Max India one of the leading private insurance-provider has joined hands with UK-based Bupa to set up a standalone health insurance company.
British United Provident Fund (Bupa) the JV partner will hold 26 per cent of the stake in the company which will be called as Max Bupa Health Insurance Ltd. Rest of the company will be held by Max.
Max India Chairman Mr Analjit Singh said, “The initial share capital of the JV will be Rs 100 crore and the business are expected to be up and running in 12-15 months. However, Bupa will have an option and right to go up to maximum amount of FDI allowed by the government in case FDI reforms take place.”
Max, an expert in health care facilities has a customer base of around 2.7 million and operates specialty hospitals around the country. According to the Chairman, the products will be rolled out in phased manner and region wise. “We are not in a hurry to launch (the joint venture) immediately. We want to have ground preparation first which will take at least 12-15 months,” he added.
Broad range of products like individual, retail and group insurance will be targeted by the joint venture and the company plans to cover one million individuals as its customer base.
“The country has a huge potential for health insurance as the average age is expected to be 29 years in the next 12 years with people getting more spending power,” said, Anuroop Singh, Director Max India.
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