Religare Enterprises is in talks with two foreign insurance companies for a joint venture to offer non-life or general insurance services in India.
Sachindra Nath, Group CEO of Religare Enterprises Ltd, told Reuters, “We are in discussion with a few players”. He did not confirm the timeframe of the deal.
Religare Enterprises is a financial services group with presence across Asia, Middle East, Africa, Europe and America with over 10,000 employees. The company was founded by the family of billionaire brothers Shivinder and Malvinder Singh.
The company already has its presence in the life insurance space with UK’s Aegon. AEGON Religare Life Insurance Company in India is a joint venture between AEGON (26%), Religare Enterprises Limited (44%) and Bennett, Coleman & Company (30%).
Aegon Religare has one of the cheapest term plans in the market called iTerm which can be purchased online. Apart from this they also offer a diverse range of Unit linked insurance plans (Ulips) like iMaximize with zero premium allocation charges, Money back plans, Retirement plans etc.
Religare is awaiting Insurance Regulatory and Development Authority’s (IRDA) approval to offer health insurance in india.
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