New India Assurance bags Rajasthan health insurance project

India Infoline News Service | Mumbai | December 11, 2017 09:09 IST

This is one of the largest health insurance schemes in the country as it gives cover for cashless treatment of 1,401 diseases - of Rs3,00,000 for 663 critical and Rs30,000 each for 738 general illnesses.

New India Assurance Company Limited (NIA) has announced that it will execute health insurance for about one crore poor families across the State. Under the project called the Bhamasha Swasthya Bima Yojana (BSBY), about four crore people covered under the National Food Security Act (NFSA) will get health insurance benefits.

This is one of the largest health insurance schemes in the country, as it gives cover for cashless treatment of 1,401 diseases - of Rs3,00,000 for 663 critical and Rs30,000 each for 738 general illnesses. 

G Srinivasan, Chairman and MD, NIA said, “This is one of the unique universal health insurance schemes in the country and the scheme is operated through a large number of empanelled hospitals both public and private .“

The total insurance premium involved is more than Rs1,200cr per annum with the State bearing Rs1,261 per family.

The basic aims of the Bhamashah Swasthya Bima Yojana is improvement in health indicators, reduction in out of pocket expenses and providing financial security to the poor against illnesses, to roll out Government’s vision of maximum Governance and minimum Government and bring a revolution in healthcare in rural area – by providing stimulus to Private Sector to open hospitals in rural areas and reducing the increasing burden on Government facilities.

NIA is the largest general insurance company in India in terms of net worth, domestic gross direct premium, profit after tax and number of branches. The company has been in operation for almost a century. NIA has the largest market share of gross direct premium among general insurers in India   NIA’s operations are spread across 29 States and seven Union Territories in India and across 28 other countries globally through a number of international branches, agency offices and subsidiaries including a desk at Lloyd’s, London.

The Gross Written Premium for the half year ended September 30, 2017, was Rs12,823.49cr as against a figure of Rs11,203.62cr in the previous year, registering a growth of 14.46%.  The Return on Equity (annualized) of the company for the first half was 19.98% as compared to 8.52% during the same period the previous year. The Solvency margin as on September 30, 2017 was very comfortable at 2.24x as compared to 2.04x of the earlier year.

***Note: This is a NSE Chart

 

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