Page 15 - The Insurance Times August 2022

cash, life insurers are well-positioned crore, primarily driven by group health against any unforeseen medical emer-
to offer health insurance products to insurance premiums. gency or travel-related mishap. This
a larger population at better rates," product will offer them assurance that
Motor insurance premium rose 27.5
said the second person. in case of any unfavourable incident
per cent year-on-year (YoY) to Rs
while they are traveling abroad."
15,765.95 crore, albeit on a low base,
Aditya Birla Health, indicating a revival of growth in the The Niva Bupa TravelAssure plan in-
Policybazaar launch OPD segment buoyed by a pick-up in vehicle cludes various benefits and features
sales. such as, emergency in-patient and out-
add-on cover with zero patient medical treatment covering
According to data released by the Gen-
consultations and diagnostic tests,
waiting eral Insurance Council, retail health pre-
emergency medical evacuation, per-
Aditya Birla Health Insurance Co. Ltd. miums witnessed 11 percent YoY
sonal accident cover, daily hospital
(ABHICL) has launched 'OPD Add-on' growth in Q1FY23, while group health
cash to cover for out-of-pocket ex-
for its customers. This product can be premiums grew by 27 percent. General
penses, dental treatment. The plan
added to existing indemnity plans to insurers, which deal in multiple lines of
also provides cover for covid related
provide unlimited medical consultation business, witnessed only 2 percent YoY
hospitalisation.
at affordable prices. growth in retail health insurance pre-
mium but managed to post 21 percent
The add-on cover aims to provide City Union Bank partners
YoY growth in overall health premium
hassle-free physical and virtual consul-
in Q1, owing to group health premium, Aditya Birla Health Insur-
tation, and offers a range of special
which grew 25 percent YoY.
consultations such as gynaecology, or- ance
thopaedic, paediatric, ophthalmolo- Standalone health insurance compa-
Aditya Birla Health Insurance Co. Ltd.
gist, physiotherapist and nutritionist, nies reported 21 percent increase in announced a Bancassurance partner-
referred or prescribed by a general retail health premiums and over 46
ship with City Union Bank for distribu-
practitioner, in relation to any illness or percent growth in group health premi- tion of health insurance products
injury. ums. Their overall health rewards were through the lender's network of
up 28 percent YoY.
Mayank Bathwal, chief executive of- branches in India.
The group health insurance segment
ficer, Aditya Birla Health Insurance, Under the alliance, Aditya Birla Health
has witnessed an increase in premium
said, "New-Age insurance is all about Insurance's full suite of insurance plans
rates due to medical inflation and ad-
being proactive, taking preventive will be available for purchase to more
verse claims ratio in the earlier periods.
measures and being there for our cus- than 4.4 million customers of City
tomer. Hence, we came up with an Union Bank across 727 branches in 153
OPD Add-on cover with both physical Niva Bupa launches districts.
and tele-consultation which can be
TravelAssure health insur- "The Bancassurance partnership will
easily accessible for policyholders. This expand our reach and enable us to le-
ance plan
cover will help them consult doctors
verage City Union Bank's robust net-
virtually as well, irrespective of their Niva Bupa Health Insurance Co. Ltd. work in Tamil Nadu and other south-
location." today announced an insurance offer-
ern states. The partnership will help
ing--TravelAssure--to enable customers
Aditya Birla Health Insurance to fur-
Group covers lead 22% to plan their overseas travel hassle ther unchain the insurance market in
free, with complete coverage for any
tier II and tier III cities and increase
growth in Q1 health pre- unforeseen medical emergency.
insurance penetration in the country.
mium Bhabatosh Mishra, Director - Under- It will also enable the Bank's custom-
Health insurance witnessed subdued writing, Products and Claims, Niva ers to choose from our comprehensive
growth in the April-June quarter (Q1) Bupa Health Insurance said, "The prod- product portfolio and also benefit from
of FY23. Despite that, health insurance uct has been designed to make travel our 'Health First' offerings," said
premiums registered 22 per cent a hassle free experience for our cus- Mayank Bathwal, CEO, Aditya Birla
growth in Q1FY23 to over Rs 21,000 tomers and provide them cover Health Insurance.

The Insurance Times, August 2022 15