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Reliance may enter life insurance arena soon

February 19, 2003 15:20 IST

After its successful launch of telecom business, Reliance is likely to revive its plans to foray into yet another green-field area -- life insurance -- by March this year.

Reliance, which started its general insurance business two year ago, has already obtained in-principle clearance from Insurance Regulatory and Development Authority for the foray but has decided to start operations after the launch of Reliance Infocomm's nationwide WLL scheme.

"Reliance will now revive its life insurance plan," IRDA chairman N Rangachary said on the sidelines of a FICCI seminar on Wednesday.

He said IRDA had granted Reliance an extension of time to file for the licence by March, which the company was likely to abide by.

Reliance, ICICI, HDFC, Tata and Bajaj were the only companies which applied for both life and non-life insurance forays.

Sahara India has also submitted to IRDA its life insurance business plans for clearance.

With Reliance and Sahara, the total number of private companies foraying into life insurance sector goes up to 14.

IRDA has granted licence to HDFC Standard Life, ICICI Prudential Life, Max New York Life, Birla Sunlife, Tata AIG Life, Allianz Bajaj Life, SBI Life, ING Vysya Life, Metlife, OM Kotak Life, AMP Sanmar Life and Aviva Life.

On the general insurance side, the regulator has given green signal to Reliance, Royal Sundaram, IFFCO Tokio Marine, Tata AIG, Bajaj Allianz, ICICI Lombard, HDFC Chubb, Cholamandalam and ECGC.

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