AEGON Religare Life Insurance (ARLI) has rolled out its newest insurance offering iGuarantee Insurance Plan, which provides a steady return over the medium-term investment while minimizing risk.

ARLI executive director KS Gopalakrishnan was quoted by PTI as saying, "We pioneered the online space in life insurance and we would like to maintain our leadership position by offering an expanded suite of products.

"iGuarantee offers guaranteed returns for a period of six years, after the policy term.

"It is an ideal plan for a medium-term investor who needs the security of growth, without undue risk. It is a short premium paying term plan that allows customers to enhance savings," Gopalakrishnan told the news agency.

Exclusively available online, iGuarantee insurance plan comes with a maturity benefit in the form of a yearly guaranteed payout, which is 135% of the annual premium, for a period of six years starting after the policy term.

The future premiums are waived in case of death of the policyholder and the nominee receives the guaranteed payouts, as scheduled, during the payout period.

The policy, which does not expire if the premium is paid for atleast a year, also provides an alternative to the nominee to take the cash value of the death benefit at any point during the policy term.

ARLI chief operating officer Yateesh Srivastava said, "The iGuarantee Insurance Plan is targeted to the ‘New Age’ customer who prefers a convenient, hassle-free and a non-intermediated process while buying any financial product."

ARLI is a joint venture between a life insurance, pension and asset management firm AEGON, diversified financial services groups Religare and media house Bennett, Coleman & Company.