BoI, Dai-ichi, UBI signs pact

The trio, Bank of India (BoI), a Japan-based Dai-ichi Mutual Life Insurance Company, and Union Bank of India (UBI) have jointly come up with a Life Insurance Company.

The company is to be called 'Star Union Dai-ichi Life Insurance Company Limited'. The partners are waiting for the registration and the required clearance from the Insurance Regulatory and Development Authority (IRDA). It will then float its products in the market.

BoI holds 51per cent, Dai-ichi holds 26 per cent and UBI holds 23per cent in the company. The paid-up capital stands at Rs.250 crore.