Nimish Agrawal, Director – Digital Business Unit & Chief Marketing Officer, Niva Bupa Health Insurance

Niva Bupa Health Insurance is eyeing to be amongst the top two players in terms of market share in the country’s retail health insurance space by the next three years.

Niva Bupa, one of the leading standalone health insurance (SAHI) companies in India, is looking at growing faster than the market by 5-6 per cent. It has doubled down on its digital direct to consumer business and wants to penetrate further into the tier 2 to tier 4 cities through both agency and bancassurance channels.

Market share

“We plan to grow faster than the market, which means we will grow our market share. We definitely want to be amongst the top two players in the country’s retail health space by the next three years,” Nimish Agrawal, Director – Digital Business Unit & Chief Marketing Officer, Niva Bupa Health Insurance, told businessline.

Notably, standalone health insurance companies are emerging as key players in the country’s health insurance landscape as they dominate the retail health insurance segment.

“We are number three in the SAHI space in retail health insurance. Our market share in retail space stood at 10.1 per cent last fiscal,” Agrawal said.

At present, Star Health and Allied Insurance and Care Health Insurance are ahead of Niva Bupa in terms of market share.

Currently, retail business contributes around 70 per cent of the health insurer’s portfolio, while group contributes 30 per cent. In the last financial year, the insurer’s overall gross written premium (GWP) growth was 27 per cent, while retail health growth stood at 35 per cent.

Average ticket size in the retail health segment stood at around ₹31,000, which grew over 10 per cent year-on-year. “It is a combination of two factors — people are buying a larger sum-assured policy and prices over a period of time have also increased,” Agrawal said.

Omnichannel player

He said the company is adding new branches in tier 2 and tier 3 cities, and strengthening its bancassurance partnership as banks have got penetration in tier 2 to tier 4 cities. “We are an omnichannel player and have one of the most balanced distribution structures. Our intent is that a combination of four-five channels gives us the relevant velocity in a market,” Agrawal added.

Niva Bupa has unveiled a consumer insights report on Young India’s outlook towards health insurance which reveals that youngsters in Kolkata are amongst the most financially and medically prepared in the country.

The report is based on a survey of more than 2,400 respondents across over 35 urban and rural centres spanning tier 1, tier 2, tier 3 towns and villages.

The findings reveal that 51 per cent of young Indians consider health insurance among their top three financial priorities, yet only 14 per cent own a policy. Nearly 76 per cent young Indians remain financially or medically exposed to unforeseen health events. And, only 24 per cent are adequately prepared to handle a medical emergency.

Published on May 26, 2026