Edelweiss Tokio Life Insurance gets initial approval from Irda

Edelweiss Tokio Life Insurance Company, a joint venture between Edelweiss Capital and Tokio Marine, today said it has received the initial R1 approval from the Insurance Regulatory & Development Authority (Irda).

R1 is the first step of regulatory clearances required for carrying on the business as a life insurance company in India.

"Life insurance premiums are likely to increase from the present level of Rs 2 lakh crore to about Rs 10 lakh crore in the next decade. We are excited by this opportunity and are confident of bringing a differentiated offering leveraging product development capabilities, understanding of Indian consumer needs and our partners' global experience," Edelweiss Tokio Life Insurance Director Deepak Mittal said in a statement.

Tokio Marine is one of the world's largest insurance groups headquartered in Japan. With over 130 years of experience in the insurance sector it has expanded its reach across geographies in life and non-life insurance sectors.