Samsung Life to enter Indian insurance sector

Presently, India has 14 private life insurance companies and there is more room for private players. The two new private insurance entrants are Bharti AXA Life insurance and Shriram Group. Apart from these two, the third private insurance company waiting to make its venture in India is Samsung Life, which is Korea's oldest life insurance company. The company will begin its operations when the Insurance Regulatory and Development Authority will give its consent to hybrid life and non life insurance companies. Samsung Life had been in talks with several banks in India like Vijaya Bank, Allahabad Bank and ITC for its joint venture. To begin its operations in India, the company would require separate licence as IRDA does not allow hybrid insurance. But it is expected that it would soon be brought in. Hybrid life insurance combines different types of life insurance. The major type of hybrid life insurance is variable universal life insurance, which combines features of variable life and universal life insurance. With this new change, the common man would be introduced to yet another genre of insurance.