Aegon Life launches new digital only insurance product POS Grip

Aegon Life insurance has announced the launch of their new digital only insurance product POS Grip, a guaranteed return insurance plan.

Highlighting the insurance company’s outlook of 2019 and growth trajectory as a key protection player in the insurance sector, Rajeev Chugh, Chief Financial Officer, Aegon Life Insurance company said, “The company had rebooted the business approach about two years ago and the focus is on consolidation and tapping newer markets with innovative offerings. We expect a double digit growth in total premium this year as well.”

“In India there is a huge protection gap providing us an opportunity to tap into the market and serve the people,” he said.

“POS GRIP is in line with our philosophy of launching simple, easy to understand products for our customers. It provides tax efficient assured returns for customers who invests in fixed return instruments. It can be bought online at the customer’s convenience. Our regional market is also expanding, and we have specific plans for regional markets in the pipeline.”

Chugh said, “Given Hyderabad’s rich culture, people understand the concept of life insurance and the need for one to protect their loved ones. 76% of our customers have opted for term plans.”

“More than 80 per cent customers are between the age group 25-45 years, 8 out of 10 customers have chosen to protect their families at an early age. Women also have realised the need for life insurance. As per our data, more than 65 per cent women customers opted for protection in Hyderabad. i.e. 6 out of 10 women in Hyderabad have taken a term plan from Aegon Life,” he said.

As of December 2018, Aegon Life services customers from more than 300 cities and towns across India. This is backed by a very strong digital presence that allows the company to establish a direct to customer dialogue. About 60 per cent of Aegon’s Life’s protection plans are through online.

Aegon is amongst leading providers of life insurance, pensions and asset management headquartered in The Hague, Netherlands.