Sachin Bansal-led Navi General unveils EMI-based insurance plans

BENGALURU: Serial entrepreneur and Flipkart co-founder Sachin Bansal-led Navi General Insurance on Monday said that it has introduced an option for customers to purchase health insurance on equated monthly installments (EMI), instead of paying an annual premium upfront to make insurance more affordable.

With this move, Bansal is eyeing a bigger share of India’s hugely underpenetrated health insurance industry by a subscription-based model that enables faster adoption of the policies with a digital-first based approach.

Customers can purchase health insurance at monthly installments of as low as Rs 240 per month, the Bengaluru-based company said in a statement.

“With ever-rising medical and healthcare costs, Navi’s subscription-based option for buying health insurance will help to make this important insurance cover more affordable and more accessible to many more customers”, said Ramchandra Pandit, MD & CEO, Navi General Insurance.

Navi General, which had received the regulatory approval from Insurance Regulatory and Development Authority last year, acquired DHFL General Insurance from Wadhawan Global Capital to offer a wide range of insurance products.

Bansal competes with Paytm CEO Vijay Shekhar Sharma who acquired general insurance firm Raheja QBE last year.

Last week, insurance aggregator Policy Bazaar also announced receiving a broking license from IRDAI to expand business.

TA Ramalingam, Chief Technical Officer, Bajaj Allianz General Insurance told this publication that the insurance firm has seen 100 per cent year-on-year increase in new health cover buyers in FY21.

“The new business growth is predominantly seen in the age group below 40 years and in   above 55 years group. The most common sum insured opted is Rs 5 lakh,” Ramalingam said.