When Life Insurance Business Started In India. Max life insurance company limited is a joint venture between max financial services limited and axis bank limited. Life insurance corporation of india:
Life insurance business was started in india in 1818 with the establishment of oriental life insurance company in kolkata. 3.4 nationalisation of the insurance business in india on 19th january, 1956, the management of life insurance business of 245 indian and foreign insurers and provident societies then operating in india was taken over by the central government. The indian life assurance companies act, 1912 was the first statutory measure.