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Knowledge Base Life Insurance Basics Aegon Religare Life Insurance
Monday, 24 January 2011 16:04

Aegon Religare Life Insurance

Written by  Yashish Dahiya
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AEGON Religare Life Insurance Company Limited


AEGON Religare Life Insurance Company, established in 2007 is a private life insurance company headquartered in Mumbai. AEGON Religare Life Insurance (ARLI) is a joint venture between Religare – India’s global financial group, Bennett Coleman & Company- India’s largest media house and AEGON – Holland’s pension and investment provider. Religare hold 44%, Bennett Coleman holds 30% and AEGON holds 26% equity in the venture.

Product Portfolio of AEGON Religare:


AEGON Religare has been gradually increasing its life insurance products since its inception in 2007. AEGON Religare offers retirement plan, child plan, term plans, savings & investment plans and health plan.

Retirement Plan:
With rising inflation, it’s absolutely necessary to make provisions for the future which makes retirement plan an important financial decision. Better known as Pension plan, this plan takes care of financial needs after retirement by investing a part of your savings for limited period. Pension plan provides steady income after retirement and takes care of daily needs. The pension plan offered by AEGON Religare is Insta Pension Plan.


Child Plan:
Parenthood brings responsibilities and no one is better judge of that than you. Child Plan is a plan specifically designed to take care of financial needs of your child. Child plan provides with necessary funds that will take care of child’s education, marriage etc. By investing small portion of your savings you secure the financial end of your child. Child plan of AEGON Religare is called Rising Star Plan.

Term Plan: A risk plan which provides comprehensive cover for your family in the unfortunate event of untimely demise. A term life insurance plan provides good cover at relatively nominal cost and has no survival benefits. AEGON Religare term plans are increasing term plan, decreasing term plan, level term plan and iTerm.

Investment Plan: Popularly known as ULIP, an investment plan invests part of your savings in equity or debt market as per your preference. The objective of investment plan is to give you returns which easily beat the rising costs since the usual returns in a bank are extremely low. ULIP’s offered by AEGON Religare are future protect plan, future protect plus plan, future protect premier plan, assure plan, money back plan, money back plus plan.

Health Plan: Slightly different from health insurance, health plan provides cover for surgery costs, critical illness. A lump sum is paid irrespective of actual hospital bill.

 
Distribution Network:


AEGON Religare has current around 100 branches (November, 2010) and 7000 advisors. It has plans to expand itself both in branches and advisor network. AEGON Religare product like iTerm are also available online.

 

Financial Information (September, FY 2010-2011):


The total premium earned for the half year ended September 30, 2010 was Rs 1,173 million. The profit after tax for the same period is Rs 40 million. A total of 53 claims were made during the period out of which 20 claims were settled.

 

Marketing Campaigns:


AEGON Religare has been creative in their advertising campaigns. In 2008, they signed up Irfan Khan for their teaser ad flashing the question “kya apko KILB hai”? It was left unsaid what actually is KILB to create a furore which was later revealed as “Kam insurance lene ki bimari” or under insurance. The campaign was quite a success. After this, AEGON Religare began a series of ads around the theme “Life can surprise you”. The idea was to be ready and buy insurance to be on the safe side.

 

Management:


Rajiv Jamkhedkar is the MD and CEO of AEGON Religare Life Insurance.

K.S Gopalakrishnan is the CFO and Appointed Actuary of AEGON Religare Life Insurance.

Saibal Ghosh is the CIO of AEGON Religare Life Insurance.

Yateesh Srivastava is the CMO of AEGON Religare Life Insurance.

Reach AEGON Religare:


Email: customer.care@ aegonreligare.com

Telephone: 1800-209-9090

SMS “ARLI” to 56677


AEGON Religare Product Table:


 

Retirement/Pension Plan

AEGON Religare Insta Pension Plan

Child Plan

AEGON Religare Rising Star Plan

Term Plan

AEGON Religare Level Term Plan

Term Plan

AEGON Religare Increasing Term Plan

Term Plan

AEGON Religare Decreasing Term Plan

Term Plan

AEGON Religare Rural Term Plan

Term Plan

AEGON Religare iTerm Plan

Savings & Investment Plan

AEGON Religare Future Protect Plan

Savings & Investment Plan

AEGON Religare Future Protect Plus Plan

Savings & Investment Plan

AEGON Religare Future Protect Premier Plan

Savings & Investment Plan

AEGON Religare Assure Plan

Savings & Investment Plan

AEGON Religare Money Back Plan

Savings & Investment Plan

AEGON Religare Money Back Plus Plan

Health Plan

AEGON Religare Health Plan


Source:


Aegon Religare Website

 

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5 comments
  • Comment Link Ramaprasad Wednesday, 02 February 2011 10:19 posted by Ramaprasad

    I understand that Aegon Religare is very poor in terms of rating for settlement of claims etc in case of any eventuality for Termplans policy holders. Can u please revert back with your experience on this.

  • Comment Link Administrator Wednesday, 02 February 2011 17:40 posted by Administrator

    Hi Ramaprasad,

    Sep 2010 figures put the approx Claims Settlement Ratio for Aegon Religare at about 46%. This would be low as compared to established insurers, who boast of more than 85% CSR.

    There are 3 points to note here.
    a. Other insurers are operating for more than 7-8 yrs, compared to the 2.5 years of Aegon. Typically, CSR improves with time.
    b. The 46% is based on a relatively smaller database, of about 20 death claims paid. Once the number starts increasing, we will have more confidence in the calculations.
    c. The 20 death claims that have been paid, have been paid within 1 month of the claim being filed. This points to the good processes Aegon has.

    Frankly, to check if the CSR for Aegon improves, we will have to wait.
    Our experience suggests that no insurer can deny a honest, valid claim.
    In addition, the smooth processes which Aegon has set, helps increase confidence on Aegon Religare.

    Hope this helps.

    P.S. We calculate CSR as claims settled divided by (claims outstanding at beginning of the period + claims in that period - claims repudiated in that period). Thus, 46% = 20 divided by (27+26-11).

  • Comment Link sandeep Thursday, 24 February 2011 22:36 posted by sandeep

    i belong to sikar rajasthan.is there any of agent or franchisee in this city,where i can take the policy....

  • Comment Link Administrator Thursday, 24 February 2011 23:26 posted by Administrator

    Hi Sandeep,
    We are assuming you are referring to Aegon iTerm or Aegon iMax.
    Both these are good products, buyable online, however currently not offered in Sikar, Rajasthan.

    Thanks.

  • Comment Link Sandeep Poddar Wednesday, 17 August 2011 20:01 posted by Sandeep Poddar

    Dear Administrator,

    I am a person who unfortunately, has taken a Aegon Religare Life Insurance Health Insurance Policy and let me tell you... I have been irritaterd/ frustated by this estemeed company to max... It has been 4 months yhis company is yet to settle my claim, every day they give me a new excuse... everyday they commit to settle my claim tomorrow... :(

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