Narayana Health Insurance Ltd. (NHIL), a new venture by Bengaluru-based hospital chain Narayana Health, on Monday announced its first insurance product ‘Aditi’ that will offer comprehensive coverage with a sum assured of Rs 1 crore for surgeries and Rs 5 lakh for medical management at Narayana Health network hospitals.
The Devi Shetty-led healthcare major claimed that this plan aims to bridge the gap in healthcare access for the masses in India by offering comprehensive coverage at an affordable price point. This new insurance can be availed at a premium of Rs 10,000 annually.
The hospital chain has about 21 hospital networks across India and numerous clinics. In Bengaluru, it has about 7 hospitals and 3 clinics.
“We believe that working class and poor people should be empowered as much as the richest people. Narayana ‘ADITI’ is designed to protect families from the financial burdens of medical expenses, offering peace of mind during challenging times. With the launch of Aditi, we embark on a transformative journey to make quality healthcare a reality for every Indian,” said Devi Shetty, chairman of Narayana Health and Narayana Health Insurance.
“India needs to conduct 70 million surgeries annually, but only 20 million are performed. The remaining 50 million are not carried out due to limited financial resources,” added Shetty.
Aditi, the pilot plan under the NHI venture, will initially be rolled out in Mysuru and Bengaluru, followed by Kolkata and Delhi. Aditi will provide coverage of up to Rs 1 crore for surgeries including heart, kidney, and lung transplants, and up to Rs 5 lakh for medical treatments.
NHI’s recent plan is available to individuals aged 18 and above. For family coverage, the plan includes up to 2 adults and 4 children. Coverage outside the Narayana Health Network is limited. However, for any emergency, one can avail of the plan at limited networks.
“We designed Aditi to redefine health insurance as a tool for proactive healthcare, not reactive treatment. Aditi offers a single plan that prioritises life-saving care, eliminates hidden fees, and doesn’t have long waiting periods,” said Viren Prasad Shetty, vice chairman of Narayana Hrudayalaya Ltd.
Narayana Health posted consolidated total operating revenues of Rs 5,018.3 crore in 2023-24, up 11 per cent, as its Ebitda stood at Rs 1,227.5 crore reflecting a margin of 24.5 per cent. Consolidated profit after tax for the year stood at Rs 789.6 crore.
First Published: Jul 01 2024 | 7:48 PM IST
