The policyholders of Sahara India Life Insurance Co. Ltd (Sahara Life) may soon be dealing with a new insurer—ICICI Prudential Life Insurance Co. Ltd (ICICI Pru Life), which has expressed interest to take over the life insurance business of Sahara Life. Around 3 weeks ago, the Insurance Regulatory and Development Authority of India (Irdai), for the first time in its existence, took over the administration of a life insurance company.
Irdai believed that Sahara Life was acting against policyholders’ interests. Subsequently, it offered six insurers—namely: Life Insurance Corporation of India, ICICI Pru Life, HDFC Standard Life Insurance Co. Ltd, Bajaj Allianz Life Insurance Co. Ltd, Kotak Mahindra Old Mutual Life Insurance Co. Ltd and SBI Life Insurance Co. Ltd—a chance to take over Sahara Life’s insurance business and directed the company to not issue new policies.
