Aegon Religare Life Insurance Company has received the final approval from the Insurance Regulatory and Development Authority to launch its operations in India.

The company is a joint venture between India's Religare Enterprises, Dutch insurer Aegon and media house Bennett, Coleman and Co. Ltd.

According to sources, Religare Enterprises, as a lead partner, would have a 44% stake in the venture, BCCL would have 30% stake. The remaining would be with Aegon.

The company plans to commence operations with 50-60 branches.