Aegon Religare plans three new online products by March

Presently, they've four insurance products for the online platform

Leading private sector life insurer Aegon Religare Life Insurance Company Ltd plans to roll out at least three new online insurance products before the end of this fiscal, subject to regulatory approval from Insurance Regulatory Development Authority (IRDA).

“Before March 2015, we are planning at least three new online insurance plans, but it depends on regulatory approval. They can be purely insurance products or insurance cum investment products. The online platform remains one of our important channels. Twenty three per cent of our total sales comes through the online channel,” said Amit Kumar Roy, chief distribution officer, Aegon Religare Life Insurance Company Ltd.

Presently, Aegon Religare has four insurance products for the online platform.

The insurance firm mopped up Rs 450 crore premium in 2013-14 including new business premium of Rs 150 crore, registering a growth of 32 per cent. “In 2014-15, we are targeting growth of 50 per cent in premium collection,” said Roy. He said, Aegon Religare’s claim settlement ratio is 87 per cent and it is expected to cross 90 per cent by 2015-16. The claims are being settled within 48 hours, he added.

Aegon Religare forayed into the life insurance business in 2008 and is looking to break even in 2-3 years.

In Odisha, it has a customer base of around 30,000. Presently, the insurance company has branches in Bhubaneswar, Cuttack and Rourkela. The company has a resident business manager at Bhadrak and intends to have nine more managers in the state to service customers in rural and semi-urban areas.

Aegon Religare today launched its Aegon Religare Premier Endowment Insurance Plan.

This plan is aimed at customers who are looking at a guaranteed addition to their savings for achieving their medium to long-term goals. In keeping with Aegon Religare’s product philosophy of offering simple products, the Aegon Religare Premier Endowment Insurance Plan offers the customer a guaranteed addition of five per cent of the sum assured, every year, during the premium payment term. Apart from offering a life cover for the entire policy term, it also offers an increase in the benefit amount every year, by accrual of bonus that commences from the first year.

“This plan is a part of the endeavour to provide a solution for meeting a customer’s medium to long-term commitment by way of offering limited premium payment term and guaranteed additions along with the life cover”, Roy said. “In Odisha, we are targeting 10,000 policies under the plan by March 2015,” he said.