In India, corporate governance in insurance sector is guided by the corporate governance guidelines issued by Insurance Regulatory and Development Authority of India (IRDAI). Corporate governance guidelines issued by IRDAI on 18^th May 2016 shall be applicable on Indian insurance companies from financial year 2016-17. These guidelines mainly cover board composition, board meetings, board committees, disclosures in financial statements, provision regarding Key Managerial Personnel, whistle blower policy, reporting under IRDAI corporate governance guidelines etc. This paper analyses the implementation of these corporate governance guidelines by five life insurance companies. Secondary source of data including public literature, annual reports, journal were used. The results show that mostly all the guidelines issued by IRDAI were being followed by these companies.