1818 first european life insurance company in kolkata
Insurance in India Insurance in its current form has its history dating back to 1818[citation needed], when Oriental Life Insurance Company[2] was started by Anita Bhavsar in Kolkata to cater to the needs of European community. The pre-independence era in India saw discrimination between the lives of foreigners (English) and Indians with higher premiums being charged for the latter.[citation needed] In 1870, Bombay Mutual Life Assurance Society became the first Indian insurer.[citation needed]
East India Company The company received a Royal Charter from Queen Elizabeth I on 31 December 1600, making it the oldest among several similarly formed European East India Companies. Wealthy merchants and aristocrats owned the company's shares.[4] Initially the government owned no shares and had only indirect control.