Page 11 - Insurance Times July 2016
P. 11
Health Insurance
Customers can pay Health insurance low in Woman's Financial Plan
Health Insurance in
instalments soon Health insurance does not find promi- Mumbai, Kolkata, Chennai, Gurgaon,
nence in the financial planning of In- Bengaluru, Ahmedabad, Hyderabad,
Health insurance customers may get dian mothers, revealed a survey con- Goa, Pune, Jaipur and Patna. They
to pay ducted by Bajaj Allianz General Insur- were in the age group of 25-55 years.
their pre- ance Co. Ltd. The survey
mium in comprised 1,100 respon- Only 15% of the respon-
instalments dents, which included dents had an individual
while get- working mothers (35%), health insurance plan. Of
self-employed mothers these, 5% had women-
ting the full benefit of the insurance (35%) and homemakers specific plans or riders in
cover, IRDAI had said. (30%), from across the their existing policy. Most
country. of the monthly income of women is
At present, customers have to make spent on household expenses (30%).
a single annual payment for health The survey was conducted to get an in- The other income includes savings
insurance, unlike life insurance prod- sight into the spending and investment (29%), equated monthly instalments
ucts that allow payment by Equated patterns of mothers. Respondents that (21%), shopping (16%) and health and
Monthly Instalments (EMIs). With took part were from New Delhi, wellness (4%).
the cost of medical treatment in-
creasing day by day, need for medi- Bupa health shareholding increases from 26% to 49%
cal insurance cover has been rising,
with the well-to-do buying covers of in Max Life
up to Rs. 1 crore. But the middle and
lower classes have found it difficult International healthcare group Bupa the stake increase. David Fletcher, Man-
to buy health covers, and it is this and leading multi-business corporate, aging Director of International Develop-
section that is expected to benefit Max India Ltd., has announced the ment Markets at Bupa said, "We are
from the new move. completion of the transaction to in- pleased to have completed the transac-
crease Bupa's shareholding in their tion with our partners Max India to in-
It is also expected to increase pen- health insurance joint
etration of insurance in the country venture Max Bupa from crease our shareholding in
while giving a breather to custom- 26% to 49%. Max Bupa to 49%. Bupa's
ers. The facility is likely to be ex- commitment to the Indian
tended to car insurance premium Bupa is one of the first for- health insurance market is
payments. eign investors in India's strong, demonstrated by
health insurance sector to have its ap- the speed we have moved to increase
"The companies will have to file for plication to increase its shareholding our shareholding."
the products with us and we will look approved by Indian regulatory authori-
into it," IRDAI chairman TS Vijayan ties and complete the transaction with Rahul Khosla, President, Max Group
said. its joint venture partner. Bupa has paid and Chairman, Max India, said, "Bupa's
Rs. 207 cr (approximately GBP 21.9m) to stake increase is a clear affirmation of
Max India, in an all cash transaction, for the huge growth opportunity for
health insurance in India."
The Insurance Times, July 2016 11
