The Private Life Insurance Companies have put a fantastic effort to break into the monopoly of LIC India. LIC controlled 100% of the market in 2000 and since then its market share has slipped to less than 50% and at the end of October-08, it was at 37.1%. Private Insurance Companies control 62.9% of the Life Insurance market in India.
Top 5 Private Life Insurance companies Marketshare at the end of Oct-08 is as follows,
- ICICI Prudential – 14.1%
- SBI Life 9.1%
- Bajaj Allianz – 8.5%
- Reliance Life – 5.6%
- HDFC Standard – 5.5%
The following chart [courtesy IRDA] shows the market share of the rest of life insurance companies operating in India.