Aegon Religare expects 15-20% growth this fiscal

Aegon Religare Life Insurance expects to grow at 15 to 20 per cent in terms of premium collection in the current fiscal, a senior official of the company said today.

Aegon Religare Chief Operating Officer Yateesh Srivastava said the company may launch as many as 12 new products before the end of the fiscal.

The company did Rs 400 crore business in terms of premium collection during last year, out of which Rs 125 crore was contributed by new premium collection, he said.

"I think the industry itself is coming out from low growth and in fact negative growth last year. I think 15 to 20 per cent growth is acceptable and reasonable figure of growth (for the company during the current fiscal).

"I think the 30 to 40 per cent growth may never happen (under the current circumstances). It is going to be 12 to 18 per cent at the industry level," Srivastava told reporters here.

He said Aegon Religare has refiled eight of the existing products with IRDA to make them compliant with the new guidelines while four new products are in the pipeline to be launched during January next year.

"So we should be launching 12 products in the course of January," he said.

AEGON Religare today announced the launch of India's first online guaranteed insurance plan - AEGON Religare iGuarantee Insurance Plan here.

The plan, available exclusively online, is specially targeted at individuals looking for simple and guaranteed insurance solutions. It is aimed at customers who are looking at a steady return over the medium term while minimising risk, Srivastava said.

The AEGON Religare iGuarantee Insurance Plan offers the customer a six-year premium paying term and policy term. At the end of the policy term, the customer gets an annual return equal to 135 per cent of the premium, paid for a period of six years, he explained.

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