Niva Bupa Health Insurance Company Limited
Niva Bupa Health Insurance Company Limited, formerly known as Max Bupa Health Insurance Company Limited, was founded in 2008 and stands as a leading health insurance provider in India. It is a joint venture between Fettle Tone LLP, an affiliate of True North Fund VI LLP, and Bupa Singapore Holdings Private Limited, UK-based healthcare services expert. Bupa brings six decades of healthcare industry expertise and serves a vast customer base of 29 million across 190 countries. And, Fettle Tone LLP is an Indian private equity firm that helps mid-sized profitable businesses transform into world-class industry leaders. Since the last 20 years, they have invested in and guided over 50 Indian businesses with an aim to help them become valuable, enduring, and socially responsible entities.
The goal of Niva Bupa is to become India's most admired Health Insurance Company by assisting customers with knowledge, expertise, and a comprehensive range of services. They want to instil confidence in its customers and provide them with control over their healthcare decisions, ensuring a long-term relationship that goes beyond annual transactions.
During the financial year 2022-23, Niva Bupa Health Insurance Company Limited issued over 56,72,561 policies and received over 4,46,931 claims.
Awards & Recognitions
Niva Bupa Health Insurance Company Limited has been conferred with several notable awards over the years -
They were honoured with 'The Economic Times Best Brands 2019' award.
Their Max Health Insurance Plan was acknowledged as the Most Innovative and Diversified Product in Asia Pacific in 2018.
Their Heartbeat Health Insurance Plan received the Innovation of the Year award at the Golden Peacock Awards 2015.
They also received the 'IT Leadership Award' at the Asia Insurance Technology Awards 2014.
Their exceptional work was acknowledged with the Best Client Agency Idea award at the Loyalty Awards 2014.
Claim Settlement Ratio
The Claim Settlement Ratio of an insurance company helps you understand its reliability in terms of settling claims. It is the ratio of claims settled by the insurer in comparison to the total number of claims received in a given financial year. Niva Bupa Health Insurance Company Limited’s claim settlement ratio for the financial year 2021-22 is 89.1%.
An insurance company that consistently maintains a high claim settlement ratio can be considered as the most trustworthy and reliable. It is of utmost importance to evaluate the CSR track record of an insurer over the previous years, as it helps to determine whether they have maintained consistency in settling the claims.
The solvency ratio is a measure that helps you know the financial strength and stability of an insurance company. It indicates an insurer’s financial capacity to fulfil the claim obligations.
As per the regulations set by IRDAI (Insurance Regulatory and Development Authority of India), insurers are obligated to maintain a minimum solvency ratio of 150%. Niva Bupa Health Insurance Company Limited’s solvency ratio for the period that ended on 31st March, 2023 is 167%. This means that they are financially capable of covering their liabilities and meeting their obligations.
A network hospital is a hospital that has a partnership with your insurance company to offer cashless treatments. These hospitals are included in a list curated by either the insurance provider or the third-party administrator (TPA) associated with the insurer, to streamline the process for cashless claims. So, if you choose a network hospital for your treatment, the billing process is handled directly by the insurer or the third-party administrator (TPA) without you having to pay out of your own pocket. You will only be responsible for bearing the expenses not covered by your policy, which typically include consumables, administrative fees, registration fees, and other similar costs.
Niva Bupa Health Insurance Company Limited has a robust network of 10,000+ hospitals. To find the network hospitals based on your location, you can visit https://rules.nivabupa.com/hospital-network/. This tool also allows you to determine the number of hospitals in your neighbourhood listed with your insurer as well as whether your preferred hospital is included in their network.
If you need immediate assistance, you can call their toll-free number 1860-500-8888. They will help you with any queries related to insurance policies, information about their services, etc
You can also send an email to email@example.com for inquiries, support or any other information.
Niva Bupa Health Insurance Company Limited also offers alternative contact options to get in touch with them for any queries, doubts etc. -