Bharti AXA Life Insurance gets final IRDA approval

Mumbai, July 19 (UNI) Bharti AXA Life Insurance Company, a insurance joint venture between Sunil Mittal's Bharti Group and global insurance major AXA, has received the final licence approval from Insurance Regulatory and Development Authority (IRDA).

A company's release here today said that this clearance was the last of the three steps in the registration process. The company is now awaiting final product approvals ahead of its imminent launch, it added.

In compliance with the IRDA regulations, the joint venture - with an equity stake of 74 per cent by Bharti Enterprises and 26 per cent by AXA - plans to invest around Rs 500 crore in its first three to four years of operation.

The Bharti AXA combine is expected to leverage Bharti Airtel's well-entrenched distribution capabilities and AXA's global insurance expertise to become a market leader, the release added.

AXA already has ten years of experience in India through its business process outsourcing (BPO) units in Pune and Bangalore. It has been closely assessing developments in the Indian insurance market for the last two years and will be introducing its successful customer service models from its other Asian markets, the release added.

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