Mumbai: DLF Pramerica Life Insurance Company (DPLI) has received regulatory approval from the Insurance Regulatory Development Authority of India (IRDA) to start life insurance operations in the country.
DPLI is a joint venture between real estate developer, DLF, and US-headquartered financial services major, Prudential Financial Inc.
“With the receipt of this licence, DPLI expects to launch its life insurance business and commence sales in Q3 this year,” a press release issued here today stated.
“DLF Pramerica Life Insurance will be guided by our principle of improving the value proposition to our customers. The combination of PFI and DLF in this joint venture provides a strong foundation for DPLI to make a difference in the life insurance industry,” DLF’s Vice-Chairman, Rajiv Singh said in the release.
PFI’s Senior Vice-President and Co-President ,International Insurance Business, Timothy Feige, said: “The approval brings us one step closer to providing families in India the protection life insurance and differentiated service we have offered in the US and around the world for more than 130 years. India is a very important market for PFI.”
The formation of DPLI to offer life insurance products and services in the country was announced by both parties in March 2007. They had also announced their intention to set up a joint venture asset management company, DLF Pramerica Asset Managers Pvt Ltd, in December last.
“The two operations will be managed separately,” the release said.