Archive · 31 Jul 2026
GST Cut Boosts Niva Bupa Retail Health Insurance Growth
Niva Bupa is a big health insurance company in India.
The government lowered the tax on health insurance from 18% to 18%, which made it cheaper for people to buy insurance.
Because of this, more customers are buying bigger insurance plans.
In the first quarter of 2024, the company earned a lot more money from these plans.
They also have many ways to sell insurance, like through agents, banks, and online, which helps them reach more people.
18% GST cut on health insurance boosts affordability and sales
Q1 retail premiums rose 47% to ₹1,607 crore, GWP up 32% to ₹2,150 crore
Retail market share increased to 11.1% from 10% last year
Retail policies now mostly Rs 10 lakh+ sum insured, 90%+ of retail policies
Niva Bupa plans to add 1,000 more staff and expand multi‑channel distribution
- Who
- Niva Bupa Health Insurance and its CFO Vishwanath Mahendra
- What
- Growth in retail health insurance premiums driven by an 18% GST cut
- When
- First quarter of 2024
- Where
- India
- Why
- GST reduction and expanded distribution network
- GST Rate Cut
- 18%
- Q1 Gross Written Premium
- ₹2,150 crore
- Retail Health Insurance Premiums
- ₹1,607 crore
- Retail Market Share
- 11.1%
- Distribution Channels
- Agency 32%, Bancassurance 20%, Brokers 27%, Corporate Agents 7%, Direct 13%
- Retail Share of Portfolio
- 75%
- Group Share of Portfolio
- 25%