AEGON Religare Life Insurance launches iHealth: an online plan covering 849 surgeries till age hundred years.

Tuesday, July 24, 2012

Mumbai, July 24: The pioneers of online term insurance, AEGON Religare Life Insurance (ARLI) today announced the launch of an online health plan called the AEGON Religare iHealth Plan. This plan is available exclusively online and is specially targeted at individuals looking for simple, comprehensive and cost-effective health insurance solutions.

AEGON Religare iHealth Plan is an insurance plan that covers the two major components of health expenses – hospitalization and surgery. The plan pays out a fixed per diem amount to cover room costs and pays out a fixed amount depending on the category of surgery. The plan is available in two variants, gold and platinum. The iHealth Plan is flexible, offering customers to increase their payout benefits by 10% every three years in order to combat the effect of inflation. In addition, the plan also covers family members under one policy. The product is available exclusively online, at, making it convenient and easy for the customer to buy the policy, transact and receive the policy document instantly, online. The product is simple and easy to understand. The website allows a prospective customer to calculate his/her premium prior to making an online purchase.

Speaking on the occasion of the launch of AEGON Religare iHealth Plan, Mr Rajiv Jamkhedkar, Managing Director & Chief Executive Officer of AEGON Religare Life Insurance stated - “In India, health insurance penetration is as low as 5%. Evolving technology in medical sciences has offered better treatments. However, it has made access to these treatments more expensive and often unaffordable for the average Indian middle-class. Our customer research showed us that key concerns amongst buyers of health insurance are – worries about getting the full claim amount; increase in premium in case of a claim and worries about coverage of all surgeries. Responding to the needs of customers we are bringing out the AEGON Religare iHealth Plan, a comprehensive health insurance plan covering 849 surgeries, offering a fixed-benefit with a smooth claim-settlement process.

Mr Yateesh Srivastava, Chief Marketing Officer, AEGON Religare Life Insurance added, “The growth of an internet consuming population, eCommerce and the success of our first product offerings on our direct-to-customer platform - AEGON Religare iTerm Plan and AEGON Religare iMaximize Plan, gives us the confidence and belief that the online space will emerge as a significant channel of distribution in life insurance. The AEGON Religare iHealth Plan is targeted to the ‘new age’ customer who prefers a direct and convenient process while buying any financial product. The consumer is moving online and so are we. The AEGON Religare iHealth Plan is another step in creating a plethora of online product offerings for our customers.”

The steps to buy the iHealth plan are simple. One needs to choose between the Gold and Platinum Plan, calculate the premium and make an online payment. The entire buying process doesn’t take more than 15 minutes.

Ten reasons why AEGON Religare iHealth Plan should be considered:
1. It covers all possible surgeries with the exception of cosmetic surgeries.
2. It being a fixed-benefit plan, the customer is guaranteed the assured amount. This plan can be used to supplement existing plans either bought individually or provided through employers.
3. It offers a cashless facility in more than 3,000 hospitals across the country.
4. It provides a guaranteed lifelong renewal of health cover upto 100 years of age.
5. The premium is fixed for three consecutive years and does not rise even in case of a claim during this period. In the case of no-claim, the customer gets a discount of 10%.
6. It provides an option to include additional family members i.e. spouse, children, parents, in-laws and siblings at any point of time during the policy duration.
7. No medical tests are required for healthy individuals of age upto 45 years.
8. It allows an increase of 10% in benefit amount under Daily Hospitalisation Cash Benefit and Surgical Cash Benefit after every three years to guard against inflation.
9. It offers Congenital Cover to correct congenital defects in a child born or adopted by a mother who has been covered for nine months.
10. It offers an option to add the AEGON Religare Health Critical Illness Rider that covers ten critical illnesses.

The minimum entry age is 18 years for adults and 90 days for children. The maximum entry age is 70 years and maximum age at maturity is upto 100 years incase of guaranteed renewability. With a policy term of 15 years, the Sum Assured under Gold Plan is Rs.3 lakh and Rs.5 lakh for Platinum Plan. The premium payment term is equal to the policy term and the premium can be paid annually.

About AEGON Religare Life Insurance Company AEGON, an international life insurance, pension and investment company, Religare, a global financial services group and Bennett, Coleman & Company, India’s largest media house, have come together to launch AEGON Religare Life Insurance Company Limited (ARLI). This venture is dedicated to build a customer-centric business and provide a work environment that fosters excellence and innovation. This joint venture will adopt a local approach with the power of global expertise. ARLI launched its pan-India operations in July 2008 following a multi-channel distribution strategy with a vision to help people plan their life better. The fulfillment of this vision is based upon having a complete product suite, providing customised advice and enhancing the overall customer experience.

About Aegon As an international provider of life insurance, pension and asset management, AEGON has businesses in over twenty markets in the Americas, Europe and Asia. With headquarters in The Hague, the Netherlands, AEGON companies employ over 25,000 people and serve more than 47 million customers across the globe. AEGON had more than EUR 420 billion in revenue-generating investments around the world at the end of 2011. As a part of its strategy, AEGON is investing in new and upcoming markets like India, China and Brazil. The company’s common shares are listed on two stock exchanges: Amsterdam and New York. AEGON has more than 160 years of experience with its roots going back to 1844. AEGON holds 26% equity in ARLI.

Religare Enterprises Limited (REL) is one of the leading integrated financial services groups of India. REL's businesses are broadly clubbed across three key verticals, the Retail, Institutional and Wealth spectrums, catering to a diverse and wide base of clients. REL offers a multitude of investment options and a diverse bouquet of financial services with its pan India reach in more than 1550 locations across over 460 cities and towns. REL also currently operates from 10 countries globally following its acquisition of London's oldest brokerage & investment firm, Hichens, Harrison & Co plc.

Retrieve A Quote