Edelweiss Tokio Life today said it will try and start its business from July this year, depending on product approvals. The insurer has already received final regulatory approval to commence business.
"We have already submitted four products, both under traditional and unit-linked portfolio, for regulatory approval. As soon as we get the approvals we will start selling it to the public, which may be in July," a company spokesperson told PTI.
The company has initial paid-up capital of Rs 500 crore, he said.
Edelweiss Tokio is a joint venture between financial services conglomerate Edelweiss Group and global insurers Tokio Marine.
Tokio Marine Holdings is the holding company for the Tokio Marine Group.
"At 4.5%, Life Insurance penetration in India continues to be low. We see an opportunity there," Edelweiss Group Chairman and CEO Rashesh Shah said in a release.
Edelweiss has a group net-worth of Rs 2,400 crore and a pre-tax profit of Rs 333 crore for FY10.