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Bank of India, Union Bank of India enters life insurance

Star Union Dai-Ichi Life Insurance Company Limited, a joint venture life insurance company promoted by Bank of India, Union Bank of India and Dai-ichi Mutual Life Insurance Company, Japan, has been registered as a Life Insurer by IRDA.

The Certificate of Registration has been issued by The Insurance Regulatory and Development Authority (IRDA) on 26.12.08. With this registration, the total number of Life Insurers registered with the Authority has gone up to 22.

The Joint Venture Agreement, among others, envisages, a capital stake of 51% by BOI, 26% by Dai-ichi Life and 23% by Union Bank. The Joint Venture company would have initial paid-up capital of Rs. 250.00 Crore.

The Joint Venture Company, with the strength of the domestic partners in the Indian Financial Sector coupled with the Dai-ichi Life's strong domain expertise is expected, to emerge as a strong player in the Indian Life Insurance market. The company aims to develop various products to serve all strata of the society.

Bank of India and Union Bank have a strong nationwide network of more than 5000 offices, which shall provide a sound distribution channel with a wide reach, which is the key to the success of an insurance venture. More than 48 million strong banking customer base of the two banks provides ready scope of cross selling of insurance products. The two banks have strong brand equity, and command high level of trust among their customers and people at large. Additionally the Regional Rural Banks sponsored by the two banks have more than 1400 branches to tap the life-insurance business in the rural areas.

Dai-ichi Life is a leading player in the Life Insurance Segment in Japan and is one of the Top 10 Life Insurers in the world and the second largest Life Insurance Company in Japan. Established in 1902, it has more than a century of experience in Life Insurance business. It has sound product knowledge, sharp asset management skills, and strong operational capabilities to manage Life Insurance business, which make Dai-ichi Life the best insurance JV partner on the domain side.

Raheja QBE General Insurance Company Ltd gets IRDA approval Click here

IRDA has issued Certificates of Registration to five new companies in May-June 2008, to undertake insurance business in India Click here

Canara HSBC Oriental Bank of Commerce (OBC) Life Insurance has become operational Click here

Click here for list of Insurance Companies in India
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