Narayana Health Insurance Limited (Narayana Health), a wholly-owned subsidiary of Narayana Hrudayalaya Limited (Narayana Health), today announced that it has received a license to operate as a standalone health insurance company from the Insurance Regulatory and Development Authority of India (IRDAI).
“We are delighted to receive the license to operate as a standalone health insurance company,” said Dr. Devi Shetty, Founder and Chairman of Narayana Hrudayalaya and Chairman of Narayana Health Insurance. “This is a major milestone for our company and will allow us to achieve our mission of making healthcare accessible to all. We are grateful for the support of IRDAI Chairman, Shri Debasish Panda, and the entire IRDAI team for their guidance. This is the fastest approval for a health insurance license in recent times and shows that the Regulator and Government are serious in their commitment to increase insurance penetration across the country. We are motivated by the vision of Insurance for All by 2047 and believe that our company can play a significant role in achieving this goal.”
Narayana Health Insurance will focus on simplifying health insurance by creating comprehensive policies that are easy to understand. The company will leverage the investments made by Narayana Health in technology and AI over the years to create personalized care plans for its members and manage risks better.
“This is an important step in the evolution of Narayana Health from a Hospital operator to an integrated care provider,” said Viren Shetty, Vice Chairman of Narayana Hrudayalaya Limited and Director of Narayana Health Insurance Limited. “Our goal is to provide a seamless and integrated healthcare experience for our subscribers, and this license will allow us to offer a comprehensive suite of health insurance products and services. We believe that this will help us fulfil our purpose of keeping people healthy and providing affordable health care to underserved sections of society.”
The company is expected to commence business in a few months, with an initial focus on Karnataka market.