Edelweiss Tokio Life seeks to commence business from July
The company has initial paid-up capital of Rs500 crore. The company is a joint venture between financial services conglomerate Edelweiss Group and global insurers Tokio Marine.
Edelweiss Tokio Life, which has received final regulatory approval to commence business, today said the insurer will try and start business from July, depending on product approvals. "We have already submitted four products, both under traditional and unit-linked portfolio, for regulatory approval. As soon as we get the approvals we will start selling it to the public, which may be in July," a company spokesperson told PTI. The company has initial paid-up capital of Rs500 crore, he said. The company is a joint venture between financial services conglomerate Edelweiss Group and global insurers Tokio Marine. Tokio Marine Holdings is the holding company for the Tokio Marine Group. "At 4.5%, Life Insurance penetration in India continues to be low. We see an opportunity there," Edelweiss Group chairman and CEO Rashesh Shah said in a release. Edelweiss has a group net-worth of Rs2,400 crore and a pre-tax profit of Rs 333 crore for FY10.