Niva Bupa

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Last edited April 9, 2026

Niva Bupa Health Insurance Company
Formerly
Max Bupa Health Insurance Company Limited
Traded as
IndustryInsurance
Founded2008; 18 years ago (2008)
Headquarters
New Delhi
,
India
Area served
India
Key people
Krishnan Ramachandran (MD and CEO)
C. B. Bhave (Chairman)[1]
ServicesHealth insurance
ParentBupa (55%)[2]
Websitenivabupa.com

Niva Bupa Health Insurance Company Limited (Niva Bupa) is an Indian health insurance company, founded in 2008 and headquartered in New Delhi. It is a subsidiary of UK-based health insurance and healthcare company Bupa. The company is regulated by the Insurance Regulatory and Development Authority of India (IRDAI).[3]

History[edit | edit source]

The company was founded as Max Bupa Health Insurance in 2008 as a 74:26 joint venture between Max India and Bupa, with operations starting in 2010.[4][5] It distributed its policies through its agents and bancassurance partners.[6][7][8]

In 2015, Bupa increased its stake in the company to 49%, after acquiring a 23% stake from Max India for ₹191 crore (US$29.77 million).[9]

In February 2019, Max India's entire 51% stake was acquired by Fettle Tone LLP, an affiliate of Indian private equity firm True North, for ₹510 crore (US$72.42 million).[10][11]

In 2023, True North announced that it would sell a 20% stake in the company to Bupa for ₹2,700 crore (US$380 million), making Bupa the majority shareholder at 63%.[12][13]

In November 2024, Niva Bupa went public with an initial public offering and listed on the NSE and BSE,[14] with Bupa continuing as the sole promoter after the IPO with an ownership of over 55%.[2]

Violations[edit | edit source]

In 2016, the IRDAI imposed a penalty of ₹20 lakh on the company for four violations, one of which pertained to timelines for settling claims.[15]

See also[edit | edit source]

References[edit | edit source]

  1. ↑ "Max Bupa appoints Krishnan Ramachandran as MD, CEO". Times of India. 5 May 2020.
  2. ↑ 2.0 2.1 Varier, Aathira (10 February 2025). "UK-based Bupa likely to increase stake in Niva Bupa Health Insurance". Business Standard. Retrieved 25 March 2026.
  3. ↑ Bhasin, Tinesh (3 December 2019). "Max India sells its stake in Max Bupa but policyholders needn't worry". Livemint.
  4. ↑ "Max Bupa health cover enters India". India Today. 30 April 2010.
  5. ↑ "Max launches Bupa Health Insurance in India". Adgully. 8 May 2010.
  6. ↑ Kurian, Boby; Shetty, Mayur (26 February 2019). "True North set to control Max Bupa". The Times of India.
  7. ↑ Srivats, KR (21 September 2019). "Max Bupa and Indian Bank ink bancassurance tie-up to offer health insurance solutions". The Hindu Business Line.
  8. ↑ "IDBI Bank ties up with Max Bupa". Zee Business. 11 June 2019.
  9. ↑ "Bupa to acquire additional 23% stake in Max Bupa". BusinessLine. 23 November 2015. Retrieved 25 March 2026.
  10. ↑ "Max India exits health insurance biz, divests stake in Max Bupa for Rs 510 cr". The Economic Times. 26 February 2019. Retrieved 25 March 2026.
  11. ↑ "IRDAI nod for Max stake sale in venture with Bupa". The Hindu. 3 December 2019.
  12. ↑ Chatterjee, Dev (29 September 2023). "True North sells 20% stake in Niva Bupa to Bupa for Rs 2,700 crore". Business Standard. Retrieved 25 March 2026.
  13. ↑ "India's True North to sell $325 mln stake in Niva Bupa Insurance". Reuters. 29 September 2023. Retrieved 25 March 2026.
  14. ↑ Sen, Meghna (4 November 2024). "Niva Bupa IPO: Price band set at ₹70-74 a share for ₹2,200-crore issue". CNBC TV18. Retrieved 25 March 2026.
  15. ↑ "Rs.20 lakh IRDA penalty on Max Bupa Health Insurance". The Hindu. 2 May 2016. ISSN 0971-751X. Retrieved 8 November 2024.

External links[edit | edit source]

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