Aegon Religare sets target of Rs 500 cr premium for this year

Private life insurance company Aegon Religare has set a target of Rs 500 crore for recieved premium in the current financial year, and intends to use the money for expanding its operations across the country.

"The company has set a target to increase the topline to a total recieved premium of Rs 500 crore as compared to a total recieved premium of Rs 166 crore achieved in the financial year 2009-10," said Rajiv Jamkhedekar, CEO and MD of the company.

Speaking to the media about the company's plans to expand its business, he said that the company currently operates 57 branches in the country, which will be doubled in the current year.

Over 2,000 people would be hired to support the branch network expansion, Jamkhedekar said, adding that 13,000 personnel would be added to its network of 7,000 financial advisors.

"Besides this, we will tie up with banks and third-party distribution networks to enhance our presence in smaller towns," he said.

The company is expected to have a direct presence in 70 cities across the country by the end of this year.

Jhamkhedekar said that Aegon Religare has launched innovative products to suit the needs of a wide range of customers and, in the current year, more would be launched -- starting with a health product in July.