Religare-AEGON venture gets IRDA nod for life insurance business

Mumbai: Aegon Religare Life Insurance Company Ltd, a joint venture between Aegon, one of the world's largest life insurance and pension companies and Religare, has received the initial approval from the Insurance Regulatory & Development Authority (IRDA) to operate in the life insurance space.

The `R1 licence' from the IRDA is the first of the three steps in the registration process, Religare Enterprises Ltd, one of India's leading integrated financial services institutions, said in a filing with the Bombay Stock Exchange (BSE).

"We are extremely pleased to have received the initial approval. We hope to get the subsequent approvals soon. We are here for the long-term and we look forward to serving the interest of the Indian consumer. We have plans to start with a large footprint going well beyond Tier-I cities across the country," said Rajiv Jamkhedkar, CEO, Aegon Religare Life Insurance.

Aegon, set up in 1844, is one of the world's largest life insurance and pension companies and a strong provider of investment products, with an active presence in more than 20 countries, with major operations in the US, the Netherlands and the UK. It employs about 30,000 people, and services over 40 million customers across the world. Aegon is headquartered in The Hague, in the Netherlands.