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        Income Tax

        Population of the Country Under Insurance Net

        November 29, 2011

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        Press Information Bureau
        Government of India
        Ministry of Finance

        29-November-2011 17:51 IST

        Based on the  working population as per census 2001 data, the Insurance Regulatory and Development Authority (IRDA) has reported that the approximate total number of insurable persons in the country is  57,03,35,944.

        The names of the insurance companies, both private and public sector is at Annexure.

        The IRDA has informed that the details of insured persons, institutions etc.  company-wise are not maintained.

        As at 31.03.2010, the total number of policies in force relating to private life insurers are 4,03,63,200 and the lives covered under group new business by private life insurers are  4,19,59,796.  IRDA has informed that the details of insured people belonging to Above the Poverty Line (APL) and Below the Poverty Line (BPL) category are not maintained.

        The objectives achieved are as follows:

        (i) The insurance penetration has increased from 2.32% to 5.51% over the period 2000 to 2010.

        (ii) The number of insurance offices has increased from 2,199 in 2000 to 12,018 in 2010.

        (iii) From the single channel system of tied agents which was predominant before opening up of the sector in 2000, multiple channels of distribution comprising brokers, bancassurance, corporate agents emerged in the decade and accounted for nearly 21 percent of the new business in the year 2009-10. These channels have aided in expanding the market as well as in better outreach.

        (iv) The first year life insurance premium grew from Rs.19,857.28 crore in 2001-02 to Rs.1,09,894.02 crore in 2009-10. The total life insurance premium rose from Rs.50,094.46 crore in 2001-02 to Rs.2,65,450.37 crore in 2009-10.

        ANNEXURE

        Life Insurers (As on 20.06.2011)

        Non-Life Insurers(As on 05.08.2011)

        Public Sector:

        Life Insurance Corporation of India

        Private Sector:

        1.  Bajaj Allianz Life Insurance Company Ltd

        Birla Sun Life Insurance Company Ltd

        HDFC Standard Life Insurance Company Ltd

        ICICI Prudential Life Insurance Company Ltd

        ING Vysa Life Insurance Company Ltd

        Max New York Life Insurance Co Ltd

        Met Life Insurance Company Ltd

        Kotak Mahindra Old Mutual Life Insurance Company Ltd

        SBI Life Insurance Co Ltd

        Tata AIG LIFE Insurance Co. Ltd

        Reliance Life Insurance Co Limited

        Aviva Life Insurance Co Ltd

        Sahara India Life Insurance Co. Ltd

        Shriram Life Insurance Co. Ltd

        Bharti AXA Life Insurance Company  Ltd

        Future Generali India Life Insurance Co.Ltd

        IDBI Federal Life Insurance Co. Ltd

        Canara HSBC Oriental Bank of Commerce Life Insurance Co. Ltd

        AEGON Religare Life Insurance Co. Ltd

        DLF Paramica Life Insurance Co. Ltd

        Star Union Dia-ichi Life Insurance Co. Ltd

        India First Life Inasurance Co. Ltd.

        Edelweiss Tokio Life Insurance Co. Ltd.

        Public Sector:

        National Insurance Co. Ltd

        The New India Assurance Co. Ltd

        The Oriental Insurance Co. Ltd

        United India Insurance Co. Ltd.

        Private Sector:

        Bajaj Allianz General Insurance Co. Ltd

        ICICI Lombard General Insurance Co Ltd

        IFFCO Tokio General Insurance Co. Ltd

        Reliance  General Insurance Co. Ltd

        Royal Sundaram Alliance Insurance Co. Ltd

        Tata AIG General Insurance Co. Ltd

        Cholamandalam MS General Insurance Co. Ltd

        HDFC ERGO General Insurance Co. Ltd

        Export Credit Guarantee Corporation of India Ltd

        Agriculture Insurance Co. Ltd

        Star Health Insurance Co. Ltd

        Apollo Munich Health Insurance Co. Ltd

        Future Generalli India Insurance Co. Ltd

        Universal Sompo General Insurance Co. Ltd

        Shriram General Insurance Co Ltd

        Bharti AXA General Insurance Company Limited

        Raheja QBE General Insurance Company Limited

        SBI General Insurance Co. Ltd

        Max Bupa Health Insurance Co. Ltd

        L&T General Insurance Co. Ltd

        Re-Insurer:

        General Insurance Corporation of India

        This information was given by the Minister of State for Finance, Shri   Namo Narain Meena in written reply to an Unstarred Question in Rajya  Sabha today.

        DSM/Hb

        Insurable population estimate highlights increased insurance penetration and diversified distribution channels among private and public insurers. The regulator reported an approximate insurable population of 57,03,35,944 based on 2001 census data and noted that company-wise insured-person details and APL/BPL classifications are not maintained. It records private life insurers' policies in force and group lives covered as at 31.03.2010 and summarises market developments: increased insurance penetration, expansion of office network, diversification of distribution channels, and growth in first-year and total life premium volumes. An annexure lists registered life, non-life insurers and the national reinsurer.
                          Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
                            Provisions expressly mentioned in the judgment/order text.

                                Insurable population estimate highlights increased insurance penetration and diversified distribution channels among private and public insurers.

                                The regulator reported an approximate insurable population of 57,03,35,944 based on 2001 census data and noted that company-wise insured-person details and APL/BPL classifications are not maintained. It records private life insurers' policies in force and group lives covered as at 31.03.2010 and summarises market developments: increased insurance penetration, expansion of office network, diversification of distribution channels, and growth in first-year and total life premium volumes. An annexure lists registered life, non-life insurers and the national reinsurer.


                                Note: It is a system-generated summary and is for quick reference only.
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