Tuesday, September 22, 2009
AEGON Religare Life Insurance on Tuesday launched a unit-linked insurance plan AEGON Religare iMaximize Plan, offering four investment options, including an equity investment option.
“This plan has the lowest charges, which will help investors maximise their returns,” said Rajiv Jamkhedkar, chief executive officer of AEGON Religare Life. “We believe it’s always a good time to launch a Ulip. Ulips are great for customers, provided they buy it as a part of long-term financial planning.”
The minimum entry age for the scheme is 90 days and the maximum is 50 years, with a minimum annualised premium of Rs 12,000.
“It’s a myth that Ulips are a volatile instrument of investment as they are only linked to equity markets. At present, we gets 75 percent of income from unit-linked insurance plans, while the balance comes from traditional products," said KS Gopalakrishnan, chief financial officer, AEGON Religare Life.
Jamkhedkar said the insurer would be infusing Rs 230 crore or more during the present financial year. The company, which has just ended its first year of existence, already has an equity capital base of Rs 395 crore.
“We have been operating for just one year and are in the process of setting up our distribution network and other infrastructure. This money will go into that,” Jamkhedkar said.
The company will also be beefing up its agency force from the 4,500 at present to 12,000 by the year-end.
Aegon Religare has an annual premium equivalent (APE) of Rs 83 crore and is targeting APE of Rs 240 crore by the end of the financial year. It is banking on its varied product portfolio and product innovation to help it meet the target.
“We have launched a variety of products over the past 12 months, which our competitors have considered worth emulating. Our pension plan has been giving one of the best internal rate of return (IRR),” Jamkhedkar says. “We have a great child plan as well.”
The company is also working on value-added features for its insurance policies, to ramp up its number of clients from the present 30,000.