Narayana Health Rolls Out 1st Insurance Product 'Aditi'

Aditi, the pilot product under the NHIL venture, will first be rolled out in Mysuru and Bengaluru, with subsequent expansions planned for Kolkata and Delhi.

Narayana Health Insurance, a new initiative by the Bengaluru-based hospital chain Narayana Health, has introduced its first insurance product, 'Aditi,' aiming to provide comprehensive healthcare coverage at an affordable rate.

The Aditi plan, announced on Monday, offers a sum assured of INR 1 Cr for surgeries and INR 5 Lakh for medical management within the Narayana Health network.

Narayana Health’s chairman, Dr Devi Shetty, stated that this initiative is designed to make quality healthcare accessible to all, particularly for surgeries and significant medical treatments. The annual premium for the Aditi plan is set at INR 10,000.

Narayana Health's expansive network includes 21 hospitals and numerous clinics across India. It has a significant presence in Bengaluru, where it operates seven hospitals and three clinics.

"We believe that working-class and poor people should be empowered as much as the richest people. Narayana' Aditi' is designed to protect families from the financial burdens of medical expenses, offering peace of mind during challenging times," said Dr Shetty.

He added that India requires about 70 million surgeries annually, but due to financial constraints, only 20 million are performed. The Aditi plan aims to address this gap.

Initial Rollout & Coverage

Aditi, the pilot product under the NHIL venture, will first be rolled out in Mysuru and Bengaluru, with subsequent expansions planned for Kolkata and Delhi.

The insurance plan provides coverage of up to INR 1 Cr for various surgeries, including critical procedures such as heart, kidney, and lung transplants, and up to INR 5 Lakh for medical treatments.

While the plan primarily covers treatments within the Narayana Health network, limited coverage is available for emergencies at other network hospitals.

Designed for individuals aged 18 and above, Aditi also offers family coverage that includes up to two adults and four children. Per the company, this plan redefines health insurance by prioritizing proactive healthcare measures over-reactive treatments.

Viren Prasad Shetty, VC, Narayana Health, highlighted the innovative approach of the Aditi plan.

"We designed Aditi to redefine health insurance as a tool for proactive healthcare, not reactive treatment. Aditi offers a single plan that prioritizes life-saving care, eliminates hidden fees, and doesn't have long waiting periods," said Shetty.

Narayana Health recently reported consolidated total operating revenues of INR 5,018.3 Cr for the fiscal year 2023-24, reflecting an 11% increase.

The company's earnings before interest, taxes, depreciation, and amortization (EBITDA) stood at INR 1,227.5 Cr, with a margin of 24.5%. The consolidated profit after tax for the year was INR 789.6 Cr.