PANAJI: Niva Bupa Health Insurance Pvt. Ltd. (formerly known as Max Bupa Health Insurance Pvt. Ltd.) – one of India’s leading standalone health insurance players, today announced its entry in Margao, as part of its next phase of growth.
Niva Bupa is starting its operations in Margao and aims to provide health coverage to around 31,000 people in the next five years. Niva Bupa is on a strong growth journey with presence in 350 cities and recently marked the opening of 100 offices across the country. In the current financial year, the company has opened 1 office in every 3.5 days and aims to cover 600 cities by FY 24, states a press release.
Covid-19 pandemic has led to increase in awareness about the importance of health insurance. Consumers today are much more evolved and have realised that with the right sum insured coverage, they can tide through any medical crisis. A survey conducted amongst the insurance agents across Goa, revealed that there is a substantial increase in the demand of health insurance post Covid-19. However, the study also highlights that lack of awareness and clarity on health insurance is limiting the purchase of health insurance products in the region. This expansion is in line with Niva Bupa’s vision of making quality healthcare services accessible to all and enable people to lead a fulfilling life. During the Covid-19 pandemic, the company paid Covid related claims worth INR 409 crores to 30,000 customers overall, including INR 11 crore in Goa alone, helping people during the toughest hours.
With this expansion, Niva Bupa targets to clock around INR 25 Cr gross written premium and 10 times increase in policy purchase in the next five years in Margao. The company will also bring business opportunities for people in the city as it plans to onboard around 1,700 agents by FY 25-26. The company will provide adequate training programs and encourage women and housewives living in the city to become insurance agents, thereby helping them to become financially independent. In Margao, Niva Bupa customers can avail cashless hospitalisation through 4 network hospitals and 7900+ hospitals across the country. With this launch, the company now has presence in 2 markets in Goa including Panaji.
Talking about its expansion plans in Margao, Ankur Kharbanda, Director – Retail Sales, Niva Bupa Health Insurance said: “We are excited to mark our entry in Margao as Goa is an important market for Niva Bupa from health insurance penetration perspective. Covid-19 has led to significant increase in awareness of the importance of health insurance and our intent is to provide comprehensive health insurance plans and quality healthcare access to every citizen of the country. We are also focused on expanding our product portfolio to bring products as per the evolving health needs of today’s customers.”
Niva Bupa aims to democratise health insurance by positioning it as an enabler for living a carefree life. To bring its new philosophy to life, Niva Bupa has recently launched a brand campaign – ‘Zindagi Ko Claim Kar Le’ that aims to change the narrative around health insurance while eliminating the fear element often associated with it. With this new campaign, the company has gone deeper in bringing spotlight on the role of health insurance in the life of consumers, partners, advisors, while redefining and recalibrating its purpose, in line with its growth aspirations.
Niva Bupa is one of the most trusted brands in the country with more than a decade’s experience in offering quality healthcare support to people. The company offers a wide range of affordable, comprehensive, and disease-specific products as per customers’ varying health needs. The robust product portfolio of Niva Bupa includes indemnity products like ReAssure – a 100% cashless plan, Senior First, Personal Accident plan, Health Companion, GoActive, Health Premia, and Health Pulse. Other products include Health Assurance – Niva Bupa’s fixed benefit plan providing Personal accident cover, Hospicash & Critical illness cover, and Health Recharge – Super top-up plan. The company also offers entry-level covers such as Aarogya Sanjeevani and disease-specific products like Corona Kavach, allowing people to choose the suitable product for themselves.