To meet its increasing operational expenses and maintain solvency margins
Aegon Religare Life Insurance (Aegon Religare) is to instill a capital investment of INR1.8 billion in Maharashtra, India by March 2010. The move is expected to help meet its increasing operational expenses and maintain solvency margins – reported in Business Standard.
This infusion of capital is in addition to the INR3.5 billion that the company had already invested since its commencement around two years ago. The investment would be used to amplify its insurance advisors’ number from the present 5,000 to around 12,000 by the end of March 2010.
Yateesh Srivastava, Chief Marketing Officer, Aegon Religare, said: “The Company had special focus on Maharashtra, where it wants to have more than 3,500 insurance advisors over the next eight months. Aegon Religare has five offices in Maharashtra – one each at Mumbai, Pune, Navi Mumbai, Nagpur and Nashik. We have plans to collect new premiums worth Rs 240 crore by the end of the current financial year.”
The company has three term plans, two unit linked plans and a pension and child plan.