Avigyan Mitra - Health Insurance & Investments
An angel investor, Udit Goenka, has publicly criticized the insurance industry in India, labeling it the "biggest scam business." This outburst was triggered by an incident involving Niva Bupa Health Insurance, which allegedly denied a significant medical claim of Rs 61 lakh. The claim was for a bone marrow transplant for a patient suffering from Myeloid Leukaemia who was admitted to a hospital in Mumbai.
The family involved had a health insurance policy with a substantial cover, including a base of Rs 1 crore and an additional Rs 1.4 crore accumulated as a no-claim bonus. Initially, Niva Bupa had reportedly provided written confirmation for a Rs 25 lakh Bone Marrow Transplant package. However, when the actual hospital expenses surpassed this amount, the insurance company withdrew its cashless approval.
The insurer's reason for the denial was that the "liability cannot be established," which left the family in a desperate situation, forcing them to arrange a large sum of money in cash during a critical medical emergency. This incident was shared on LinkedIn, where it was described as a "systemic betrayal" by the health insurance provider, highlighting the vulnerability of families who rely on insurance for protection during health crises.
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