India, July 24 -- Online broking giant Angel One plans to form a joint venture (JV) with Singapore-based Livwell to float a "digital-first" life insurance company.

Angel One will own a 26% stake in the proposed JV and LivWell Holding Company Pte Ltd will own the remaining 74%. The two companies will also invest 400 Cr in the proposed entity.

The proposed JV will be incorporated on receiving all the approvals, including the one from the Insurance Regulatory and Development Authority of India (IRDAI).

The JV will leverage LivWell's expertise in the insurance and financial sectors, while Angel One will bring its network effects and user base to the table.

Angel One is looking to leverage its strong distribution network to increase the in...