Aegon to foray into health insurance biz; launches Ulip

Written by Kavitha Venkatraman | Hyderabad | Updated: Sep 24 2009, 03:29am hrs
Aegon Religare Life Insurance Ltd is planning to launch health insurance product by the end of the current fiscal. The company is also looking at introducing annuity product by early next fiscal.

According to KS Gopalakrishnan, chief financial officer of the company, We are seriously working on bring out health insurance product in the market. The company has already started talks with TPAs (third party administrators) to have a possible arrangement for handling the claims of the customers.

We will forge alliance with a suitable TPA while we launch the product or handle the claims part ourselves say for one year or so (depending on the number of policies) and then later on take the assistance of TPAs.

The company is hopeful of entering the segment by the end of the current fiscal or early next fiscal. Besides health insurance, Aegon also wants to add annuity product to its bouquet of products by early next fiscal year.

Aegon Religare has introduced a unit linked insurance plan (Ulip) Aegon Religare Invest Maximiser plan with the highest (IRR) internal rate of return currently available in the country.

The plan offers the lowest premium allocation charge in the industry. The charges are at 5% for the first year and 2% from the second to fourth year. There are no charges from the fifth year of the policy. It offers a life cover of upto five times the annualised premium.

According to Rajiv Jamkhedkar, chief executive officer of the company, under the new product Aegon has already collected premium of about Rs 1 crore over the past 4-5 days.