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Aegon Religare Life Plans To Expand

The capital infused this year is at INR950 million, to build distribution as part of the company's strategy for FY2009-10

Aegon Religare Life Insurance has announced its plans to hire about 10,000 agents during the fiscal – reported The Economic Times.

The company is a three-way venture promoted by Religare Enterprises, Aegon of the Netherlands and Bennett, Coleman. The company commenced its operations in 2008. Last month, Aegon Religare infused an additional, taking its capital base to INR3.95 billion.

The capital infused this year is at INR 950 million, to build distribution as part of the company’s strategy for the financial year 2009-10. The company has a product basket comprising three term plans, 2 ULIPs (Unit Linked Insurance Polices), a pension plan and a child plan.

During the year, the company intends to enter into health and annuity product lines.

Yateesh Srivastava, chief marketing officer of Aegon Religare, said: We are going to hire 5,000 advisors by October and exit the year (fiscal 2009-10) with 15,000 advisors. Currently, the insurance firm has about 5,000 advisors.”