Niva Bupa Health Insurance Company Limited has announced the appointment of Mr. Vivek Anant Karve as an Additional Director in the category of Independent Director. The appointment, effective from September 15, 2025, is for a five-year term and is subject to shareholder approval.

Appointment Details

The Board of Directors of Niva Bupa Health Insurance, based on the recommendation of the Nomination & Remuneration Committee, has approved Mr. Karve's appointment. This decision was disclosed in a regulatory filing to the National Stock Exchange of India Limited and BSE Limited.

About Vivek Anant Karve

Mr. Karve brings over 30 years of professional experience to his new role at Niva Bupa Health Insurance. His expertise spans across various sectors, including consumer products, IT services, and financial services. Key highlights of Mr. Karve's professional background include:

• Qualifications:
  • Chartered Accountant (1994)
  • Cost Accountant (1993)
  • B.Com from the University of Bombay (1991)
• Previous associations with renowned organizations such as P&G, ICICI, Siemens Information Systems, Marico, and Mahindra Finance
• A 20-year tenure at Marico, including six years as Group CFO
• Most recent role as CFO of the Financial Services Sector at Mahindra Finance

Notable Contributions

Throughout his career, Mr. Karve has made significant contributions in various areas:

• Performance management systems
• Governance, Risk, and Compliance (GRC)
• Automation of finance processes
• Design and implementation of long-term incentive plans
• M&A due diligence
• Development of functional competency frameworks for Finance
• Centralization of customer onboarding due diligence and finance processes

Regulatory Compliance

Niva Bupa Health Insurance has confirmed that Mr. Karve has not been debarred from holding the office of a Director by virtue of any order passed by SEBI or any other such authority, in compliance with BSE and NSE circular requirements.

The appointment of Mr. Vivek Anant Karve as an Independent Director is expected to bring valuable insights and expertise to Niva Bupa Health Insurance Company Limited, potentially contributing to the company's strategic growth and financial management.

Niva Bupa Health Insurance Company , a prominent player in the Indian insurance sector, has announced that it will not immediately increase premiums following a significant change in taxation policy. This decision comes in the wake of the GST Council's recent move to exempt individual life and health insurance from tax, effective September 22.

GST Exemption: A Potential 18% Benefit for Customers

The GST exemption represents a substantial 18% benefit for customers, effectively reducing about one-fifth of the premiums previously paid. This change applies to various insurance policies that formerly carried GST rates ranging from 1.8% to 18%.

Cautious Approach Amid Uncertainty

Despite the apparent advantage for consumers, Niva Bupa is taking a measured approach. Ankur Kharbanda, Executive Director of the company, stated that they want to assess the full impact of the exemption before making any changes to their premium structure.

Kharbanda highlighted a particular area of concern: "We are especially cautious due to the unclear provisions regarding input tax credit for insurers." This uncertainty suggests that the financial implications for insurance companies might not be as straightforward as they appear for consumers.

Market Position

Niva Bupa Health Insurance continues to maintain a strong market presence:

Industry-Wide Implications

The GST Council's decision to exempt individual life and health insurance from tax is a significant move for the entire insurance sector. While it promises immediate benefits for policyholders, insurance companies are carefully evaluating its long-term impact on their operations and pricing strategies.

As the industry adapts to this new tax landscape, consumers and investors alike will be watching closely to see how different insurers respond. Niva Bupa's cautious stance may set a precedent for other companies in the sector, as they navigate the balance between customer benefits and operational considerations.

For now, Niva Bupa customers can expect their premiums to remain stable, even as they potentially benefit from the tax exemption. The company's future pricing decisions will likely depend on a thorough analysis of the new tax structure's impact on their business model and the broader insurance market dynamics.