Private life insurer Aegon Religare Life Insurance, a joint venture between Netherlands-based Aegon and diversified financial service group Religare, is planning to spend Rs 230 crore on expansion of the company operations by this fiscal.

The decision was taken by the company to meet its operational and hiring expenses and maintain solvency margin as per the requirement of IRDA.

It should be noted that the company injected a sum of Rs 300 crore in the last fiscal.    

Apart from latest development, the insurer also plans to hire over 10,000 fresh advisors in 2009-10 in order to enhance its foothold in the life insurance market.    

In addition to it, the company intends to increase its customer base to one lakh customers in 2009-10 against 30,000 at present by offering specialized products which would suit their financial needs.    

Aegon Religare is aiming to achieve a premium income of Rs 240 crore by the end of current fiscal against Rs 45 crore mobilized in 2008-09.