Kolkata, Oct 7 (Calcutta Tube) Reliance Life Insurance, part of the Anil Dhirubhai Ambani Group company Reliance Capital, Thursday forayed into health insurance, launching a family floater plan, ‘Reliance Life Care for You Plan’.
‘We are targeting to become the third largest player in health cover segment within three years,’ Malay Ghosh, Reliance Life Insurance president and executive director, told reporters here.
The company this year is targeting to cover 500,000 lives and first year premium income of Rs.150 crore. In three years, it expects to mop up Rs.1,000 crore by covering 1.5 million lives and Rs.2,000 crore in the fifth year by covering 5 million lives, said Ghosh.
‘Reliance Life Care for You Plan’ is a comprehensive long-term family floater plan that addresses healthcare expense needs of the entire family, including emergencies, under a single policy. The policy term under this plan is three years with the premium fixed for the entire period, irrespective of the claims.
The policy would also provide healthcare expenses of the extended family. It would help policy holders to avail cashless facility at over 6,000 hospitals across the country.
Reliance Life Insurance has business premium including renewal premium of over Rs.6,605 crore (as on March 31, 2010).
The coverage offered by this plan ranges from Rs.2 lakh to Rs.10 lakh with no claim bonus of 5 percent.
It would engage its over 200,000 advisors to sell the product through its 1,247 branches across the country.
Reliance Life Insurance now has a customer base of 7.23 million.
‘We are planning to tie up with banks of national presence, which would help our policy holders to pay their premiums easily,’ Ghosh said.
The insurance company that has started operation in 2005-06 expects to breakeven this fiscal (2010-11).