estate developer DLF and Prudential Financial of the
US have joined hands to start an insurance venture in
India by early next year with an initial capital of
Rs100 crore, reports CNBC-TV18.
intial captial of Rs100 crore will be put into the venture
with Prudential Financial contributing Rs26 crore as
per the current FDI limit. However, sources told CNBC-TV18
that investments are set to go up to Rs1,000 crore over
the next 10 years.
strong customer base, both individuals and institutions
of DLF's real estate business, and to differentiate
from its competitors, they will be focusing on higher
degree protection products as opposed to ULIPs, which
the insurance market is flooded with.
Financial of US is entering into the Indian insurance
market and has real estate developer DLF as its Indian
counterpart. The venture DLF Pramerica Life Insurance
Company Ltd will apply for licence to insurance regulator
IRDA next month to commence business.