Insurance Regulatory & Development Authority of India has given its nod to AEGON Religare Life Insurance Company to operate in the life insurance space. IRDA has issued R3 license to Religare Life Insurance which was a final step in registration process. AEGON Religare Life Insurance is a joint venture of AEGON and Religare. Rajiv Jamkhedkar, CEO, AEGON Religare Life Insurance has said, "Our plans for the nationwide launch are now ready for execution. We will strive to delight our customers through a fresh approach, innovative solutions and seamless delivery."

AEGON is one of the world's largest life insurance and Pension Company. It has presence in more than 20 countries in the world. The company has about 30000 employees and customer base of 40 million across the world.

Religare is also a leading integrated financial services institution. Its retail network is spread in over 1,300 locations across more than 400 cities and towns in India. Religare is a part of Ranbaxy group which had recently been sold out by promoters of company.

The joint venture of both companies will further increase competition in already competitive market of insurance.