*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
Budget Session of Parliament 2015 is set to change quite a few things for Max Bupa Health Insurance. Bupa, the foreign promoter of this joint venture has decided to increase the stakes from 49% from 26% once the Insurance Laws Amendment Ordinance 2014 gets approved during the forthcoming Budget Session. This will be the first time that a foreign company will hold such high stakes.
David Fletcher, Managing Director of International Development Markets at Bupa said,” This decision underlines Bupa's commitment to the Indian health insurance market and represents a major milestone in the development of Max Bupa. With our partners Max India, we are committed to supporting Max Bupa's growth and helping Indian consumers live healthier and more successful lives”.
Rahul Khosla, Max India's Managing Director enthusiastically reflected that “As Max Bupa prepares itself for its next wave of growth; it will stand to benefit from Bupa's expertise in areas such as under-writing health risks and product innovation”.
Health insurance in India is surging ahead at a lightning speed and currently has six standalone companies. According to an estimate study done by Insurance Regulatory and Development Authority, life insurance sector need an additional capital of Rs 44,500 crore and nonlife insurance sector needs Rs 10,500 crore in the next five years. One quarter of the total non-life insurance business in India is health insurance which is a business of around Rs 12,606-crore. Since the year 2000, there are been a gradual increase in penetration of the insurance sector.
(Source: This article has been adapted from the article "Bupa to raise its stake in insurance joint venture Max Bupa Health Insurance to 49%" that appeared on Jan 6, 2015 in economictimes.indiatimes.com.)