 "AGEON Religare launches guaranteed return online product")
AEGON Religare Life Insurance (ARLI) today launched a new online product - iGurantee Insurance Plan - with assured annual returns for premium spanning over six years.
"It carries with it benefit of providing a guaranteed return to customers for a period of six years. At the end of the policy term, the customer gets an annual return equal to 135% of the premium, paid for a period of six years," said Yateesh Shrivastava, Chief Operating Officer, ARLI.
Detailing about the product, he said the insurance plan will be simple to understand, cover tax benefits under section 80C and 10(10D) and it will not lapse if the premium is paid for at least one year.
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The minimum age to enter the policy is 12 years while, the maximum age is 50 years and the premium can be paid monthly or annually.
"The minimum annual premium for less than 40 years of age is Rs 48,000 and for the age over 40 years is Rs 60,000 per year. The maximum annual premium will be Rs 2,50,000," he said.
With the growth of Internet consuming population and e-commerce, online space has emerged as a significant channel of distribution in life insurance, Harshal Shah, Director-Marketing, ARLI said.
"The iGuarantee Insurance Plan is targeted to the new age customer who prefers a convenient, hassle-free and a non-intermediated process while buying any financial product. Ecosystem today allows for online selling of products," Shah said.
The product which is available exclusively online can be accessed at https://bsmedia.business-standard.combuyonline.Ageonreligare.Com.
Shrivastava said that the company is specifically targeting the urban population to sell the product, however, it will target the rural customer in due course of time.
Company's physical presence is in about 57 cities and online in about 172 cities, he added.
"At least, from value perspective, almost 25% of our business today comes from online space and from volume perspective its closer to 30%. We are seeing reasonable growth (in online space)," Shrivastava said.
ARLI is a collaboration between The Netherlands-based AEGON which provides life insurance, pension and asset management services, India's Religare -- a diversified financial services company and Bennet, Coleman & Company, one of the largest media conglomerate in India.
The company had started selling insurance products online in 2004.