Private life insurer, Aegon Religare, plans to enter the health insurance segment while continuing to focus on term insurance products, a senior company official said.
"We are looking to enter the health insurance segment and will be filing upto three health insurance products with the IRDA in the last quarter of this fiscal," Aegon Religare Life Insurance's Chief Financial Officer, K S Gopalakrishnan, said in Mumbai.
The company expects to launch at least one product this fiscal, he said.
"There is a huge market for pure protection insurance products and we want to be in this segment," he said.
Aegon Religare Life is a three-way joint venture between the Hague-based international life insurance pension and investment company, Aegon, financial services group Religare and media-house Bennett, Coleman and Company.
The twentieth entrant in life insurance industry, Aegon Religare, is also targeting to increase contribution of term insurance products to the number of policies sold by it.
"We want term products to play an important part in our business. Presently, term products contribute 20 per cent to the number of policies sold and we are aiming to increase it to 30 per cent in the near future," Gopalakrishnan said.