Aegon Religare Life Insurance Limited, a joint venture between Aegon, a Netherlands-based international insurance and pension firm and Religare Enterprises Limited, one of India's leading integrated financial services groups, plans to roll out 4-5 new products in 2010-11.
These products would be a mix of Unit-Linked Insurance Plans (ULIPs) and traditional insurance products.
Addressing the media here, Yateesh Srivastava, chief marketing officer of Aegon Religare Life Insurance said, “We will be coming out with 4-5 new products in 2010-11 and these would be a mix of ULIPs as well as traditional insurance products. Aegon Religare which recorded a premium collection of Rs 46 crore in 2008-09 expects to reach a premium collection of Rs 190 crore by the end of this fiscal.”
The company which has sold over 60,000 policies by the end of February this year has set a target of selling 150,000 policies by the end of 2010-11.
The company on Monday launched the 'Aegon Religare Money Back Plan' in the city.
This is a ten-year plan wherein the customers have to pay premium for a period of five years. Once the customers stop paying premium after five years, they will receive 10 per cent of the sum assured on the completion of the sixth year and 15 per cent of the sum assured on completion of the eighth year.
The policy matures on completion of ten years and the customers get a minimum benefit of 100 per cent of the sum assured depending on the sum assured. The maximum return is 110 per cent of the sum assured.
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Talking on the launch of the new insurance plan, Srivastava said, “This plan is aimed at allowing the customers to make provisions for some intermittent financial needs with a certain amount of certainty as they know exactly what will be due both at the money back stage as well as at the maturity of the plan.”
The minimum entry age for this new policy is eight years with the maximum age being 60 years The minimum sum assured for the Aegon Religare Money Back Plan is Rs 60,000 and there is now limit on the maximum sum assured.