Of the total 2.2 crore lives covered by Aditya Birla Health Insurance, more than 1.1 crore are from the rural areas. On Monday, it launched a new health insurance product named ‘Activ Fit’ to bring more people below the age of 35 years under the health insurance coverage. The product can be availed through digital health assessment that uses face recognition technology and also offers a certain percentage of premium return for customers depending on health status of the customer.
Mayank Bathwal, CEO, Aditya Birla Health Insurance said, the company has clocked a growth rate of 71% during the first quarter of this financial year (FY23), while the industry growth rate was only 21-22%. “Our market share in the standalone health insurance was 8.5 to 9% in the beginning of this year. We have seen a three per cent increase in our market share as on June 30, 2022,” he told TOI. During Q1 of FY23, the health insurer did a premium of Rs 630 crore.
Noting that health insurance is witnessing a demand in tier 3 and 4 towns and rural hamlets, he said, customers have increased their sum assured after Covid.
“What we have seen post-Covid is the sum assured has also increased with everyone is moving one or two levels higher. If customers had a sum assured of ₹3 – 4 lakhs, they are going to at least ₹5 lakhs and those with ₹5 lakh sum assured are shifting to ₹7 lakh.” New customers are buying more sum assured, he added.