Niva Bupa to offer EMI protection plan tocustomers of SwaraFincareto increase penetration of health insurance in rural India


Alwar, 05 January, 2023.

Niva Bupa Health Insurance (formerly known as Max Bupa Health Insurance) has come together with SwaraFincare Limited, a registered Non-Banking Financial Company (NBFC) whichis a fully Tech – enabled, Impact NBFC to offer their customers a protection plan called Niva Bupa Xpress Health – Serious Illness Plan. The product will be offered to all SwaraFincare’s loanee customers during the loan disbursement process.

The Rural-Urban divide is significantly huge in India. The divide is even more apparent when it comes to access to good quality healthcare in rural India. A report by the National Statistical Office (NSO), Ministry of Statistics and Programme Implementation, in 2019 had highlighted that only 14% of the rural population had health expenditure coverage out of which a meagre 1% of rural population had said they were covered by health insurance arranged by government/PSU as employer/ employer-supported health protection schemes. As per a report by NITI Aayog in October 2021, at least 30% of the population, or 40 crore individuals are devoid of any financial protection for health. As of today less than 20% of the rural population has any form of health insurance.To address this gap, Niva Bupa Health Insurance is coming together with SwaraFincare to democratize health insurance in India.

As part of the product benefit, Niva Bupa will cover up to 3 EMIs in a policy year of the respective customerin case of hospitalization for a period of 5 days or more. For instance, if the policyholder is hospitalized fora minimum of 5 days or maximum of 30 daysin continuity, the coverage gets triggered, and under the Xpress Health plan, Niva Bupa will pay one EMI on behalf of the policyholder. The policy premium is competitively priced and is calculated basis the EMI amount, number of members to be covered and the loan tenure.

Mr. Krishnan Ramachandran, MD and CEO, Niva Bupa Health Insurance said, “We are excited to join hands with SwaraFincare 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 being offered as an attachment to SwaraFincare’sloanee customers has been designed to give the emerging entrepreneurs the confidence that their loan liabilitywill be taken care of in case of any medical emergency which needs hospitalization.”

Mr. Dev Verma, Co - Founder, MD & CEO at SwaraFincare Limited said, “At SwaraFincare, we are working towards empowering customers in rural & semi-urban India by offering customized 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.”

Key benefits of the Niva Bupa Xpress Health – Serious Illness – EMI plan:

·         Policy tenure: Loan linked up to 1 year/ 2 years

·         Entry age: 18-65 years

·         Plan type: Borrower & Co-borrower

·         Initial waiting period: Nil

·         Pre-existing disease (PED) waiting period: Nil

·         Specific disease waiting period: Nil

SwaraFincare offers loan in the range of INR 50 thousand to 2 lakh to the marginalized unbanked customers who are exploring opportunities to establish their small entrepreneurship venture. In line with Niva Bupa’s vision to democratise health insurance across the country, this partnership will enable the brand to further deepen health insurance penetration across rural and the emerging Tier 2, 3 and beyond markets, and educate the customers to secure the health of their loved ones against any medical emergencies.