Page 53 - Insurance Times February 2023

uncertainties, while also securing their financial future. This modular health insurance product 'My Health Care Plan'. My
product will empower one to deliver the promises that they Health Care Plan is filed as an umbrella product under which
would have made to their near and dear ones." customizable packages are offered. The flexibility in picking
and choosing the covers as per the customers' necessities
Aegon Life Insurance Launches Term gives them the freedom to design their own health care plan
basis which the premium for the policy is determined. The
Plan For Self-Employed
company has announced Plan 1 under the umbrella product
Aegon Life Insurance has launched a new term plan named
that consists of mandatory and optional coverages.
'iTerm Prime Insurance plan' for the self-employed sector.
The My Health Care Plan product consists of mandatory
The minimum sum assured is Rs 25 lakh. It also offers a
coverages like In-patient hospitalization expenses, pre and
special discount of 10 per cent on the first-year premium.
post-hospitalization expenses, Modern Treatment Methods
The policy also offers special add-on features like critical
and Advancement in Technologies, Organ donor expenses,
illness cover and accidental death. Ayurvedic and Homeopathic Hospitalization Cover,
The other details of the policy are as follows Maternity Package Expenses, Baby Care, Out-patient
Treatment Expenses (OPD), Home Nursing Benefit, Sum
The minimum entry age is 18 years. The maximum age is
Insured Reinstatement, Airlift Cover, and Cumulative Bonus,
65 years for regular pay, and 50 years for limited pay. In
amongst others. Under the Maternity Package section, the
the regular pay mode, one has to pay the premium
plan covers maternity expenses for the insured member as
throughout the policy term. In limited pay, one can pay
well as the surrogate mother as well as the complications
premium for a fixed duration and can also take the policy
of Assisted Reproductive Procedures or Techniques.
coverage till 70 years of age.
Another highlight is the inbuilt Baby Care cover, under which
The policy also offers an option named 'special exit value',
the newborn baby is covered under the health plan from
wherein the policyholder will get back the entire premium
the first day of birth until the expiry of the policy.
paid once they turn 55 years old. The entry age for this is
Consumable expenses or non-medical expenses incurred
40 years, and the policy term is till 70 years.
during treatment are covered up to the Sum Insured (SI)
The policy also offers a grace period of 15-30 days on
selected. In addition, up to 50% of the cumulative bonus for
premium payment. The policy also offers death benefit,
each claim-free will be added to the SI.
which is highest of 11 times the annualised premium or 105
Under Home Nursing Benefit, if the treating doctor
per cent multiplied by the total premiums paid as on the
recommends a nurse for post-hospitalization care of the
date of death or base sum assured.
policyholder, a weekly nursing amount will be reimbursed
"If the policyholder dies during the policy tenure, a death
to the policyholder. There are three optional covers also
benefit will be paid in lump-sum to the nominee. If the
offered under Plan 1 of the policy, which are loss of income
policyholder decides to terminate the plan at the age of 55,
cover, major illness and accident multiplier cover, and
all premiums paid up until that point will be reimbursed,"
international cover. Under the international cover, expenses
Aegon said in a press release.
towards emergency care needed by the policyholder are
Satishwar B., MD and CEO of Aegon Life Insurance said that covered anywhere across the world.
the number of self-employed people in India as of 2021 was
Commenting on the product announcement, Tapan Singhel,
333 million and this huge population of self-employed people
MD & CEO, Bajaj Allianz General Insurance,said, "Our country
do not have access to adequate term insurance products
is known for its diversity where needs change from person to
primarily because of extensive paperwork involved.
person. This vast diversity has given us an opportunity to
Hence, they simplified the paperwork requirements to allow innovate and curate our product offerings to ensure that
the self-employed to purchase a policy with just a valid PAN health insurance has reached every household in our country.
card, Aadhaar or driver's licence. There is no requirement With our 'My Health Care Plan' product, our intention is to
of any document to be uploaded or scanned, he says. introduce a plethora of our offerings where the customer has
the flexibility to choose and package their covers that best
Bajaj Allianz launches flexible My Health suit them and their family, however, varied it may be. Under
this product, we will be introducing multiple plans
Care Plan incrementally, starting with Plan 1 where the customer can
Bajaj Allianz General Insurance announced the launch of its package their policies to their requirements.
The Insurance Times January 2023 47