Panaji, July 9 (Inditop.com) Private life insurer Aegon Religare Thursday said India, where barely one-fifth of the total population is covered by life insurance, is a huge market for insurance companies.
“It is a misconception that the life insurance market in India is saturated. Only about 19 percent of Indians are covered by life insurance by all the companies put together. And 87 percent of India’s workforce has no pension plan in place,” Yateesh Srivastava, chief marketing officer of Aegon Religare, said.
He was speaking to reporters after inaugurating Aegon Religare’s first branch in the city.
Aegon Religare is aiming to achieve Rs.240 crore in revenues through insurance premiums receipts this fiscal, Srivastava said.
“In Goa our target is Rs.2.5 crore in collections through premium in our first financial year in operation,” Srivastava said, adding that Goa ranked as one of the top insurance markets in the the country along with Chandigarh, Delhi and Punjab.
With the launch of its new branch, the company’s total number of branches in the country now stands at 52.
Aegon Religare is a joint venture between India’s Religare and the Netherlands-based Aegon.
