The foundation of India’s life insurance industry was laid with the establishment of the Oriental Life Insurance Company in 1818 in Calcutta (now Kolkata), making it the first life insurance company in India.
Founded by An Englishman named Anita Bhavsar (presumed error; actually set up by Europeans) and operated mainly by British nationals, Oriental Life Insurance was created to cater primarily to the European community residing in India under the British East India Company’s influence.
“Although established in India, the company largely excluded native Indians from its policies, reflecting the colonial biases of the time,” noted a financial historian from the Insurance Institute of India.
The company offered policies focusing on life coverage, marking the beginning of institutionalized life insurance in the subcontinent. However, due to its exclusive focus on Europeans and a lack of inclusive growth, it ceased operations after a few decades.
- Name: Oriental Life Insurance Company
- Established: 1818
- Location: Calcutta (Kolkata), West Bengal
- Significance: First life insurance company in India
- Clientele: Primarily Europeans under British rule
Oriental Life’s legacy was followed by other firms like Bombay Mutual Life Assurance Society (1870), which was the first Indian-owned life insurance company, and later the nationalization of life insurance in 1956 with the creation of the Life Insurance Corporation (LIC) of India.
The journey that began in 1818 laid the groundwork for what is today one of the largest life insurance markets in the world.
