What LI Council actually does
Life Insurance Council LI Council
Statutory self-regulatory council for life insurance (Insurance Act s.64C, IRDAI)
The Life Insurance Council is the statutory self-regulatory body of India's life-insurance industry, constituted under section 64C of the Insurance Act, 1938. Its member roster spans the life industry — from LIC to private insurers and new entrants — and its remit covers efficiency, public interest, advice to government/IRDAI, and education via affiliated insurance institutes.
Statutory role
- Promote efficiency among life insurers, advance the public interest, and advise government and IRDAI on the industry's growth.
- Runs education and training through affiliated insurance institutes; publishes the industry year book and journals.
Membership (captured 2026-09-26)
- 27 life insurers listed on lifeinscouncil.org — LIC, private insurers (HDFC Life, SBI Life, ICICI Prudential Life...), and recent entrants (Acko Life, CreditAccess Life).
- Council office-bearers are drawn from member-insurer leadership; the site lists insurers with their CEOs.
Gaps & open questions
- No published enforcement or code-discipline record — the council's consumer relevance depends on machinery that is not publicly traceable.
- Grievance data is not published by the council; consumer complaints flow to insurers and IRDAI's Bima Bharosa instead.