At a time when a section of the existing life insurance players prepare to exit from the intensely competitive market, new and strong players are warming up to take on the challenge.

Among the first of the new set of entrants could well be Punjab National Bank (PNB).

The RBI has given its go-ahead for the bank’s proposed foray into the life insurance business. The new company would aim to be a niche player with a predominant focus on the group life insurance segment.

The life venture would be floated jointly with the Principal Financial Group, US, and Bangalore-based Vijaya Bank. There is also a possibility that Berger Paints might participate in the equity of the life insurance company that is to be christened Principal PNB Life Insurance Co. Confirming the development, Ranjan Dhawan, General Manager, PNB, said that the new company would soon be moving the Insurance Regulatory and Development Authority (IRDA) for the final approvals before taking a plunge into the market.

PNB set to enter life insurance biz

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