"We are pleased to have received the R3 licence from the IRDA. Our plans for the nationwide launch are now ready for execution," AEGON Religare Life Insurance CEO Rajiv Jamkhedkar said in a statement.
While Religare Enterprises, as a lead partner, would have a 44 per cent stake in the venture, BCCL would have 30 per cent stake. The remaining would be with Aegon.
To start with, the company plans to commence operations with 50-60 branches, Religare Enterprises Ltd's Group Chief Financial Officer Anil Saxena had said.
Set up 1844, AEGON is one of the world's largest life insurance and pension companies and a provider of investment products, with an active presence in over 20 countries, with major operations in the US, the Netherlands and the UK.