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Aegon Religare Life Insurance is set to make iTerm, billed as the country’s cheapest online term plan, more attractive by reducing premiums and increasing benefits in the next few days.
“We will introduce a new iTerm policy and that is expected in the next 10 days with reduced premium. We are waiting for IRDA approval,” Aegon Religare Chief Marketing Officer Mr Yateesh Srivastava said.
The reduction in premium will be between 12 per cent and 32 per cent, depending on age, the sum assured and tenure, Aegon Religare Life Director (Product Development and Pricing) Mr Rajesh Rajput told PTI.
Mr Rajput said 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 will offer 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, Mr Srivastava said, “Business is lower by around 8 per cent so far during the comparative period of last year. Hence, we are not targeting any numbers for the current fiscal.”
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