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Uttar Pradesh is amongst the leading domestic markets in the online/electronic sale of life insurance policies.
Not only is UP a big market, the consumers here have been quite open in experimenting when it comes to technology or new products, Aegon Religare chief distribution officer Amit Kumar Roy told Business Standard here.
While Aegon’s pan-India percentage of online sale of life insurance products stands at roughly 23 per cent, UP scores much better, he informed.
Perceptibly UP is acknowledged as a developing market, especially for financial products.
However, the performance of private life insurance companies had been much better here compared to some even developed Indian states, he noted.
Aegon is targeting about 70 per cent growth in new premium income in UP during the current financial year to top up its performance of Rs 30 crore during 2013-14.
“Ever since, the life insurance segment was opened for private players in 2001, the private companies have had a good run in the state,” Roy claimed. For Aegon, the state accounts for over 30 per cent of premium income.
He said the penetration percentage of private life insurers in UP was about 32 per cent compared to only 11-13 per cent pan-India.
Meanwhile, he announced the launch of Aegon Religare Premier Endowment Insurance Plan, which seeks to cater customers looking at guaranteed addition to savings for their medium to long term goals.
It offers guaranteed addition of five per cent of the sum assured every year during the premium payment term.
Roy said the central government’s agenda to bring the unbanked population to the formal banking space would start giving dividends in years to come for the companies engaged in selling financial products.
