Aegon Religare Life Insurance has launched a new on-line guaranteed returns product, ‘iGaurantee Insurance Plan’, with a short, six-year tenure accompanied by a six-year pay out period.
Yateesh Srivastava, chief operating officer of Aegon Religare said the product was designed in line with customer thinking in terms of savings and a shorter waiting period.
This online product would give 135% of the premium as a return to the policy holder during the payout period besides offering the death benefit at 10 times of the premium, according to him. The new product is in addition to the existing term plans and unit-linked plans sold online currently.
Srivastava said the company is about to launch four new offline insurance products on January 1, based on the revised product guidelines and apart from this, eight existing products that were refiled to suit the new norms, would be available from next year.
Aegon hopes to achieve 18-20% growth in business in the current year. The company had collected a total business premium of Rs 400 core last year. Of this, Rs 125 crore came from the new premium. The company's on-line product sales account for 27% of the total online insurance market in India and form 30% of the company's total business, Srivastava said.
