AEGON Religare Life Insurance targets Rs 100 cr premium

Mumbai, Aug 12 (UNI) AEGON Religare Life Insurance, a joint venture of financial service provider Religare and global insurance firm AEGON, has launched its life insurance business in India and targets to raise Rs 100 crore premium by the end of this fiscal.

The company, with an initial capital of Rs 370 crore for the first year operation, plans to sell 60,000 policies by the end of this fiscal, CEO of the company, Rajiv Jamkhedkar told mediapersons here today.

He said, ''We have entered the insurance market bringing six life insurance products with different investment plans and looking for entry into rural, social and pension product business in the near future.'' The initially launched products include-AEGON Religare Level Term Plan, Protect Gain Plan, Star Child Plan and Premium Gain Plan, of which the last three products are unit linked insurance products (ULIPs).

The firm had started with 650 employees, through 38 branches in 32 cities across the country and has planned to increase the number of branches and employees up to 68 and 1,000, respectively, this year, Mr Jamkhedkar said.

''We are also planning to launch an online insurance awareness programme and a University for training the insurance agents who would be absorbed by the company,'' he added.

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