The history of insurance in India dates back to 1818. In India, the life and general insurance market is expanding and has a great deal of opportunity for international businesses. Life insurance accounts for 2.5% of India's GDP. The maximum insurance rate in India is 0.65% of GDP. In 1999, the Government of India extended the insurance sector by allowing eligibility to claim insurance and permitting FDI up to an additional 26%. The insurance market in India has long undergone some stages and changes, mostly in recent years. When you consider it, the Indian insurance segment can be considered a growing market with global insurance companies expected to account for the lion's share. Currently, India's largest LIC is still owned by officials. India's insurance landscape is now undergoing significant changes. Due to nationalization in 1956, the existence insurance sector was shielded from foreign competition and put under pressure from the market. As a result of liberalization and privatization, many new players have now joined the fray as the arena has been re-established. The game is old, but the rules are brand-new and evolving.