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ITerm Plan by AEGON Religare An exclusively Online product

AEGON Religare Life Insurance (ARLI) recently announced the launch of the AEGON Religare iTerm Plan.

Bienu Vaghela

26 Nov 2009

The launch is in line with the company's strategy to provide customers with innovations that offer a combination of convenience and value.

AEGON Religare Life insurance (ARLI) recently announced the launch of the AEGON Religare iTerm Plan. This revolutionary product, available exclusively online, offers customers a combination of value and convenience.

There are three simple reasons why a customer should buy the AEGON Religare iTerm Plan. First, it is the cheapest term plan currently available in the market, making it the most attractive product. Secondly, the AEGON Religare iTerm Plan is available exclusively online, at http://buyonline.aegonreligare.com, making it convenient and easy for the customer to buy the policy, transact and receive the policy document instantly, online. Thirdly, it is an un-complicated product, easy to understand by even those who are buying an insurance policy for the first time. The website allows a prospective customer to calculate his/her insurance requirement and make an online purchase.

The AEGON Religare iTerm Plan is a pure protection insurance plan, wherein a customer is required to pay yearly premiums till the maturity of the policy. The entry age for a customer is a minimum of 18 and a maximum of 60 years with a minimum policy term of 5 and a maximum of 25 years.

On the launch of the AEGON Religare iTerm Plan, Mr Yateesh Srivastava, Chief Marketing Officer, AEGON Religare Life Insurance said, India is an evolving Internet economy with e-commerce showing a lot of growth in a few specific areas. At AEGON Religare Life Insurance, we decided to be ahead of the curve and bring a pure online plan into the insurance landscape. Our research shows that consumers transact online for mainly three reasons. One is if the person finds a cost benefit. Two is because it is convenient and the person does not need to leave the confines of his/her residence. And three, the product needs to be simple to understand. The iTerm Plan offers all the three benefits to the customer. India has a total internet base of over 60 million with a recorded e-commerce transaction amounting to Rs 1,800 crore in FY08. We see a tremendous opportunity for such an insurance product in the market.

ARLI 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. The company, started operations in July, 2008, and has a capital base of Rs 465 crore that will go up by Rs 60 crore in the next four months. AEGON Religare Life Insurance has over 6,000 life advisors, and this number will go up to 10,000 advisors by the end of this fiscal. The company has received a New Business Annualised Premium (APE) of Rs 105 crore, as at October 31, 2009.

AEGON's businesses serve over 40 million 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 almost 30,000 people worldwide. The company's common shares are listed on four stock exchanges: Amsterdam, London, New York and Tokyo. It manages EUR 342 billion in revenue generating investments. AEGON has more than 160 years of experience with its roots going back to 1844.

A diversified financial services group with a pan-India and international presence, Religare Enterprises Limited (REL) offers a range of products and services, including asset management, life insurance, wealth management, equity and commodity broking, investment banking, lending services, private equity and venture capital. REL operates from 7 domestic regional offices, 43 sub-regional offices, and has a presence in 498 cities controlling 1,837 business locations all over India as on June 2009. REL acquired UK-based Hichens, Harrison & Co. in 2008 which was subsequently re-named as Religare Hichens Harrison PLC (RHH). With the addition of RHH the REL group now operates out of multiple global locations (the UK, the USA, Brazil, South Africa, Dubai and Singapore).