Page 13 - Insurance Times May 2024

The growth of the five standalone and SAHI companies. The share of The IRDAI, in its 125th board meeting
health insurance companies (SAHI) can health insurance for this period stands held recently, has granted license to
be attributed to an increase in overall at 37.5%, up from 35.2% last year. Galaxy Health and Allied Insurance to
ticket sizes, with all SAHI companies The growth in health insurance has carry out business in India. This is the
launching high-value policies that run drawn new players, with Star Health sixth new license granted by the IRDAI
into crores of rupees. There has also founder V Jagannathan's Galaxy in around one year in life, non-life and
been a revision in premium rates to health segment, according to IRDAI.
Health and Surgeon Devi Shetty's
keep up with medical inflation and the Narayana Healthcare getting licences. Galaxy Health and Allied Insurance is
widening of the scope of cover, insur- a joint venture between Jagannathan's
ers said.
TVS Group enters boom- family including his wife and son Dr Sai
According to an analysis of IRDAI's Satish, an internationally renowned
annual report for FY23 by Emkay Fi- ing Rs. 1 lakh crore health senior interventional cardiologist based
nance, retail health insurance premi- insurance market with in Chennai and TVS group, which will
ums clocked a CAGR of 20% over FY12- Galaxy be the majority shareholder in the
19, while the number of people cov- company.
ered recorded a CAGR of 11%. Be- After Narayana Hrudayalaya, Chennai- Jagannathan has also roped in former
tween FY19-23, however, the premi- based TVS group owned by Venu Star Health Chief Executive Officer
ums' CAGR was 19% - largely led by Srinivasan has forayed into the Rs one (CEO) Dr S Prakash as the CEO of Gal-
price hikes and sum assured increases lakh crore health insurance business. axy Health Insurance. Sudarshan Venu,
- and the number of people covered Galaxy Health and Allied Insurance Managing Director, TVS Motor Com-
grew only 5.9%. Company, a stand-alone health insurer, pany, will be the chairman of the new
For the 11 months ended Feb 2024, the set up by TVS Group and V joint venture, which will have an initial
total health insurance premium was Rs Jagannathan, who had earlier founded capital of over Rs 200 crore.
98,716 crore, up 20% from Rs 81,997 Star Health Company, has received the Galaxy Health Insurance will have an
crore last year. This figure includes license at the shortest possible time all-India focus from the beginning and
health premium from general insurers from the IRDAI. many innovative health insurance ideas
for the customers, said an insurance
Health insurance rules changed for senior citizens: Be source.
ready for a 10-15% hike in health insurance premiums Earlier the IRDAI had given license to
In order to encourage more people to buy health insurance, the Insurance Narayana Health Insurance Limited
Regulatory and Development Authority of India (IRDAI) has omitted the men- (Narayana One Health), set up by Ban-
tion of “65 years” from a key clause that required insurers to offer health galore-based multispecialty hospital
covers to policyholders at least till they turn 65. After this recent amend- chain Narayana Hrudayalaya Ltd or
ment by the regulator, what will change for senior citizens? Will this move Narayana Health promoted by well-
help thousands of uninsured senior citizens get health coverage? How easy is known cardiologist Devi Shetty.
it now to buy a health insurance policy for the first time at the age of, say, to Other standalone players in the sector
various players in the industry to decode the impact of this new provision.
include Care Health, Aditya Birla
In its latest regulations that came into effect on April 1, 2024, the insurance Health, Niva Bupa, Star Health and
regulator removed the ceiling of 65 years for a person to buy a health insur- Manipal Cigna.
ance policy. It asked insurance companies to offer health insurance products
to all age groups. Join
In the earlier Health Insurance Regulations, 2016, IRDAI had asked insurers
to offer policies to individuals at least till the age of 65 years. "All health in- Online Certificate
surance policies shall ordinarily provide for an entry age of at least up to 65 Course on
years," it said. So, the insurance companies had to consider proposals of those
up to the age of 65. However, there was never a bar on selling health insur- Motor Insurance
ance policies to those above the age of 65. Policybazaar.com had even listed
nine policies offered by health insurers where the maximum entry age is 99 For details please visit
years and five policies where the maximum entry age is 75 years. www.smartonlinecourse.co.in

The Insurance Times May 2024 13