WELLNESS FORMULA

Madrid, July 15: Aviva Life Insurance has become health conscious. The largest insurance group in the UK — it operates in India through a joint venture with Dabur — today forayed into the Indian health market with the launch of Aviva Health Plus.

To stay fit and spur business growth, insurance companies in India have turned their focus on health.

The Life Insurance Corporation, the public sector behemoth, and private sector majors such as Reliance and Max New York Life have already rolled out health insurance products. Aviva is the latest to jump on the bandwagon.

Aviva claims its health insurance product is unique in the sense that it guarantees maturity benefits. The plan assures a return of premium amount even if a medical claim is made during the policy term and offers guaranteed maturity benefits even after claiming all health benefits.

At Rs 35,000, the annual premium (which is fixed for all age groups) for the maiden Aviva health plan is arguably a little expensive. The premium payment term is five years and Aviva Health Plus is targeted at individuals between 18 and 55 years. The policy term is for 10 years.

Bert Paterson, managing director and CEO of Aviva Life Insurance India, said, “Aviva Health Plus is a comprehensive health plan encompassing all the benefits which would help policyholders be prepared for contingencies at any point during the policy term.”

“This is indeed a unique product with guaranteed maturity benefits and same premium for all age groups,” he added.

The Aviva Health Plus bundles six benefits into one plan. They are: a) Guaranteed sum assured payable on death, b) Financial protection against accidental death and disability, c) Cover for permanent disability due to sickness, d) Critical illness cover, e) Surgical cash benefit, and f) cash benefit for every day hospitalisation.

Apart from the guaranteed maturity benefit, Aviva expects the other unique selling points of the health plan will be the same premium for all age groups and same benefits across all age groups.

The plan also provides exemption under sections 10(10D), 80D and 80C of the Income Tax Act. While anyone below 46 years is assured of a maturity value of more than the total premium paid, the return will be lower for those above that age.

While the first two benefits of the Aviva Health Plus run for the full period of the term (10 years), the other four benefits will be available during the premium period of five years, Aviva officials said.

Ulip twins

Other than the health insurance product, Aviva today launched two unit-linked plans (Ulips) — Aviva Lifeline Plan and Aviva Sachin Century.

While Aviva Lifeline targets urban customers in the middle-to high-income bracket, Aviva Sachin Century Plan is specifically designed for middle-income customers residing in semi-urban areas.

Paterson said, “We are delighted to bring to our customers the two new products. At Aviva, we constantly undertake surveys to identify customer segments and design products to suit individual needs.”

Traditional plans

Aviva today launched Secure Pension, a traditional pension plan designed to encourage regular savings for policyholders and ensure pension during the retired life.

The company also rolled out a traditional money back plan with periodical lump-sum benefits. The money back plans come in four terms — 12, 15, 18 and 21 years.