Wednesday, February 1, 2012
Press Trust Of India New Delhi.
LIFE insurance firm AegonReligare is looking to sell at least 15-20 per cent of its policies through online distribution within two years on the back of its new protection product.
The company which on Tuesday announced the launch its new online Protection plan iTerm’, also said that is has filed for approval to start a plan focusing on the health segment.‘We ventured into the online distribution segment 2009 with launch of the AegonReligareiTerm plan. No we have a new and improved version of the plan. At present, around 10 per cent of our business, with regard to total plans sold, comes from the online segment. With the new and improved version we expect the numbers to go up to 15-20 per cent within 18-24 months,”YateeshSrivastava, chief marketing officer, Aegon Religare Life Insurance said.
He also said that AegonReligare has approched the sector regulator Insurance Regulatory and Development Authority (Irda) for launching a new product.
“This will be a health plan. We have applied for the approval but at this moment I cannot say by when we are likely to secure it,” Srivastava said.
Regarding the new product, he said it will have the longest policy term In the industry and will extend to the age of 75years for policyholders. The entry age for the new iTerm is between 18-65 years and the maximum maturity would be 75 years. The minimum sum assured is Rs10 lakh and the policy term is between 5 to 57 years.
The minimum premium for the iTerm plan is Rs 1,675 for regular policy and Rs 7.075 for single policy and the premium could be paid both in single or annual instalments.