Tuesday, December 6, 2022

Ageas Federal Life Insurance's New Health Plan Covers “30 Critical Illnesses”

This health insurance plan: 

Covers 30 critical illnesses 

Provides level coverage throughout the policy term 

Offers lumpsum payment on the first diagnosis of illness, regardless of the actual amount spent on treatment 

Ageas Federal Life Insurance (AFLI), one of India's leading life insurance companies announced the launch of its “Ageas Federal Life Insurance Criti Care Plan”, a comprehensive plan covering 30 critical illnesses and major diseases.  

On diagnosis of any of the 30 critical illnesses listed, the insured person is entitled to a critical illness benefit to help with bearing the costs of expensive treatment, recuperation and possible loss or dip in income. The sum assured is payable as a lumpsum amount on the first diagnosis of the illness irrespective of the actual amount spent on treatment. 

The age for entering the policy is a minimum of 18 years and a maximum of 65 years; with the policy providing coverage up to the age of 70 years. The policy term can be a minimum of 5 years to a maximum of 10 years with three premium payment options – Single Pay, Limited Pay and Regular Pay. The plan may also provide tax benefits under Sec 80D of the Income Tax Act, 1961. 

Commenting on the new plan, Mr. Karthik Raman, CMO and Head – Products, Ageas Federal Life Insurance said, “In today’s fast-paced world, people are more prone to stress, anxiety and an unhealthy lifestyle leading to the onset of a critical illness. However, while a major disease may strike you unexpectedly, it is prudent to be covered with a critical illness plan such as our recently launched Ageas Federal Criti Care Plan, that eases the burden of expensive medical care and the possible loss of income during the recovery period.” 

“We see that during a critical illness, the cost of treatment is largely covered by mediclaim plans. However, the cost of post treatment care and the subsequent lifestyle changes can dig into one’s life savings and hence, investing in this plan can help you and your family cope better with these costs,” Mr. Raman added. 

About Ageas Federal Life Insurance 

Ageas Federal Life Insurance is one of India's growing life insurance companies and offers a diverse range of wealth management, protection, and retirement solutions to individual and corporate customers. Ageas Federal Life Insurance Co Ltd is a joint venture of Ageas, a multinational insurance giant based out of Europe and Federal Bank, one of India's leading private sector banks. 

Having commenced operations in 2008, Ageas Federal was able to achieve breakeven within just five years; the Company's passion for innovation and growth helped it achieve this feat. Through a nationwide network of 3,200+ branches including partner bank branches, and a sizeable network of advisors, Ageas Federal Life Insurance has achieved presence across the length and breadth of the country. As of March 31, 2022, the Company has issued over 15 lakh policies with a sum assured of over Rs. 1,20,544 crores. Ageas Federal Life Insurance has total assets under management of over Rs. 13,907 crore and a robust capital base of over 800 crores as of March 31, 2022.  

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