India's insurance regulator has granted approval for Go Digit Life Insurance, which will be backed by Canadian billionaire Prem Watsa's Fairfax Financial Holdings. The new firm will become the country's 25th life insurer and is expected to start with an initial capital of INR7bn-INR10bn ($95m-$136m). Fairfax is likely to hold a 30%-40% stake in the joint venture initially, with Go Digit Infoworks owning 80% of Go Digit Life. The life insurer may also place minority stakes with certain banks to strengthen its bancassurance network.