Aviva Life Insurance launched an online health plan, Aviva Health Secure, on Monday. The plan provides the policyholder with a lumpsum amount on diagnosis of any of the 12 critical illness covered by the policy.
The policy premium amounts to Rs 2,000 and above a year. The policy can be bought at www.avivaindia.com for any major medical expenses by the insured.
Sum assured
The minimum sum assured is Rs 5 lakh, and extends to a maximum of up to Rs 50 lakh. The age limit ranges from 18-55 years for a minimum policy term of 10 years and a maximum of 30 years.
The company said that unlike other health insurance products offered by the non-life insurance companies which are indemnity based, Aviva Health Secure offers the policyholder a lumpsum based on the sum assured for the illnesses irrespective of the hospital bills.
Mr T. R. Ramchandran, CEO and MD, Aviva India, said: “It is estimated that the total healthcare expenses in India will rise to $425 billion by 2016. Even now 79 per cent of Indians fund their own medical expenses compared to 17 per cent in the UK.”
The company already has an online health product called ‘Aviva i-Life' launched in June last year. “We sold 22,000 policies (about 10 per cent of the total policy sales) in eight months,” said Mr Gaurav Rajput, Director, Marketing & Products, Aviva India.
“For Aviva Health Secure, we're targeting the younger generation in the 25-45 age group typically in the top eight cities,” he added.