Posted on May 03, 2010 by Sergio Ulloa
Max Bupa Health Insurance
, the India-based joint venture between Max India Ltd
. and Bupa
, has launched its business and revealed its first product on April 29th
The Max Bupa Health Insurance joint venture
, which received its Certificate of Registration from India's Insurance Regulatory and Development Authority (IRDA) in February this year, is ready to start its business operations in the 6 major metropolitan areas of Delhi, Mumbai, Bangalore, Hyderabad, Pune and Chennai. There are further plans for expanding business into the cities of Jaipur, Surat and Ludhiana by the end of the 2010 fiscal year.
The company currently has an initial capital base of Rs 1.51 billion, or Rs 151 crore (US$ 33.89 million), with intentions to raise that number up to Rs 700-750 crore (US$ 157-168 million) in five years time. Max Bupa's hospital network spans 381 institutions throughout the six cities they are working in. They currently employ 400 people and plan to enlarge their team to 600 by the end of the year, as well as having a distribution network of about 500 agents which they intend to grow to 3000 agents as business continues.
Max Bupa Health Insurance's first product, named Heartbeat, which is targeted at Indian families, providing health insurance coverage for infants, senior citizens and all the family members in between. The product offers benefits for in-patient treatments including those lasting less than 24 hours, treatments due to illness 30 days prior to and 60 days after hospitalization, new born baby coverage, specified vaccinations for children under the age of 12 as well as maternity benefits after paying 3 annual premiums, uninterrupted. The Heartbeat health insurance product comes in three levels of coverage; platinum, gold and silver, and offers cashless services within the hospital network as well as direct claims settling from Max Bupa, meaning no Third Party Administrators (TPAs).
Incorporated in 1988, Max India Limited is a holding company with business interests working in the healthcare and services industries. Their wide range of health related interests include a joint venture life insurance company, Max New York Life, a healthcare services company, Max Healthcare, and a clinical services company, Max Neeman Medical International. The Max India Group reported US$ 860 million in revenues for 2007-2008 and will soon add Max Bupa to their list of businesses.
Bupa is an international health insurance company that provides health insurance for individuals and companies all over the world. Bupa has offices on three continents and over 7 million customers' world wide. As a provident association Bupa has no shareholders, because of this it uses its profits to invest in healthcare and medical facilities around the world.