By Our Special Correspondent
Daijiworld Media Network - Panaji
Panaji, July 10: AEGON Religare Life Insurance today announced its plans for the year 2009-2010 for Goa while inaugurating its first branch in the State. The new branch is located at 1st Floor, “Magnum Centre”, M. G. Road, Panjim, Goa. Goa has been selected on the basis of market potential research, and it will be an important State for the growth of AEGON Religare Life Insurance. The company targets aggressive growth in FY10 and its business strategy is unaffected by the current financial crisis.
“We have set a target to achieve Rs. 1 crore in premium income a month from the branch in Goa by the first quarter of FY2010-11. The company has plans to recruit about 20 Business Managers and over 600 Financial Advisors in the State by FY10 who will help it achieve this target. Our advisors are key to our growth and we provide them an environment in which they can learn, earn and grow along with the company. We offer a very competitive incentive structure; we provide our advisors with personalized training. In addition we provide them with excellent products backed by award winning advertising,” said Yateesh Srivastava, Chief Marketing Officer of AEGON Religare Life Insurance.
The company started operations in July 2008 and currently has 52 branches spread across 42 cities, as per the plans for the first year of operation. In FY10, AEGON Religare Life Insurance will continue to focus on building a profitable business and increasing the productivity of each of these 52 branches. The company will continue to grow and expand for the next 3 years.
The company has managed to attract over 29,000 customers and an APE of more than Rs. 67 crore. AEGON Religare Life Insurance has a complete product basket that are amongst the best and most competitively priced in the industry, including 3 term plans, 2 ULIPs, a pension plan and a child plan. 30% of its customers (May, 2009) have bought the AEGON Religare Pension Plan, which was launched in January 2009. In FY10, the company intends launching many innovative products, and will foray into health and annuity product lines.