allianz Life Insurance Co. Ltd | Private | Pune | 2001 |
| 11 | PNB MetLife India Insurance Co. Ltd | Private | Mumbai | 2001 |
| 12 | Reliance Nippon Life Insurance Company | Private | Mumbai | 2001 |
| 13 | Aviva Life Insurance Company India Ltd | Private | Gurugram | 2002 |
| 14 | Sahara India Life Insurance Co. Ltd | Private | Lucknow | 2004 |
| 15 | Shriram Life Insurance Co. Ltd | Private | Hyderabad | 2005 |
| 16 | Bharti AXA Life Insurance Co. Ltd | Private | Mumbai | 2008 |
| 17 | Future Generali India Life Insurance Co. Ltd | Private | Mumbai | 2007 |
| 18 | IDBI Federal Life Insurance Co. Ltd | Private | Mumbai | 2008 |
| 19 | Canara HSBC Oriental Bank of Commerce Life Insurance Co. Ltd | Private | Gurugram | 2008 |
| 20 | Aegon Life Insurance Co. Ltd | Private | Mumbai | 2008 |
| 21 | Pramerica Life Insurance Co. Ltd | Private | Mumbai | 2008 |
| 22 | Star Union Dai-Ichi Life Insurance Co. Ltd | Private | Mumbai | 2008 |
| 23 | India First Life Insurance Co. Ltd | Private | Mumbai | 2009 |
