HDFC Standard Life has decided to roll out health savings plan next fiscal.

From health insurance sector, the private life insurer targets a premium income of Rs 50 crore by the end of next fiscal.

Moreover, the company is eyeing a premium income of Rs 20 crore during the existing fiscal.

At a press meeting in Kolkata on Tuesday, Frederick D'Souza, senior vice president--health, HDFC Standard Life, said that the health savings plan would comprise a build-up health fund for the whole life time of the person insured, together with illness coverage up to a specific period of time.

HDFC Standard Life entered into the health insurance market in 2008 with the launch of its first health insurance product, Critical Care Plan.

This will be the third health plan announced by the company.

The company is yet to submit the plan to the Insurance Regulatory and Development Authority (IRDA) for its authorization.

HDFC Standard Life on Tuesday launched its healthcare product, called the HDFC SurgiCare.

With the plan, the company is looking to target select 100 cities.

The policy, which is available for a minimum of seven years and maximum of 20 years, offers flexible premium payment alternatives.

The new insurance plan would provide coverage against 82 surgical procedures and includes an assured lumpsum benefit regardless of actual medical cost incurred.