One more new entrant into the Life Insurance Business

By | October 19, 2009
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News reports have suggested that IndiaBulls Financial Services has received RBI approval to hold up to 74% in the proposed Life Insurance venture of the company. IndiaBulls has entered into a joint venture with French company Sogecap. Sogecap is the life insurance arm of French company Societe Generale.

When the company takes off its full fledged operations, it would become the 22nd player to enter the life insurance business in India.

Although the JV was proposed way back in April 2008, there has been a lot of debate and restructuring going on in the shareholding pattern of the company to comply with the laws put down by RBI and IRDA. The RBI rules state that insurance subsidiaries should have a maximum of 50% stake in the company.

IndiaBulls group is a $2 Billion company with interests ranging from Financial Services, Retail and the new Power business.

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About Pradeep Yuvaraj

Pradeep Yuvaraj is a Co-Founder and Director at Finerva Financial Solutions Private Limited, a financial education company focused on personal finance education. He has penned over 250 articles relating to Personal Finance and clocked over 500 hours of educating individuals on managing personal finance. He is a serial entrepreneur and has been associated with 7 Start-ups. His entrepreneurial experience spans industries as varied as Education, Gas Engineering, Automobile Design, Software development and more recently a Pure play presentation design company. Prior to turning entrepreneur in 2005, he has worked for 3 of the top ten companies of the world - Shell, ExxonMobil and Total SA. This experience included handling Branch Operations, Channel Sales and Business Development across 5 states over a period of 8 years. He holds an MBA from Symbiosis and an Electronics Engineering Degree from the University of Pune.

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