Aegon Religare Life Insurance today said it will invest about Rs 120 crore in the next six months to expand its reach and workforce.
"We are planning to increase our paid-up capital by Rs 120 crore by June-July this year from the current base of Rs 250 crore," Aegon Religare Life Insurance CEO Rajiv Jamkhedkar told reporter after launching a pension plan.
The company, a three-way venture promoted by Religare Enterprises, Aegon of the Netherlands and Bennett and Coleman, aims to collect Rs 100-crore premium by the end of the first year of its operation.
The company has earned Rs 17 crore since its inception in August 2008.
As part of its expansion drive, the company will recruit 3,300 agents in the next six months, Jamkhedkar said.
Under the direct channel, the company have around 1,100 employees who sells insurance as relationship managers.
When asked about break even target, Jamkhedkar said the company expects to break even in the eight year of its operation.
"With the current pace of growth we expects to break even by 2016," he added.
Talking about the Aegon Religare Pension Plan, he said, it provides policy-holders with the regular pension post retirement that will help them take care of their regular expenses.
Available in five options, the plan has two riders and has low premium allocation cost, he said.
With the launch of the pension plan the product suit is almost complete, however, the company plans to launch health products and some other products during the course of the year, he said.
