Aegon Religare Life to infuse Rs 230 cr

Written by fe Bureau | Mumbai | Updated: Jun 27 2009, 03:00am hrs
Aegon Religare Life Insurance is likely to infuse Rs 230 crore during the current financial year. Rajiv Jamkhedkar, chief executive officer of the company, told FE that the capital infusion will be done in four tranches.

The company's capital base as of now is Rs 350 crore.Rs 50 crore has already been infused in the company during the current fiscal so far. Also, the company plans to hire 10,000 advisors and over 250 frontline sales staff in the current fiscal.

The business target for the current financial year is an annual premium earning (APE) of Rs 240 crore with over 1,10,000 policies as against 23,000 policies it has issued during past nine months since its inception. The company has lined up 2-3 Ulip products, including the guaranteed one, for launch during the current fiscal. Moreover, the company was planning to launch two more traditional products including health and annuity during the current fiscal, said Jamkhedkar.

Currently, the Ulip products account for 75% of the total products the company was having.