The launch is in line with the company’s strategy to provide customised product offerings to its customers.
AEGON Religare Life Insurance today announced the launch of two more term plans – AEGON Religare Increasing Term Plan and AEGON Religare Decreasing Term Plan. The company already has a level term plan taking the total count of term plans to three.
The AEGON Religare Increasing Term Plan increases one’s sum assured by 5% every year, ensuring that the customer is always adequately insured. It is targeted at customers whose incomes and lifestyles change yearly which brings with it corresponding increases in expenses. The AEGON Religare Increasing Term Plan increases the life cover every year to grow in line with changing lifestyles and increasing incomes. The AEGON Religare Increasing Term Plan adds 5% of the base Sum Assured amount to the total Sum Assured every year to take care of these changing needs.
There is also a segment of customers whose immediate liabilities, in terms of loans and mortgages are likely to decline over the years. The AEGON Religare Decreasing Term Plan is tailor-made for such people. As their liabilities or principle outstanding on the loan or mortgage, reduces with time, the plan reduces the total Sum Assured by 5% of the base Sum Assured amount each year, and therefore the premium amount towards the cover is low.
On the launch of the two term plans, Mr Rajiv Jamkhedkar, CEO, AEGON Religare Life Insurance said, “Our new offerings are based on the premise that as lives and lifestyles change, it is necessary to continuously reassess our insurance cover and needs. The launch of our two term plans are in line with the changing needs of households over time. We have rolled out innovative and customized products that address the real and changing needs of customers, and will continue to do the same with each new product offering that we bring to the market.”
AEGON Religare Life Insurance is the coming together of AEGON, one of the world’s largest life insurance and pension groups and Religare, one of India’s leading integrated financial services groups.
AEGON’s businesses serve over 40 millions customers in over 20 markets throughout the Americas, Europe and Asia, with major operations in the United States, the Netherlands and the United Kingdom. With headquarters in The Hague, the Netherlands, AEGON companies employ more than 30,000 people worldwide. The company’s common shares are listed on four stock exchanges: Amsterdam, London, New York and Tokyo. It manages EUR 271 billion in assets under management. AEGON has more than 160 years of experience with its roots going back to 1844. http://www.aegon.com
Religare has a truly pan-India footprint going well beyond Tier-1 cities, present through more than 1550 locations spread across over 460 cities and towns. Religare’s businesses are broadly clubbed across three key verticals - the retail, institutional and the wealth spectrum. Structurally, all businesses are operated through 10 subsidiaries held by the holding company Religare Enterprises Limited.
