Edelweiss Tokio Life Insurance Company Limited, a joint venture between the Edelweiss Group and Tokio Marine has been registered by Insurance Regulatory & Development Authority (Irda) to carry on the business as a life insurer. Tokio Marine is one of the world’s leading insurance group headquartered in Japan.

According to a company release, Edelweiss Tokio Life plans to commence sales later this year, depending on product approvals.

Speaking at the occasion Rashesh Shah, chairman and CEO, Edelweiss Group said: “At 4.5%, Life Insurance penetration in India continues to be low. We see an opportunity there. With a global leader as a partner and a country wide distribution network Edelweiss Tokio Life is well placed to benefit from this opportunity.