Life Insurance in its Modern form came to India from England in the year 1818.

(1) Oriental Life Insurance Company was the first Life Insurance Company started by Europeans in Calcutta in India in the year 1818. This company was brought up to serve the needs of European community only not of Indians.
(2) Bombay Mutual Life Assurance Society was the first Indian Life Insurance Company in India that started its business in the year 1870.
(3) In 1912, The Indian Life Insurance Companies Act was the first statutory measure to regulate life Insurance business.
(4) In 1928, the Indian Insurance companies Act was enacted to enable the government to collect statistical information both in life and non life.
(5) In 1938: Earlier legislation consolidated and amended to by the Insurance Act with the objective of protecting the interests of the insuring public
(6) In 1956, LIC formed by an Act of Parliament where 245 Indian and foreign insurers and provident societies are taken over by the central government and nationalized with a contribution of 5 crore from the government of India