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Bharti AXA Life Insurance Company to be the sixteenth player in the life insurance segment

Insurance Regulatory Development Authority (Irda) has given telecom major Bharti Enterprises the go-ahead to enter the life insurance business partnering French major AXA. Bharti will hold 74% stake, while AXA will hold 26% stake in the joint venture. The JV company has earmarked Rs 500-crore investment for a period of 3-4 years.

Bharti AXA Life Insurance Company will be the sixteenth player in the life insurance segment. Bharti will be the second telecom company after Reliance to foray into the insurance business.

Competition is hotting up in the life insurance segment, with the entry of more private players. Irda is also looking into Punjab National Bank/ Vijaya Bank application for entry into the life insurance business.

Life Insurance segment has great potential as 80% of the population is without life insurance coverage.

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