In a landmark step toward financial self-reliance during colonial rule, the Bombay Mutual Life Assurance Society was founded in 1870, becoming the first Indian life insurance company.
Unlike earlier insurers such as the Oriental Life Insurance Company (1818), which catered exclusively to Europeans, Bombay Mutual was the first to insure Indian lives, including the middle class, professionals, and traders. It marked a significant moment in India’s financial history by challenging colonial financial dominance and promoting inclusive access to life insurance.
“Bombay Mutual’s foundation was not just about insurance — it was about Indian empowerment in a sector long monopolized by foreign firms,” said a financial historian.
The company was headquartered in Bombay (now Mumbai) and operated with the motto of “Insurance for Indians, by Indians.” It laid the foundation for future Indian-owned insurance institutions and helped pave the way for broader financial inclusion.
- Name: Bombay Mutual Life Assurance Society
- Established: 1870
- Location: Bombay (Mumbai)
- Significance: First Indian-owned life insurance company
- Clientele: Indian citizens (inclusive of all communities)
Bombay Mutual eventually became part of the Life Insurance Corporation of India (LIC) after the nationalization of the life insurance industry in 1956. Today, its legacy lives on in the trust Indians place in domestic insurers.
