Narayana Health's New Insurance Product 'Aditi'
Narayana Health Insurance Ltd. (NHIL), a new venture from Bengaluru-based hospital chain Narayana Health, has announced its first health insurance product called 'Aditi'. This insurance aims to provide comprehensive healthcare coverage at an affordable price.
Key Features of Aditi:
1. Premium and Coverage:
- The insurance product, Aditi, will be available at a premium of Rs 10,000 per year.
- It offers a sum assured of Rs 1 crore for surgeries and Rs 5 lakh for medical treatments at Narayana Health network hospitals.
2. Target Audience:
- This plan is designed to make healthcare accessible and affordable for the masses, especially the working class and poor people.
- It aims to provide financial protection from medical expenses and ensure peace of mind during difficult times.
3. Availability:
- Initially, Aditi will be available in Mysuru and Bengaluru, followed by Kolkata and Delhi.
- The plan covers individuals aged 18 and above, with family coverage available for up to 2 adults and 4 children.
4. Coverage Details:
- Aditi offers coverage for major surgeries including heart, kidney, and lung transplants, up to Rs 1 crore.
- For medical treatments, the coverage is up to Rs 5 lakh.
- The coverage outside Narayana Health Network is limited, but in emergencies, one can avail the plan at certain networks.
Background and Vision:
Devi Shetty, the chairman of Narayana Health and Narayana Health Insurance, expressed the vision behind Aditi. He emphasized the need for making quality healthcare accessible to every Indian, regardless of their financial status. He highlighted that India requires around 70 million surgeries annually, but only 20 million are performed due to financial constraints. Aditi aims to bridge this gap by providing comprehensive coverage at an affordable cost.
Narayana Health's Network:
- Narayana Health has about 21 hospital networks across India and several clinics.
- In Bengaluru, it operates 7 hospitals and 3 clinics.
Financial Performance:
- Narayana Health reported consolidated total operating revenues of Rs 5,018.3 crore in the financial year 2023-24, reflecting an 11% increase.
- The company's EBITDA stood at Rs 1,227.5 crore, with a margin of 24.5%.
- The consolidated profit after tax for the year was Rs 789.6 crore.
Future Plans:
Viren Prasad Shetty, vice chairman of Narayana Hrudayalaya Ltd., shared that Aditi is designed to redefine health insurance as a proactive tool for healthcare rather than a reactive treatment option. The plan aims to prioritize life-saving care, eliminate hidden fees, and minimize long waiting periods.
In conclusion, Narayana Health's new insurance product, Aditi, is a significant step towards making quality healthcare accessible to all. With its affordable premium and comprehensive coverage, Aditi aims to provide financial protection and peace of mind to individuals and families across India.
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