Punjab National Bank and Vijaya Bank have partnered the insurance venture along with a US corporate, The Principal Financial group.
Earlier proposed partner Zurich Financial Services has deferred its interest in investing in India. So this now move. Also, the RBI had turned down a proposed venture with DCM Shriram Group, as the corporate was a customer of PNB. Before that it was Hero Cycles. That also fell through as Hero Cycles sought management control.
Already there are about 12 players in the life sector. Doesn’t this seem to flooding the already full-to-the-brim insurance market? Sumitomo and Cholamandalam are also in the race.
Looks like more and more lives are getting insured! Or more and more companies insure the same lives?
IMP. NOTE : This blog was started on Sep.17, 2005. The above post is typed and inserted into this blog from my diary entry of the even date.
Posted by Revathi 