Aditya Birla Health Insurance Company is a combined business enterprise between Aditya Birla Group of India and MMI Holdings of South Africa. It was established 2016 as a standalone health insurance company from the Aditya Birla Financial Services Group.
Aditya Birla Group which is the umbrella brand under which ABHICL falls is an Indian Multinational which operates in 40 countries. It was founded in 1857 and since then has ventured into a variety of sectors. It has established businesses in telecom, textile, chemical, financial services and many more.
ABHICL is the brainchild of Aditya Birla Financial Services Group which is a non-banking finance company that has been flourishing under the Aditya Birla Group flag.
Aditya Birla Health Insurance Company was established to bring focus on health as much as insurance. The current healthcare facility in the country needs significant improvement, and this initiative is a moving a step closer towards achieving the goal for a better and healthier India.
MayankBathwal, earlier the Deputy CEO of Birla Sun Life Insurance was made the Chief Executive Officer of ABHICL. He has been with the Aditya Birla Group for more than 20 years and has been trusted with the responsibility of taking ABHICL towards success.
ABHICL is entering the Indian health market with a business differentiated model when evaluated with that of any health insurance player existing. They are presenting health insurance to a wider customer set by creating awareness and changing existing consumer approach towards health insurance.
ABHICL is at a very nascent stage. In the first year of operations, it has seen a loss of close to INR 150 million. However, it also has assets of nearly INR 100 million to back itself up. Considering ABHICL is under the guardianship of Aditya Birla Financial Services Group it is no surprise that the claim settlement so far has not seen any problems. The company in the year 2016 did a total business of INR 386, 137. Since ABHICL is only the sixth company to get the approval from IRDAI to function as a standalone health insurance company, the company is penetrating the Indian health insurance market at a steady pace. The company has a capital infusion of INR 250 crore.
Below is a list of the key advantages that ABHICL has over its competitors-
Activ Health Essential
This plan is aimed at helping customers stay healthy. It provides health rewards for following a healthy lifestyle.
It also has many another optional cover apart from the following:
Activ Health Enhanced
This plan is a value for money health cover.
In the Activ enhanced plan apart from the following benefits it also provides a reload of the sum insured.
Also in this plan, one get zone based premium which ensures that they get the best possible cover.
Group Activ Health
This is a highly customizable group premium plan which allows the covers to be tailored to the insured’s needs as it has many optional covers under this plan. ABHICL has ensured that this plan has very simple documentation with benefits of cashless settlements.
Group Activ Secure
Under this plan for the following cases the company pays a lump sum amount to cover damages to the client or their family:
This plan is a fixed health plan and covers only the above situations. The amount given is based on the premium and other customizations.
ABHICL is also planning to introduce a chronic care management program to cater to the unmet needs of a growing Indian population of those suffering from five chronic lifestyle conditions.