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Barclays advised Thai Life on the deal, Thai Life said in a statement.
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The military has always played a prominent role in Thai life.
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Barclays is advising Thai Life on the sale, according to a previous Reuters report.
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Thai Life officials were not available for immediate comment.
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Thai Life is controlled by the Thailand's Chaiyawan family.
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A Meiji Yasuda spokesman declined comment, while Thai Life officials were unavailable for an immediate comment.
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Under the proposed deal Thai Life, controlled by the Chaiyawan family, is likely to issue new shares.
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Meiji and Thai Life announced the deal in separate statements on Friday without disclosing the deal's value.
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SCB Life is ranked fourth in Thailand's life insurance market, with Muang Thai Life Assurance Public Co as the market leader.
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The Thai Life auction comes at a time when at least three other insurance deals are being planned in the region.
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SCB Life is ranked No.5 in the Thai life insurance market with a share of 10 percent.
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Unlisted Thai Life, the country's second biggest life insurer, is planning to sell a stake of about 20 percent in the company.
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Khazanah recently dropped from the race to buy a minority stake in unlisted Thai Life Insurance Co, a person familiar with the matter said.