Aegon Religare, the life insurance firm, is planning to sell 15-20% of its policies through online distribution within 2 years on the back of its new protection product.
The launch of its new online protection plan 'iTerm' was announced by the company. To start a plan focusing on the health segment, the company said that it has filed for approval.
In 2009, with the launch of the Aegon Religare iTerm plan, the company had ventured into the online distribution. Now they have a new and improved version of the plan.
Currently around 10% of their business, with regard to total plans sold, comes from the online segment. With the new and improved version they expect the numbers to go up to 15-20% within 18-24 months.
Aegon Religare has approached the Insurance Regulatory and Development Authority (IRDA) for launching a new product, which will be a health plan.
In the industry, the new iTerm will have the longest policy term, the entry age being between 18-65 years and the maximum maturity being 75 years. The minimum sum assured is Rs. 10 lakh and the policy term will be between 5 to 57 years.
For regular policy, the minimum premium will be Rs. 1,675 and Rs. 7,075 for a single policy. The premium could be paid both in single or annual installments. The policy would be available in about 85 cities across the country where Aegon Religare has branches.