Edelweiss Tokio Life Insurance Company has got final approval from the Insurance Regulatory & Development Authority (Irda) to operate in the life insurance space.
The company is a joint venture between the Edelweiss Group, diversified financial services conglomerate, and Tokio Marine and Nichido Fire Insurance, one of the world's largest insurance groups based in Japan.
The company has been registered as a life insurer under section 3 of the Insurance Act, 1938, Irda said in a notification issued today.
The certificate of registration has been issued by the Authority on May 10, 2011, it said.
With this registration, it said, the total number of life insurers registered with the Authority has gone up to 24.
The company plans to launch insurance products that will cater to the long-term savings and protection needs of the consumers.