Max Bupa Health Insurance Company, a standalone health insurer, will shortly commence offering other products as well. The company may provide critical illness cover and travel insurance plans by next financial year.
At present, the company only sells hospitalisation covers. Max Bupa Health Insurance, a joint venture between Max Healthcare and UK’s Bupa, began operations in 2010.
“We are considering critical illness policies to be included in our product portfolio in next financial year. However, final decision is yet to be taken. We are still analysing viability of critical illness policy and travel insurance policy, depending on the final output. We may file for product approval with the regulator,” said Neeraj Basur, chief financial officer of Max Bupa Health Insurance Company.
While two standalone health insurance providers already have critical illness and travel insurance policies in their product portfolio, all major general insurance companies also offer these products to their clients. Although, Max Bupa is comparatively new player, it has witnessed growth of almost five times collecting Rs 60.05 crore during April-November 2011.
Critical illness policy may be provided as a standalone instrument.
Alternatively, critical illness cover can be given through a rider or attachment to the Max Bupa health insurance policies. Typically, critical illness policies do not have a separate market category and is witnessing a growth in sync with the health insurance segment.
Critical illness rider is one of the most popular riders sold in the market.
Health insurance segment has been witnessing over 30 per cent year-on-year growth, and it has been one of the fastest growing products for the non-life insurance companies. Hoping to cash in on the high growth segment, most life insurance companies have also forayed into health insurance space.
At present, the company only sells hospitalisation covers. Max Bupa Health Insurance, a joint venture between Max Healthcare and UK’s Bupa, began operations in 2010.
“We are considering critical illness policies to be included in our product portfolio in next financial year. However, final decision is yet to be taken. We are still analysing viability of critical illness policy and travel insurance policy, depending on the final output. We may file for product approval with the regulator,” said Neeraj Basur, chief financial officer of Max Bupa Health Insurance Company.
While two standalone health insurance providers already have critical illness and travel insurance policies in their product portfolio, all major general insurance companies also offer these products to their clients. Although, Max Bupa is comparatively new player, it has witnessed growth of almost five times collecting Rs 60.05 crore during April-November 2011.
Critical illness policy may be provided as a standalone instrument.
Alternatively, critical illness cover can be given through a rider or attachment to the Max Bupa health insurance policies. Typically, critical illness policies do not have a separate market category and is witnessing a growth in sync with the health insurance segment.
Critical illness rider is one of the most popular riders sold in the market.
Health insurance segment has been witnessing over 30 per cent year-on-year growth, and it has been one of the fastest growing products for the non-life insurance companies. Hoping to cash in on the high growth segment, most life insurance companies have also forayed into health insurance space.
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