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| Edited By: |Source: |Updated: Mar 17, 2018, 06:12 AM IST
AEGON Religare Life Insurance co. Ltd, a joint venture between the Netherlands headquartered AEGON and Religare Enterprises Ltd., a global financial services group, is eyeing Rs 500 crore business this fiscal.
Launched in 2008, the company garnered 45,000 policies in 2009-10 with first premium collection of Rs166 crore, Yateesh Srivastava, chief marketing officer of the company told PTI.
"This year, we are hopeful of selling 1,40,000 policies with a premium collection of Rs 500cr. Currently, we have got 100 branches across the country and our plan is to add 20 more branches this year in Meerut, Kota, Moradabad, Bhilai, Cuttack, Asansol, Pune, Gwalior, Agra and Kollam, with additional branches in Chennai, Mumbai and Delhi, he said.
"The western region yielded 30% of the total business while south contributed 24 per cent, with Eastern India netting 18%".
As of now business partners and corporate agents were in 180 locations and their presence would increase to 200 locations this year, he said.
Online policy registration across the country was a special feature of the company and very soon a unique uit lnked oline plicy will be launched simultaneously at all centers across the country, he said.
The recently opened branch here was the seventh one in Tamil Nadu and the state accounted for 30 per cent of the south business.
There was no plan to open overseas branches and currently the focus on branch expansion in Tier 2 and 3 towns. The company has over 2800 employees and as part of its current expansion the headcount will increase to 3500 by end of the year, he said.
