DLF Pramerica Life Insurance and Prudential Financial have announced that it has been granted an R3 license by the Insurance Regulatory Authority of India, allowing DPLI to start life insurance operations in India.

With the receipt of this license, DLF Pramerica Life Insurance (DPLI) expects to launch its life insurance business and commence sales in the third-quarter of 2008. The company, which is headquartered in Gurgaon, has recruited a team of professionals and plans to offer a broad range of life insurance products to consumers.

Rajiv Singh, vice chairman of DLF, said: The establishment of this company reflects our ongoing commitment to building a new India. DLF Pramerica Life Insurance will be guided by our principle of improving the value proposition to our customers. The combination of PFI and DLF in this joint venture provides a strong foundation for DPLI to make a difference in the life insurance industry.