The initiative is part of the company's expansion plans

Aegon Religare, a private sector life insurer, has declared to offer health care insurance products by the last quarter of this fiscal. The initiative is part of the company’s expansion plans, reported The Hindu Business Line.

Yateesh Srivastava, chief marketing officer of Aegon Religare, said: In health care space we are in the process of finalising our final business plan and we should launch the product by the last quarter of this fiscal (2009-10).

A lot of research is underway on annuity insurance products and we expect to launch the range by end of this fiscal or possibly in next quarter after that.”

Aegon Religare, a three-way venture promoted by Religare Enterprises, Aegon of the Netherlands, and Bennett, Coleman & Co, claims that it would give the highest rate of return amongst the ULIPs instruments offered in the market.

The source claims that the JV has proposed capital infusion of INR1.25 billion by March 2010, to the existing INR3.95 billion, mainly to fund its corporate expansion plans and to maintain its solvency ratio as per IRDA stipulations.

The company has planned to hire 10,000 insurance agents in the current fiscal to back its expansion plans, apart from recruitment of 300 sales managers, quoted the newspaper.