Niva Bupa To Offer Emi Protection Plan For Swara Fincare’S Customers — Details Here

Swara Fincare offers loan in the range of Rs 50 thousand to 2 lakh to the marginalized unbanked customers who are exploring opportunities to establish their small entrepreneurship venture.

Niva Bupa Health Insurance (formerly known as Max Bupa Health Insurance) has come together with Swara Fincare Limited, a registered Non-Banking Financial Company (NBFC), to offer a protection plan called Niva Bupa Xpress Health – Serious Illness Plan. The product will be offered to Swara Fincare’s customers during the loan disbursement process.

The rural-urban divide is significantly huge in India. The divide is even more apparent when it comes to access to good quality healthcare in rural India. A report by the National Statistical Office (NSO), Ministry of Statistics and Program Implementation, in 2019 had highlighted that only 14 percent of the rural population had health expenditure coverage out of which a meagre 1 percent of rural population had said they were covered by health insurance arranged by government/PSU as employer/employer-supported health protection schemes.

As per a report by NITI Aayog in October 2021, at least 30 percent of the population, or 40 crore individuals are devoid of any financial protection for health. As of today less than 20 percent of the rural population has any form of health insurance. To address this gap, Niva Bupa Health Insurance is coming together with Swara Fincare to democratize health insurance in India, it said in a statement.

“As part of the product benefit, Niva Bupa will cover up to 3 EMIs in a policy year of the respective customer in case of hospitalization for a period of 5 days or more. For instance, if the policyholder is hospitalized for a minimum of 5 days or maximum of 30 days in continuity, the coverage gets triggered, and under the Xpress Health plan, Niva Bupa will pay one EMI on behalf of the policyholder to be covered and the loan tenure,” Niva Bupa said.

Key benefits of the Niva Bupa Xpress Health – Serious Illness – EMI plan:

  • Policy tenure: Loan linked up to 1 year/ 2 years
  • Entry age: 18-65 years
  • Plan type: Borrower & Co-borrower
  • Initial waiting period: Nile
  • Pre-existing disease (PED) waiting period: Nile
  • Specific disease waiting period: NilSwara Fincare offers loan in the range of Rs 50 thousand to 2 lakh to the marginalized unbanked customers who are exploring opportunities to establish their small entrepreneurship venture.
  • (Edited by : anshul)

    First Published: IS

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