Max India, one of the country’s leading private insurance company on Wednesday signed a joint venture with international healthcare firm Bupa to set up Max Bupa Health Insurance.
Bupa will hold 26 per cent and Max 74 per cent in the joint venture. The company has been set up with a capital of Rs 100 crore “In case the regulations change and permit a higher foreign direct investment, Bupa will increase its stake,” said Analjit Singh, chairman, Max India.
Regarding Bupa’s India foray, Chief Executive Ray Singh said, “There are very few markets that can match India's potential in the segment. We will structure products that suit the market requirement.”
Outpatient consulting and diagnostics insurance for individuals is currently not present in India. One needs to be a part of a company or group. “We will fill in this gap and will structure products to cater to individual’s need,” said Singh.
Max Bupa will be the third standalone health insurance company after Apollo DKV and Star Health Insurance. The company will appoint its chief executive officer in the next 3-6 months and will roll out its first product in 12-18 months.
To start with, individuals in the National Capital Region (NCR) will have access to the services of Max Bupa as the company plans to roll out its product in a phased manner starting with the NCR.