Shriram Life gets licence from Irda

Shriram Life Insurance Company, the recently-formed joint venture between the city-based Shriram group and the South Africa-based Sanlam group, has obtained the licence to operate in the life insurance market in the country.

The company, which received the r1 licence from Insurance Regulatory and Development Authority (Irda), is set to commence operations from September 1, according to a press release issued by the Shriram group today.

Shriram group manages funds of over Rs 6,700 crore in its truck financing business, and has a significant presence in consumer durables financing, insurance and stock broking.

Sanlam Life Insurance, a part of Sanlam group, is one of the biggest life insurance providers in South Africa.