Life Insurance Council

What Life Insurance Council does

Life Insurance Council is a statutory industry body constituted under Section 64C of the Insurance Act 1938, headquartered in Mumbai, India. It represents all 26 life insurance companies operating in the country — including Life Insurance Corporation of India (LIC) and private-sector insurers such as HDFC Life, Aditya Birla Sun Life, and Bharti AXA Life — and functions as the formal interface between the Government, the Insurance Regulatory and Development Authority of India (IRDAI), and the public. Its core mandate is industry coordination, policy advocacy, regulatory compliance facilitation, and consumer protection, rather than product sales; the Council explicitly does not sell insurance or announce bonuses to policyholders.

The Council delivers its mandate through a portfolio of services: an Industry Information Portal publishing consolidated statistics (new business performance, individual agent counts, MIS reports, fund NAVs, product catalogs, public disclosures); Consumer Education Resources covering insurance basics, ULIPs, planning, and claims; an Insurance Career Portal listing opportunities across 24 partner institutes; Grievance Redressal Services routed through 17 Ombudsman centres; and Insurance Awareness Campaigns such as the multi-language 'Sabse Pehle Life Insurance' initiative and the Azadi Ka Amrit Mahotsav (AKAM) video series in 11 Indian languages. Governance is through an Executive Committee chaired by Shri R. Doraiswamy (representing LIC) with Shri S. Gopa Kumar as Secretary General and an IRDAI nominee (Ms. Shalini Prasad), alongside representatives of member insurers.

The Council is funded by member life insurance companies rather than operating a commercial revenue model. Scale proxies from its membership base include over Rs 43,921 crore in deployed capital, Rs 56,95,720 crore in managed assets, Rs 4,97,595 crore in infrastructure investments, more than 11,238 branches, over 26.29 lakh individual agents, 3.87 lakh direct employees, and 32.69 crore in-force policies as of 31 March 2023. The sector it represents recorded Rs 34,007 crore in new business premium in October 2025, a 12.1% year-on-year increase, and a 62.7% rise in policy sales, with the Council's awareness, training, and grievance infrastructure positioned as the connective tissue across all 26 member insurers and their end consumers.

Name

Life Insurance Council

Legal name

Life Insurance Council

Website

https://lifeinscouncil.org

Company type

Private

Founded year

1938

Operating status

Operating

Headcount range

1–10 employees

Short description

Life Insurance Council is the statutory industry body under Section 64C of the Insurance Act 1938, representing all 26 life insurers in India and serving as the interface between the Government, IRDAI, and the public through industry coordination, consumer education, awareness campaigns, and grievance redressal.

Ownership category

akta.pro rank

Product category

Insurance Industry Association

NAICS

Insurance Carriers and Related Activities (524), Insurance Carriers (5241)

SIC

Life Insurance (6311), Services-Membership Organizations (8600)

akta.pro primary industry

Level Term Life Insurance (FSAIAAAA)

akta.pro secondary industry

Insurance Literacy (Health, Auto, Home, Life) (EDAAAJAF)

Keywords

• Life insurance industry
• Industry advocacy body
• Consumer insurance education
• Insurance awareness campaigns
• Industry data reporting

Headquarters

HQ city

Mumbai

HQ country

India

HQ region

Asia

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Others

Distribution channels1 record

Marketing channels5 records

Core offering

Life Insurance Council is a statutory industry body constituted under Section 64C of the Insurance Act 1938, representing all 26 life insurance companies in India. It serves as the interface between the Government, the Regulator (IRDAI), and the public, providing industry coordination, consumer education, grievance redressal support, statistical industry data publication, insurance awareness campaigns, and promotion of insurance as a career.

Product overview

Life Insurance Council is an industry body (constituted under Section 64C of the Insurance Act 1938) that serves as a forum for all 26 life insurance companies in India. It is not a product company but provides industry-level services including: an Industry Information Portal offering statistical data (new business performance, agents data, MIS reports, fund NAVs, public disclosures); Consumer Education Resources covering insurance basics, ULIPs, planning, and claims; Insurance Courses and Training with information on programs and 24 partner institutes; a Career Portal listing opportunities across 24 member companies; Grievance Redressal Services with access to 17 Ombudsman centres; and Insurance Awareness Campaigns including the 'Sabse Pehle Life Insurance' initiative. The Council does not sell insurance products directly to consumers.

Differentiator

Problem solved

Functional benefit

Products and services

• Industry Information Portal

Quantifiable outcome

• 15,666,689 visitors to website

Segments3 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

13 partnerships are on record, tiered core and supporting.

• National Council for Financial Education (NCFE)coreStrategic or Co-development PartnerPartnership for Financial Literacy Week 2026 initiatives, promoting financial education awareness across India through coordinated campaigns and educational materials.
• Insurance Regulatory and Development Authority of India (IRDAI)coreStrategic or Co-development PartnerPrimary regulatory body overseeing life insurance companies. The Council works closely with IRDAI for regulatory compliance, policy matters, and industry development initiatives.
• Insurance Association of IndiacoreStrategic or Co-development PartnerParent organization of the Insurance Association of India, under which both Life Insurance Council and General Insurance Council operate.
• Tariff Advisory CommitteesupportingOthersRegulatory body that controls rates, benefits, terms and conditions offered by life insurance companies in India.
• Institute of Insurance and Risk ManagementsupportingTechnology or IntegrationEducational institute offering insurance and risk management courses, supporting the Council's education and training initiatives.
• National Insurance AcademysupportingTechnology or IntegrationPremier institute for insurance training and education, partnering with the Council for industry skill development.
• Insurance Institute of IndiasupportingTechnology or IntegrationLeading institute providing insurance education and professional certifications, supporting the Council's training initiatives.
• Actuarial Society of IndiasupportingTechnology or IntegrationProfessional body for actuaries in India, working with the Council on industry standards and practices.
• Securities and Exchange Board of India (SEBI)supportingStrategic or Co-development PartnerRegulatory body for securities markets. Works with Council on ULIP regulations and investor protection matters.
• Reserve Bank of India (RBI)supportingStrategic or Co-development PartnerCentral bank of India, collaborating on financial sector regulations and policies affecting life insurance.
• Federation of Indian Chambers of Commerce and Industry (FICCI)supportingStrategic or Co-development PartnerMajor industry chamber participating in insurance summits and industry events organized by the Council.
• Confederation of Indian Industry (CII)supportingStrategic or Co-development PartnerLeading industry association collaborating on insurance industry development and policy advocacy.
• Insurance Brokers' Association of India (IBAI)supportingStrategic or Co-development PartnerAssociation of insurance brokers advocating for GST zero-rating policy for insurance to allow input tax credits and reduce costs for insurers and intermediaries.

Scale indicators12 records

Recent moves5 records

Expansion highlights6 records

Direct peers

• Insurance Council of Australia: Australian insurance industry body representing general insurers and acting as a coordination forum with government and regulators. Comparable in its role of bridging industry members with policymakers and consumers.
• Insurance Europe: European insurance and reinsurance federation representing national member associations across Europe. Performs pan-European industry coordination, regulatory advocacy, and consumer education comparable to Life Insurance Council's national-level role in India.
• Association of British Insurers (ABI): UK trade association representing the insurance and long-term savings industry. Performs the same coordination, advocacy, and consumer education role for UK insurers that Life Insurance Council does for Indian life insurers.
• American Council of Life Insurers (ACLI): National trade association representing life insurance companies in the United States. ACLI is the closest functional peer to Life Insurance Council of India: it serves as the statutory-style collective voice of US life insurers on policy, regulation, and consumer education, directly comparable in mission and structure.
• Insurance Association of India: Parent body of both Life Insurance Council and General Insurance Council in India. Operates as the umbrella industry association for all insurers in India, providing the same coordination and advocacy function at a broader sector level.
• General Insurance Council of India: Sister industry body representing general (non-life) insurers in India, operating under the same Insurance Association of India umbrella. Mirrors Life Insurance Council's mandate for the property/casualty/health segment, making it the most structurally comparable peer within the same geography.
• Canadian Life and Health Insurance Association (CLHIA): Canadian trade association for life and health insurers. Closely parallels Life Insurance Council's life insurance-specific mandate, advocacy function, and consumer education responsibilities in a different geography.

Emerging players

• LIMRA: US-based research and trade association focused on the insurance and financial services industry, with strong emphasis on talent development, research, and benchmarking. Comparable to Life Insurance Council's research, training, and institute-catalog functions, though operating as a commercial-membership research body rather than a statutory industry association.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/life-insurance-council

Revenue estimate

Valuation estimate

Number of profiles

Profiles11 records

Funding overview

Funding rounds

Investors

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M&A

Investments

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Frequently asked questions about Life Insurance Council