Edelweiss Tokio Life, a joint venture of Edelweiss Capital Ltd and Tokio Marine Group, one of the world's leading insurance groups based in Japan, has been registered as a life insurer by the Insurance Regulatory and Development Authority of India (IRDA).
IRDA issued the certificate of registration to Edelweiss Tokio Life on 10 May 2011, Edelweiss Capital said in a filing with the Bombay Stock Exchange (BSE).
With this, the number of life insurers registered with the IRDA has gone up to 24.
Edelweiss Tokio Life said it would launch insurance products that cater to the long-term savings and protection needs of the consumers.
Speaking on the occasion, Rajesh Shah, chairman of Edelweiss Group, said, "At 4.5 per cent, life insurance penetration in India continues to be low. We see an opportunity there. With a global leader as a partner and a countrywide distribution network. Edelweiss Tokio Life is well placed to benefit from this opportunity."
Hiroshi Endo, managing director of Tokio Marine Holding, added: "Tokio Marine Group has been looking at India as an exciting opportunity, where we have Edelweiss as our partner. And now that we have been granted licence, we will launch customer-focused approach and hope to be successful."