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The Association was formed in 1923 by Life Offices' Association to oversee interests of life Insurance companies in India. The first meeting was held 27 April 1923 at Standard Life Assurance Company's Standard Buildings, Calcutta. In January 1956 the Indian Government issued a Life Insurance (Emergency Provisions) Ordinance which effectively led to 'seizure of the business' and a freezing of funds of all Life Offices operating in India. This was followed by the passing of the Life Insurance Corporation Act 1956 which led to agreement with parent body Life Offices' Association, and the Associated Scottish Life Offices to dissolve the Association of Life Offices in India.
Meetings were mainly held at offices of North British Mercantile Insurance Company Limited (staff of which acted as secretary and officers along with other companies) at North British Building, Clive Street, Calcutta, India (1941), later same Building 29 Netaji Subhas Road, Calcutta (1954).