Amid reports about fake accounts in Ayushman Bharat Pradhan Mantri Jan Arogya Yojana (AB-PMJAY), the government’s flagship health insurance scheme, two private sector general insurers have outbid public sector general insurers to bag AB-PMJAY accounts of Gujarat and Meghalaya for the next three years.
PM-JAY is fully funded by the government and cost of implementation is shared between the central and state governments.
Bajaj Allianz General Insurance has outbid Oriental Insurance Company (OIC) to win the mandate for Gujarat and Reliance General Insurance (RGI) has pushed out National Insurance Company (NIC) for Meghalaya in the competitive bidding.
However, NIC has managed to retain Jharkhand on the basis of its efficient management of the scheme during the last three years. Competition is likely to hot up for other states when renewal comes up in the future.
Reliance General Insurance will be earning a premium of around Rs. 150 crore that will help the company to bridge the gap n the health portfolio that it has with peers.