Niva Bupa, Swara Fincare collaborate to expand later’s health insurance reach

Niva Bupa Health Insurance

Niva Bupa Health Insurance (previously Max Bupa Health Insurance) has partnered with Swara Fincare Limited, a registered Non-Banking Financial Company (NBFC) that is a fully Tech-enabled, Impact NBFC, to provide their customers with the Niva Bupa Xpress Health – Serious Illness Plan. During the loan payout procedure, all Swara Fincare loanee clients will be given the product.

In India, the rural-urban divide is enormous. When it comes to access to high-quality healthcare in rural India, the disparity is much more pronounced. According to a 2019 report by the National Statistical Office (NSO), Ministry of Statistics and Programme Implementation, only 14% of the rural population had health expenditure coverage, with only 1% of the rural population saying they were covered by health insurance arranged by the government/PSU as employer/employer-supported health protection schemes. According to an NITI Aayog report due out in October 2021, at least 30% of the population, or 40 crore people, lack affordable health insurance. Currently, fewer than 20% of the rural population has health insurance. Niva Bupa Health Insurance is collaborating with Swara Fincare to democratise health insurance in India.

As part of the product benefit, Niva Bupa will pay up to three EMIs in a policy year for the customer if he or she is hospitalised for five days or more. For example, if the policyholder is hospitalised for at least 5 days and up to 30 days in a row, the coverage is activated, and under the Xpress Health plan, Niva Bupa will pay one EMI on the policyholder’s behalf. The policy premium is reasonably priced and is determined by the EMI amount, the number of members to be covered, and the loan term.

Krishnan Ramachandran, MD and CEO, Niva Bupa Health Insurance said, “We are excited to join hands with Swara Fincare Ltd., a promising player working towards uplifting the social and economic well-being of the less privileged. This association will enable us to expand our reach in the hinterland of India. The product is offered as an attachment to Swara Fincare’s loanee customers. It has been designed to give the emerging entrepreneurs the confidence that their loan liability will be taken care of in case of any medical emergency which needs hospitalisation.”

Dev Verma, Co-Founder, MD & CEO at Swara Fincare Limited said, “At Swara Fincare, we are working towards empowering customers in rural & semi-urban India by offering customised financial products & services to support their entrepreneurial journey. We are happy to join hands with Niva Bupa in this journey and provide our customers complete peace of mind by giving them an assurance that in case of any medical emergency, they need not worry about their EMI.”

The following are the main advantages of the Niva Bupa Xpress Health – Serious Illness – EMI plan:

  • Policy duration: Loan term linked up to 1 year/ 2 years
  • Age range for entry: 18-65 years
  • Type of plan: Borrower & Co-borrower
  • Waiting period: Nil
  • Waiting period for pre-existing disease (PED): Nil
  • Waiting period for specific disease: Nil

Swara Fincare provides loans ranging from INR 50,000 to INR 2 lakh to underprivileged unbanked individuals looking to start a small business company. In line with Niva Bupa’s vision of democratising health insurance across the country, this partnership will allow the brand to further deepen health insurance penetration across rural and emerging Tier 2, 3 and beyond markets, as well as educate customers on how to protect their loved ones’ health in the event of a medical emergency.

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