Aegon Life Insurance Company

Aegon Life Insurance Company (formerly known as Aegon Religare Life Insurance Company) is an Indian life insurance company, founded in 2008 with headquarters in Mumbai, India, offering individual and group insurance online and offline.[2][3]

Aegon Life Insurance Company
Private company
IndustryFinancial Services & Insurance
Founded2008 (2008)
Headquarters
Mumbai, India
Area served
India
Key people
Naveen Bachwani (COO)[1]
Satishwar Balakrishnan (CFO)
ProductsInsurance
Owner
Websitewww.aegonlife.com

It is a joint venture between Dutch Aegon N.V., a multinational insurance, pensions and asset management company, and The Times Group (also called Bennett Coleman & Co. Ltd), one of India’s largest media conglomerates.[4]

Corporate history

In July 2006, AEGON and the Ranbaxy Group announced its intention to enter the insurance business in India. The partnership of AEGON, Religare & Bennett, Coleman & Company formed AEGON Religare Life Insurance Company Limited and launched in July 2008.

In 2015, Aegon increased its stake in the venture to 49% while Religare Enterprises announced it was exiting the venture[5][6] by selling its entire shareholding in the company, 44%, to Bennett, Coleman and Company, the holding company of the Times Group.[7] This led to the rebranding from Aegon Religare Life Insurance Company to Aegon Life Insurance Company.[4]

In September 2019, it partnered with Paytm to offer comprehensive insurance products.[8] In March 2020, the company entered into partnership with Flipkart to sell paperless life insurance policies on their platform.[9]

Products and services

Aegon Life Insurance's distribution channels include banks, individual agents, brokers, and corporate agents, bancassurance partners, among others.[10] The company offers term insurance plans, savings and investment plans, child plans, and unit-linked insurance plans (ULIPs). In May 2018, the company launched the 'iTerm' plan, which offers insurance cover up to 100 years.[11] It launched a new version of its 'iTerm' Insurance Plan in November 2019[12] that provides regular monthly income after the age of 60.[13][14][15]

Recognition
  • In 2019, Aegon Life Insurance was awarded as eBusiness Leader - Medium & Small at World BFSI Award by World BFSI Congress.[16]
  • Aegon Religare Life Insurance awarded as E-Business Leader by Indian Insurance Award in 2013.[17]
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See also

References
  1. Venugopalan, Anjali (26 February 2020). "Aegon Life Insurance appoints Naveen Bachwani as Chief Operating Officer". The Economic Times.
  2. Saraswathy, M (21 September 2018). "After going 100% online, Aegon Life Insurance looks at slow, but steady growth path". Moneycontrol.com.
  3. Ray, Atmadip (23 July 2018). "Aegon Life to focus on term insurance for growth". The Times of India.
  4. "Aegon Religare Life Insurance renamed as Aegon Life Insurance". The Economic Times. 7 December 2015.
  5. "BCCL to buy out Religare stake in life insurer". Business Standard. 13 May 2015.
  6. "Religare to exit life insurance venture with Aegon". VCCircle. 26 September 2014.
  7. "BCCL to buy Religare's 44% stake in life insurer Aegon Religare". VCCircle. 14 May 2015.
  8. Sanghvi, Disha (29 September 2019). "Aegon Life to sell insurance through Paytm to strengthen digital presence". Livemint.
  9. "Flipkart teams up with Aegon to sell life insurance policies". Business Today. 16 March 2020.
  10. "AEGON Religare ties up with Asia's largest co-op bank". Business Standard. 21 January 2013.
  11. R, Venkatesan (23 May 2018). "Aegon 'iTerm' plan offers life cover up to 100 years". The Hindu Business Line.
  12. Kulkarni, Preeti (16 December 2019). "New life, health insurance products launched. Find out if they work for you". The Economic Times.
  13. "Aegon Life Launches First-Ever Term Plan With Protection And Monthly Income #Notermplanlikethis". BusinessWorld. 4 November 2019.
  14. Kulkarni, Preeti (16 December 2019). "New life, health insurance products launched. Find out if they work for you". The Economic Times.
  15. "Aegon Life offers cover till 100 years". The Times of India. 5 November 2019.
  16. "World BFSI Award Winners 2019". Worldbfsicongress.com.
  17. "AEGON Religare Life Insurance awarded as E-Business Leader by Indian Insurance Award". Myinsuranceclub.com. 20 July 2013.
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