After launching its first insurance product, ‘Aditi,’ in July 2024, Narayana Health Insurance has introduced ‘Arya,’ aimed at bridging gaps in the health insurance industry, according to Ravi Vishwanath, Director of Narayana Health Insurance.

The ‘Arya’ insurance plan offers hospitalisation coverage ranging from ₹25 lakh to ₹1 crore, with flexible top-up options starting at ₹25,000. In addition, the plans include consultations with general practitioners, pediatricians, and OBGYNs, providing a comprehensive healthcare solution.

Highlighting the challenges in traditional health insurance landscape, Vishwanath emphasised the industry’s reputation for complexity and mistrust.

“The industry is plagued by fine print, soaring premiums, and claims not being paid at the level customers expect,” Vishwanath stated. “It is administratively cumbersome, with waiting periods and other barriers, which have contributed to the low penetration of health insurance in India.”

He further pointed out that growth in the sector has been driven primarily by price increases rather than an expansion in the number of insured individuals. “Between FY23 and FY24, the number of insured lives has only grown by 6 per cent, despite premiums rising by almost 20 per cent. This indicates that most of the industry’s growth is coming from price hikes, not from more people joining the insurance pool,” he added.

Differentiating from the industry

Elaborating on the differentiation introduced by Narayana Health, Vishwanath stated, “Arya is different because, unlike most health insurance companies that focus primarily on paying claims, our approach is slightly different. Our job is to keep you out of the hospital.”

The plan focuses on preventive care. Along with consultations, the plan provides substantial savings on diagnostics, specialist consultations, and medications. Added conveniences include home sample collection, free medicine delivery, and access to CAP-certified labs. The plan also provides day-one benefits to eligible applicants, ensuring immediate coverage upon policy activation.

Currently available in Bengaluru, Arya Health Plans are the first step in an ambitious rollout strategy, with plans to expand nationally.

Published on January 27, 2025