AV Birla Group Joining Hands with Mometum Group for India’s Health Insurance Sector

Aditya Birla Group is planning to enter India’s fast growing health insurance market with South African Momentum Groups. The third largest life insurer in South Africa is the Momentum Group that wholly owns the subsidiary of Momentum Holdings. Chief Executive for financial services at the Aditya Birla Group, Ajay Srinivasan informed about their discussion with the Momentum Group.

Read More

Policybazaar exclusive benefits
  • 30 minutes claim support*
  • 50,000 claims approved in last 15 months*
  • Schedule home visit with our advisors
  • Get a plan based on your medical needs

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply

*Tax benefit is subject to changes in tax laws. Standard T&C Apply

Back
All health plans cover Covid-19 treatment
  • 1
  • 2
  • 3
  • 4

Who would you like to insure?

  • Previous step
    Continue
    By clicking on “Continue”, you agree to our Privacy Policy and Terms of use
    Previous step
    Continue

      Popular Cities

      Previous step
      Continue
      Previous step
      Continue

      Do you have an existing illness or medical history?

      This helps us find plans that cover your condition and avoid claim rejection

      Get updates on WhatsApp

      What is your existing illness?

      Select all that apply

      Previous step

      When did you recover from Covid-19?

      Some plans are available only after a certain time

      Previous step
      Advantages of
      entering a valid number
      You save time, money and effort,
      Our experts will help you choose the right plan in less than 20 minutes & save you upto 80% on your premium

      As informed by a person aware of the development process, the company is finalizing the joint venture agreement and planning to file for an R1 license, first step in registration process with Insurance Regulatory and Development Authority (IRDA). The major stake of 74% will be under billionaire Kumar Mangalam Birla and 26% will be under the Momentum group that is likely to get raised to 49%.

      In the life insurance segment, AV Birla Group has joined hands with Canada’s Sun Life creating Birla Sun Life that sells ULIPs and traditional products along with life insurance products.

      In the next five year, the health insurance market of India is estimated to grow by 25% as large global health insurers like South Africa’s Discovery and US- based Aetna and Humana are exploring ways of enter India.

      A quarter of total non-life insurance business in the country is supported by the domestic health insurance business of Rs 12,606 crore. Penetration or the ratio of insurance premium to GDP has witnessed a stable pace (2.71% at the time) because non-state companies were allowed in 2000. In March 2012, penetration rose to 4%. For non-life insurance it was 0.68- 0.78% over the past decade although health insurance sector experienced a growth of 30% compounded annually for past 7 years.

      In this segment the newest competitor is Cigna TTK (joint venture between TTK Group and US based Cigna). Whereas the standalone companies of this sector include- Max Bupa, Religare, Apollo Munich, and Star Health & Allied Insurance. There focus area is urban market that grows through clinics, doctors and hospitals.

      Cleared by Lok Sabha, the amendment to the Insurance Bill is yet to be approved by Rajya Sabha. In addition to the increase in foreign direct investment limit from 29% to 49%, the bill states that insurance companies would require to maintain an equity capital of Rs 50 crore.

      Search
      Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.

      Health insurance articles

      Recent Articles
      Popular Articles
      Does Health Insurance Cover H3N2 Virus?

      20 Mar 2023

      The seasonal H3N2 virus is rapidly spreading across India. As per
      Read more
      Common Wellness Benefits Offered by Health Insurance Plans

      14 Feb 2023

      Health is the biggest wealth in the true sense. No matter how much
      Read more
      Should You Buy a Super Top-up Health Insurance Policy?

      18 Jan 2023

      India is abuzz with a variety of health insurance plans to cater
      Read more
      6 Reasons Why Your Cashless Health Claims Can Get Denied

      18 Jan 2023

      Cashless claims are one of the most lucrative benefits of buying a
      Read more
      Check Out the Mandatory KYC Documents for Health Insurance

      30 Dec 2022

      The Insurance Regulatory & Development Authority of India
      Read more
      What are the Normal Thyroid Stimulating Hormone (TSH) Levels as Per Age?
      The thyroid gland is an important gland responsible to produce the right amount of hormones for normal body
      Read more
      How to Apply for Ayushman Bharat Pradhan Mantri Jan Arogya Yojana (PM-JAY)?
      Ayushman Bharat Yojana is a flagship health insurance scheme launched by the Government of India to offer universal
      Read more
      10 Major Benefits of Ayushman Bharat Yojana
      Pradhan Mantri Jan Arogya Yojana (PM-JAY) is the second component under Ayushman Bharat Scheme. PM Narendra Modi
      Read more
      Best Health Insurance Plans for Senior Citizens in 2023
      Senior citizens are the most prone to diseases. Considering the medical inflation in India, buying health insurance
      Read more
      Income Tax Slab for Women: Guide to Exemptions and Rebates
      In India, every person who earns beyond a certain limit is liable to pay income tax to the government. The tax
      Read more

      top
      Close
      Download the Policybazaar app
      to manage all your insurance needs.
      INSTALL