Indiabulls Life Insurance Company, a subsidiary of Indiabulls Integrated Services, on Tuesday received preliminary approval from insurance regulator IRDAI to foray into the life insurance business.

The company is in the process of putting in place the necessary systems and move ahead with the next step of filing its application for registration (R2) with the Insurance Regulatory and Development Authority of India (IRDAI) to undertake life insurance business in India, the company said in a regulatory filing.