Max Bupa bids for state health insurance in three states

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SME Times News Bureau | 18 Oct, 2011
Health insurance provider Max Bupa has bid for a product distribution tender under the Rashtriya Swasthya Bima Yojna (RSBY) scheme in three states, a top company official said Monday.

"We had bid for three states only couple of months back. We have some low value products for the rural sector. But for RSBY, we have to design an appropriate product," Damien Marmion, chief executive, Max Bupa Health Insurance, said here.

He, however, declined to provide any further information on the three states for which it has applied.

The RSBY is a government scheme for the Below Poverty Line (BPL) families in the unorganised sector. Its objective is to provide insurance cover to poor households from major health shocks that involve hospitalisation.

Max Bupa, a joint venture between Max India and Britain-based Bupa, is in talks with regional rural banks (RRBs), co-operative banks and postal offices for strengthening its distribution network to reach out to more of the rural population in the country.

"Banks are a good mode of distribution of insurance products. Although Insurance Regulatory & Development Authority (IRDA) does not permit a standalone health insurer like us to use this medium, there are some regional and co-operative banks with whom we can still tie-up for distribution," Neeraj Basur, chief financial officer, Max Bupa said.

The company plans to tie-up with five banks (RRBs and cooperative banks) in Maharashtra.

At present, it distributes its products through corporate agents, telemarketing, direct sales channels and the internet.