Aditya Birla Health Insurance Co. Ltd. (ABHICL)

Aditya Birla Health Insurance Co. Ltd. (ABHICL), the health insurance arm of Aditya Birla Capital Ltd., has exceeded its target of premium collection and the number of people covered in its first year of operations since its start in mid-October 2016.

The company is also unveiling products covering alternative medical treatments. “Our premium income stood at ₹55 crore in the little over five months of our operations 2016-17. Between April and September 2017, we collected 96 crore, against a ₹100-crore target for a full year of operations,” said Mayank Bhatwal, chief executive officer, ABHICL.


During this period, 6.5 lakh people were covered by the fledgling company against the targeted 5 lakh. “This has exceeded our expectations,” he said.


ABHICL was incorporated in 2015 as a 51-49 joint venture between MMI Strategic Investments Ltd., MMI Holding, Aditya Birla Nuvo Ltd. and Aditya Birla Capital Ltd. MMI Holdings is a South Africa-based financial services group listed on JSE. ABCL is ABHICL’s holding company and among the larger financial service companies in India. Pointing out that ABHICL aimed at “rewarding a person to stay healthy,” Mr. Bhatwal said that the insurer provided incentives that could be utilised for health check-ups and OPD treatment against reimbursement. It could also be set off to pay for items that were outside the ambit of the policy.ABHICL’s two new products – an indemnity product and an umbrella retail-fixed benefit product – allow a family to reload the sum insured in case the amount is exhausted in the treatment of one member. It also covers treatments given under ayurveda, unani, siddha, yoga, naturopathy and homeopathy systems.


Mr. Bhatwal said the umbrella policy would enable deeper reach for the company into Tier I and Tier II markets, which are price sensitive. ABHICL distributes its products through agency, bancassurance, brokers and online channels. Though the firm is present in both retail and corporate segments, it is the retail segment that is growing faster for standalone health insurance companies like ABHICL, he said. The company’s 60 branches are located in 34 cities with 12,000 agents in its fold.


Mr. Bhatwal said that the company had also introduced the concept of ‘care managers’, who provided policy holders and their family assistance right from admission in the hospital to discharge. These care managers are medically-qualified professionals and not just call-centre agents. They are available in person or on call.

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