Niva Bupa offers a range of health insurance plans catering to individuals, families, and senior citizens. Their plans often include features like cashless hospitalization at a wide network of hospitals (over 8,500), coverage for pre and post-hospitalization expenses, day-care procedures, and some plans even cover AYUSH treatments. Some policies offer benefits like a health check-up from day one, no capping on room rent, and a booster benefit that increases the sum insured for every claim-free year.
The company emphasizes a digital-first approach, offering a seamless experience for buying policies, tracking claims, and renewals through their app and website. They also claim a high claim settlement ratio, aiming for a smooth and quick process for policyholders.
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Policybazaar introduces 100% claim settlement option for planned hospitalizations on select health insurance policies.
Policybazaar, a leading insurance platform, has introduced a 100% claim promise on planned hospitalizations for select health insurance policies. This initiative aims to provide a hassle-free and financially secure experience for policyholders, ensuring that they can focus on their recovery without worrying about hospital bills. The benefit is available on specific plans from Bajaj Allianz, Niva Bupa, and Aditya Birla Health Insurance (ABHI).
To be eligible for the 100% claim promise, policyholders must complete certain pre-admission steps and meet policy conditions. These steps include informing the Third-Party Administrator (TPA) 48 hours before hospitalization and selecting a hospital from the insurer’s network. The network includes over 10,000 partner hospitals for Bajaj Allianz, over 2,100 hospitals for Niva Bupa, and a panel of hospitals for ABHI.
The policy-specific details vary among the insurers. Bajaj Allianz offers the benefit to both new and port policies with any sum insured, provided a consumables rider is added. Aditya Birla Health Insurance requires a minimum sum insured of ₹10 lakh and pre-admission intimation, after which the insurer connects the customer with a panel of doctors. Niva Bupa also requires a minimum sum insured of ₹10 lakh and 48-hour prior notification to the claim team.
Policybazaar aims to streamline documentation and coordination with hospitals, reducing delays and enhancing the cashless experience. However, claims will not be paid in cases of non-disclosure, waiting periods, or exclusions as per policy terms. The initiative does not apply to emergency hospitalizations, which will continue to be processed under standard policy terms.
According to Siddharth Singhal, Head of Health Insurance at Policybazaar, the 100% claim promise is designed to alleviate financial worries during hospitalization, allowing policyholders to focus on their recovery. With this initiative, Policybazaar aims to provide a more customer-centric and secure experience for its policyholders, making it an attractive option for those seeking comprehensive health insurance coverage.
Niva Bupa has appointed Sridhar Srinivasan as an Independent Director.
EdgePoint Towers Sdn Bhd, a subsidiary of EdgePoint Infrastructure, a prominent ASEAN-based telecommunications infrastructure company, has achieved a significant milestone in its renewable energy endeavors with the successful launch of its first solar hybrid site. This noteworthy deployment marks a substantial step towards promoting sustainable energy solutions in Malaysia’s telecommunications sector.
The innovative solution has the capacity to provide up to 100% of the energy required to operate telecommunications equipment, thereby significantly reducing reliance on diesel fuel. The solar hybrid site boasts a 5.9-kilowatt peak (kWp) capacity, enabling it to operate autonomously and efficiently. This pioneering initiative is poised to have a positive impact on the environment by decreasing carbon emissions and mitigating the company’s carbon footprint.
The launch of the solar hybrid site is a testament to EdgePoint Towers’ commitment to embracing renewable energy and reducing its dependence on fossil fuels. By harnessing the power of solar energy, the company can minimize its environmental impact while also reducing operational costs associated with traditional energy sources. This forward-thinking approach not only benefits the environment but also enhances the company’s bottom line.
The successful deployment of the solar hybrid site demonstrates EdgePoint Towers’ dedication to innovation and sustainability. As a leading player in the telecommunications infrastructure sector, the company recognizes the importance of adopting eco-friendly practices and investing in renewable energy solutions. By doing so, EdgePoint Towers is setting a precedent for other industry players to follow, promoting a more sustainable and environmentally conscious approach to telecommunications infrastructure development.
The launch of the solar hybrid site is a significant milestone in EdgePoint Towers’ journey towards a more sustainable future. As the company continues to expand its renewable energy initiatives, it is likely to have a profound impact on the telecommunications sector in Malaysia and beyond. By embracing innovative and eco-friendly solutions, EdgePoint Towers is poised to remain at the forefront of the industry, driving growth and sustainability in the years to come. With its commitment to renewable energy, the company is well on its way to creating a more sustainable and environmentally conscious telecommunications infrastructure ecosystem.
Niva Bupa Health Insurance has received approval from the Insurance Regulatory and Development Authority of India (IRDAI) for the reappointment of Krishnan Ramachandran as its Chief Executive Officer (CEO).
The Insurance Regulatory and Development Authority of India (IRDAI) has given its approval for the reappointment of Krishnan Ramachandran as the Chief Executive Officer (CEO) and Managing Director of Niva Bupa Health Insurance Ltd. This decision was made public through an exchange filing on Wednesday. As per the approval, Ramachandran’s tenure will be for a period of five years, commencing from May 1, 2025, and concluding on April 30, 2030.
Prior to this approval, the board of directors of Niva Bupa Health Insurance Ltd. had already given their nod for Ramachandran’s reappointment. Ramachandran has been associated with the company since April 2020 and brings with him a wealth of experience spanning up to 24 years in the health insurance, healthcare, and life sciences industries. His extensive experience and expertise are expected to continue benefiting the company during his reappointed term.
The reappointment of Ramachandran is seen as a positive move for Niva Bupa Health Insurance Ltd., as it ensures continuity in leadership and strategy, which is crucial for the growth and success of the company. Under Ramachandran’s leadership, Niva Bupa has likely undergone significant developments and improvements, and his reappointment suggests that the company’s board is satisfied with his performance and wants to build upon the progress made so far.
Ramachandran’s experience in health insurance, coupled with his understanding of the healthcare and life sciences sectors, positions him well to navigate the complexities of the health insurance market in India. His continued leadership is expected to guide Niva Bupa Health Insurance Ltd. towards achieving its goals, expanding its customer base, and enhancing its services to policyholders.
The approval from IRDAI is a regulatory endorsement of Ramachandran’s capabilities and the company’s decision to retain his services. It also reflects the confidence of the regulatory body in the leadership and management of Niva Bupa Health Insurance Ltd. As Ramachandran embarks on his new term, he will likely focus on leveraging his expertise to drive innovation, improve customer satisfaction, and contribute to the growth of the health insurance sector in India.
The Board will make an announcement by the end of March regarding our acquisition of a significant stake in a leading health insurance company, with myself, as MD and CEO, overseeing the transaction.
Life Insurance Corporation of India (LIC) is planning to acquire a stake in a standalone health insurance company by the end of the current financial year, according to Siddhartha Mohanty, the company’s Managing Director and Chief Executive Officer. The decision is contingent on regulatory approvals, which are expected to be obtained by the end of March 31. The acquisition is a natural step for LIC to diversify its portfolio and expand its presence in the insurance market.
While discussing the details, Mr. Mohanty hinted that the company is not planning to acquire a majority stake, but rather will be open to exploring all possible options. He also emphasized that as a long-term investor, LIC has contractual obligations to manage its investments and asset-liability management, citing the example of Western countries with long-term bonds.
The acquisition is expected to be a strategic move to tap into the growing health insurance market in the country. The health insurance sector is expected to be a major priority for the Indian government, with the aim of increasing penetration and coverage.
There are currently seven standalone health insurance companies operating in the market, including Star Health & Allied Insurance, Niva Bupa Health Insurance, Care Health Insurance, Aditya Birla Health Insurance, ManipalCigna Health Insurance, Narayana Health Insurance, and Galaxy Health Insurance.
Meanwhile, LIC has reported a 17% year-on-year increase in net profit for the October-December quarter, but its net premium income has seen a decline of 8.6% year-on-year. Despite this, the company plans to expand its portfolio by acquiring a stake in a health insurance company, which is expected to be a significant step in the company’s growth strategy.
Prudential plc and HCL Group are collaborating on a new health insurance joint venture.
UK-based Prudential Plc has announced a plan to establish a health insurance joint venture with India’s HCL Group. The new business will have Prudential Group Holdings Limited, a UK subsidiary, holding a 70% stake, while Vama, an HCL Group company, will hold the remaining 30%. This move is part of Prudential’s expansion in the Indian insurance market, which it has been a part of since the establishment of ICICI Prudential Life Insurance in 2001.
This development comes as other players in the Indian insurance sector are making significant moves. Public sector behemoth Life Insurance Corporation of India (LIC) is in the final stages of acquiring a substantial stake in a pure health insurance company and is expected to make an announcement before March 31. There are currently seven standalone health insurance companies operating in India, including Star Health & Allied Insurance, Niva Bupa Health Insurance, and ManipalCigna Health Insurance, among others.
In another significant development, German financial services firm Allianz SE has reportedly reached a preliminary agreement with Jio Financial Services Ltd, a joint venture between Jio Platforms and a clutch of investors, to establish a joint venture covering both health and general insurance businesses. This move comes days after Bajaj Finserv and Allianz SE announced the end of their joint venture, Bajaj Allianz, in a deal worth Rs 24,180 crore. Additionally, Patanjali Ayurved has entered the insurance sector through its acquisition of Magma General Insurance from Adar Poonawalla for Rs 4,500 crore.
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Will LIC Offer Health Insurance? The CEO Has Spoken
The Life Insurance Corporation of India (LIC) may acquire a stake in a health insurance company by the end of March, CEO Siddhartha Mohanty has revealed. While the CEO did not provide further details on the potential deal, he clarified that the company is not looking to take a majority stake. This marks a significant move for LIC, which currently only offers life insurance policies, pension plans, and investment-linked insurance products, but not health insurance.
The Indian insurance sector has become increasingly competitive, with private insurers expanding their offerings in the health insurance space to capitalize on growing consumer demand. If LIC enters the health insurance market, it will face competition from major players such as Star Health Insurance, Aditya Birla Health Insurance, Niva Bupa Health Insurance, and Care Health Insurance. However, the company’s reputation and brand recognition could give it an edge in the market.
In addition to exploring health insurance, LIC is also in discussions with the Reserve Bank of India (RBI) on the issuance of longer-term bonds. The company is looking to invest in bonds with maturity periods of 50 years or even 100 years, which is longer than the current range of 20-40 years. The CEO noted that the company’s people are discussing this with the RBI and considering the option. This move is likely to have a significant impact on the Indian bond market and the country’s financial landscape.
Niva Bupa Health Insurance aims to achieve a capital adequacy ratio of 95% within the next three years, a strategic move to boost profitability.
Niva Bupa Health Insurance Co. aims to reduce its combined ratio to a range of 95-96% within the next two to three years, reported its Managing Director and Chief Executive Officer, Krishnan Ramachandran. The combined ratio is a key performance indicator (KPI) for insurance companies, measuring their profitability and financial stability. A combined ratio below 100 indicates profitability, while a ratio above 100 indicates lower profitability.
In the October-December quarter, Niva Bupa’s combined ratio stood at 96.3%, and for the nine months ending December 31, 2024, it was at 100.9%. The company’s financial performance for FY24 saw a combined ratio of 98.8%, with a target to achieve a steady state trajectory of 95-96% in the next two to three years.
To achieve this target, the company is working on improving its operational efficiency, underwriting, and claims management. Experts consider a combined ratio of 95-96% as a good indicator of an insurance company’s financial stability and profitability. Achieving such a ratio would demonstrate Niva Bupa’s commitment to maintaining a healthy balance between its expenses and premium income, ensuring long-term sustainability and growth.
Raising the bar to 95-96% would not only benefit the company but also its policyholders, as it would lead to more effective risk management, better claim settlements, and enhanced customer satisfaction. It is reassuring to see Niva Bupa’s commitment to striving for excellence, evident in its clear goal-setting and plans to improve its performance. With a combined ratio of 95-96%, Niva Bupa is expected to maintain its competitiveness in the market, increase customer trust, and ensure a strong financial foundation for the years to come.
Niva Bupa honours its advisors as ‘Health Captains’ with a new campaign, #KaamMeinShaanHai.
Niva Bupa Health Insurance Company Limited has launched a campaign titled #KaamMeinShaanHai to recognize and celebrate the valuable contributions of its advisors and agents. The campaign, which translates to “This is a Victory in their Work” in Hindi, aims to instill a sense of pride among advisors and acknowledge their selfless acts that go unnoticed in times of medical need. Advisors play a crucial role in guiding customers through the healthcare process, from selecting the right product to explaining benefits and assisting with claims processing. However, they often remain underappreciated and unseen.
The campaign will provide comprehensive learning modules to empower agents to upskill themselves not only on health insurance but also on healthcare, allowing them to become wellness consultants for their customers. The initiative will also create a series of videos showcasing instances of advisors managing customer anxiety and taking care of them during hospitalization. The company plans to shoot 1000 videos based on real-life experiences under the “Stories of Pride” initiative.
The campaign was unveiled in Delhi and Mumbai, with a series of events planned in eight major cities across India, providing advisors with insights, training, and resources to excel in their new roles. Nimish Agarwal, EVP and Chief Marketing Officer at Niva Bupa, emphasized that the campaign is a tribute to the advisors’ indispensable contributions and their dedication, aiming to empower and upskill them to play a more active and informed role as “Health Captains”.
The campaign is built on three pillars – empower, evangelize, and engage – aiming to equip advisors with the tools, knowledge, and recognition they deserve, enabling them to confidently guide customers towards the best healthcare solutions and become trusted healthcare partners. The initiative aims to address the lack of appreciation for advisors, recognizes their hard work, and celebrates their role in protecting families and guiding customers through critical health decisions.
Niva Bupa Embraces the Ambit of the Missing Middle with the Launch of Rise in India
Niva Bupa Health Insurance Company Limited, a leading standalone health insurer in India, has launched a new health insurance plan called “Rise” to address the health insurance needs of India’s “Missing Middle” segment. The plan is designed to make quality healthcare more accessible to this segment, which includes individuals who earn too much to qualify for government-sponsored health schemes but too little to afford private health insurance.
The “Rise” plan offers a range of features that cater to the unique needs of this segment, including:
* Flexi-Pay Benefit: Flexibility to pay premiums in installments, allowing customers to start their policy with a small token amount and pay the rest later.
* Smart Cash Benefit: A guaranteed cash payout of INR 5,000 for customers who choose to treat themselves in a government hospital.
* Return Benefit: A 50% refund of the total premium paid, with an additional 10% bonus added every year.
* Unlimited digital consultations in 16 vernacular languages.
* Optional benefits, such as modifying room type category, removing capping on modern treatments, and increasing the limit.
The plan is available in individual, multi-member, and family floater variants, with zone-wise pricing starting from INR 6,416 to INR 8,669 for a 35-year-old individual with a sum insured of INR 10 lakh.
According to Dr. Bhabatosh Mishra, Director – Underwriting, Products, and Claims, Niva Bupa, “Rise is not only a step forward in bridging the insurance gap for India’s Missing Middle but also aligns with IRDAI’s vision of Insurance for All by 2047.”
The launch of “Rise” is intended to bring about a paradigm shift in the way health insurance is perceived and consumed in India, making it more flexible, rewarding, and accessible to all. With its unique features and affordable pricing, “Rise” is poised to revolutionize the health insurance landscape in India.
A Chennai-based consumer court has ordered an insurance firm and a bank to collectively pay a compensation of Rs 51 lakh to the widow of a customer who had filed a complaint against them.
A widow and her son, Santosh and Sandeepan Sudhersan Sharma, have won a case against Niva Bupa Health Insurance and Karur Vysya Bank in the Chennai North District Consumer Disputes Redressal Commission. The commission ordered the companies to pay the family a compensation of Rs 51,00,000 and additional 9% interest on it, along with Rs 1,05,000 in compensation for deficiency in service, mental agony, pain, and suffering, and Rs 5,000 in litigation costs.
The case arose when Sudhershan Pohloram Sharma, Sandeepan’s father, took a housing loan of Rs 50,47,000 from Karur Vysya Bank in 2021. The bank required him to purchase a health insurance policy from Niva Bupa, which he did, paying a premium of Rs 2,99,956. When Sudhershan died in 2022 due to acute coronary syndrome, his wife Santosh and son Sandeepan tried to claim the insurance policy, but Niva Bupa denied their claim, citing that the cause of death did not fall under the critical illness benefits.
However, the commission found that Sudhershan’s death was due to myocardial infarction, which is one of the critical illnesses covered under the scheme. The commission held both Niva Bupa and Karur Vysya Bank liable for deficiency in service and directed them to pay the complainants the total amount of Rs 51,00,000 with 9% interest per annum from the date of death until the date of payment. The commission also ordered the companies to pay Rs 1,05,000 in compensation and Rs 5,000 in litigation costs within two months, failing which the complainants would be entitled to get the amount with 9% interest per annum from the date of the order until the date of realization.
According to IRDA’s 2025 report, Navi, Acko, and Reliance General Insurance topped the list with the highest claim settlement ratio among health and general insurance companies.
In today’s world, having a solid health insurance policy is crucial to bear the burden of medical expenses. General insurance companies also offer health insurance coverage, among other types of insurance. However, it’s essential to evaluate the effectiveness of your health or general insurer in settling claims on time. One way to do this is by checking the claim settlement ratio, which refers to the proportion of claims paid out of the total number of claims received. According to the Insurance Regulatory and Development Authority of India (IRDAI), the claim settlement ratio is a significant indicator of an insurer’s credibility. For instance, a health insurer with a claim settlement ratio of 93% means it typically pays around 93 out of every 100 claims it receives.
IRDAI releases a list of claim settlements done by all health and general insurers every year. In 2023-2024, over 71,200,854 claims were paid out, with 81.13% of these paid within 3 months of claim intimation. Among private general insurers, Acko General Insurance led the pack with a claim settlement ratio of 99.91%, while Navi General Insurance Ltd. was close behind with 99.97%. Public sector insurers like National Insurance Co. Ltd. and The New India Assurance Co. Ltd. also performed well, with settlement ratios of 91.18% and 92.70%, respectively.
Amongstand-alone health insurers, Aditya Birla Health Insurance Company had the highest claim settlement ratio within 3 months at 92.97%. Care Health Insurance and Niva Bupa Health Insurance also performed well, with settlement ratios of 92.77% and 92.02%, respectively. On the other hand, Star Health and Allied Insurance Co. Ltd. had the lowest claim settlement ratio within 3 months, but it paid out the most claims (16,80,171) in less than 3 months. Overall, it’s essential to evaluate an insurer’s claim settlement ratio, as well as other factors such as sum insured, waiting period, and network of hospitals, before finalizing a health insurance policy.