AEGON Religare Life Insurance gets IRDA approval

New Delhi: Insurance Regulatory & Development Authority (IRDA) has granted its approval to the Ranbaxy group-promoted insurance joint venture between Religare Life Insurance Co, and the Netherlands-based AEGON.

Set up 1844, AEGON is one of the world's largest life insurance and pension companies and a provider of investment products, with an active presence in over 20 countries, with major operations in the US, the Netherlands and the UK.

''We are pleased to have received the R3 licence from the IRDA," AEGON Religare Life Insurance CEO Rajiv Jamkhedkar said in a statement. "Our plans for the nationwide launch are now ready for execution.''

While Religare Enterprises, as a lead partner, would have a 44 per cent stake in the venture, Times of India publisher, Bennet Coleman & Co would have 30 per cent stake and a minority 26-per cent stake with Aegon.

To start with, the company plans to commence operations with 50-60 branches, Religare Enterprises Ltd's Group Chief Financial Officer Anil Saxena had said.