CARITAS LIFE INSURANCE CORPORATION (CLIC) was incorporated and registered with the Securities and Exchange Commission on 21 November 2003, with an initial paid-up capital stock of PHP 75 million contributed surplus. On 25 November 2004, the Insurance Commission (IC) granted Caritas Life its Certificate of Authority to operate as a Life Insurance Company. As of December 2021, Caritas Life's Paid-Up Capital and Contributed Surplus have been increased to PHP 601 million and PHP 206 million, respectively, solidifying its present total net worth of over PHP 1.2 billion.

Caritas Life offers Individual and Group Insurance products. It underwrites the insurance portfolio of several groups including Caritas Health Shield and Caritas Financial Plans. Caritas Life has released more than PHP 540 million in aggregate insurance benefits as of yearend of 2021.

Caritas Life is a 100% subsidiary of Caritas Health Shield, Inc., the umbrella organization of the Caritas Companies. From its modest beginnings in 1995, Caritas Health Shield now ranks as one of the country's top provides of personalized health care services. Caritas Life Insurance Corp. has an asset base of over PHP 1.364 billion as of yearend 2021, confidently provides customer-friendly insurance services for all its privileged and ever-growing number of insured.

In pursuit of its desire to provide excellent and diversified services to the changing needs of the Filipino Family, Caritas Health Shield established subsidiaries which cater to its members' medical and financial requirements: Caritas Life Insurance and Caritas Financial Plans. .

Caritas Life is an active member of the Philippine Life Insurance Association (PLIA).