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Chennai, Oct. 19 Aegon Religare Life Insurance Company Ltd has announced its strategic business partnership with Chennai-based T S Mahalingam & Sons (TSM) to strengthen its foothold in southern India.

At a press briefing, the CEO of Aegon Religare, Mr Rajiv Jamkhedkar, said through this alliance the company would reach TSM’s 2.5-lakh customer base. The company, which kick-started its operation last July, has so far roped in about 4,000 policy holders and the target is to get 60,000 policies with a premium worth Rs 100 crore before June 2009. It has seven insurance plans and by January it would add four more, including pension, social security and products specific for rural areas.

A partner at TSM, Mr K. Mahalingam, said in addition to used-car business, the company is present in distribution services. It is channel partner for Citigroup, HDFC group (for non-life insurance) besides offering real estate advisory services. This would enable TSM to make the alliance a win-win situation for both the parties, he said.

Aegon holds 26 per cent stake in Aegon Religare Life Insurance Company. The rest is shared by Religare (44 per cent) and Bennett, Colemann & Co (30 per cent).

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