Reliance Life Insurance Company, part of Reliance Capital, has forayed into health insurance market with the launch of its first pure reimbursement health insurance plan called as 'Reliance Life Care for You' for individuals and family members.

The policy term under this plan is three years with the premium fixed for the entire period, irrespective of the claims. The plan offers sum insured of up to INR1m.

The company said that along with its third party administrators it has created a preferred network of over 6,000 hospitals, across the India to provide cashless hospitalization benefit to the customers.

Reliance Life president and executive director Malay Ghosh said that the company’s venture into health insurance sector is a natural extension of its life insurance business.

“‘Reliance Life Care For You’ is our first step in the pure health insurance space, aimed to help people meet their health care exigencies and expenses at every stage of life effectively,’’ Ghosh said.