iTerm of Aegon Religare Life Insurance billed as the country's cheapest online term plan is set to make itself more attractive by reducing premiums and increasing benefits in the next few days.
Aegon Religare Chief Marketing Officer Yateesh Srivastava said that they would introduce a new iTerm policy which is expected in the next 10 days with reduced premium. He said they were waiting for IRDA approval.
The reduction in premium will be between 12% and 32%, depending on the age, the sum assured and tenure.
The existing customers will be offered an additional cover or rider to compensate for the reduction in premium charges in the new iTerm, subject to regulatory approval. The new iTerm offered will have a higher sum assured at a lower or equal premium.
Meanwhile, Aegon Religare today launched a new educare plan, which it called a secured savings platform for meeting higher education expenses.
Speaking about the impact on the company due to regulatory changes, Srivastava said, "Business is lower by around 8% so far during the comparative period of last year. Hence, we are not targeting any numbers for the current fiscal."