DPLI to launch operations in Q3

"The business model will be agency driven which will follow professional standards. We intend to raise the standards of life insurance in India by providing high quality service and relevant products to our customers in a cost-effective manner. Our products will focus on long term protection and will be a mix of traditional policies and Ulips. The distribution network will consist of multiple channels," added Mehta.

 

On a question on being a late entrant, Mehta said, "The number of life insurance players are higher in other markets. For e.g. Hongkong and Japan have more than 40 life insurers while in US there are over 100 players. So, given the vast underpenetrated insurance market in India, we are not a late entrant."

"Prudential of US has the reputation of building businesses from scratch. We are committed to developing DPLI into a successful and enduring life insurance enterprise and are actively recruiting and training our sales teams," said Mehta.

DLF Pramerica Life Insurance Co (DPLI) is a joint venture between DLF, a leading real estate development company in India, and Prudential Financial of the United States.

DLF and PFI have also applied to Sebi to launch an asset management company--- DLF Pramerica Asset Managers.

Another insurance company AEGON Religare Life Insurance Company has also been granted a license by the IRDA to launch operations. AEGON is one of the world's largest life insurance and pension companies while Religare is a domestic financial services institutions.
 
Rajiv Jamkhedkar, CEO, AEGON Religare Life Insurance, "Our plans for the nationwide launch (of the business) are now ready for execution. We will strive to delight our customers through a fresh approach, innovative solutions and seamless delivery." With these new licenses, the total life insurance companies in the country is 21.