Mumbai: Max Bupa Health Insurance on Friday announced that it has rebranded itself as Niva Bupa. Backed by True North and Bupa, the company will aim to provide financial assurance as well as healthcare access to its customers.

Owing to a change in shareholding pattern, with the exit of Max India and entry of private equity firm True North, Max Bupa needed to create a new brand identity as part of the transition, the company said in a statement on Friday.

Niva Bupa Health Insurance aims to become a Rs 2,500 crore company by FY21-22. The company will bring over 12 million people in India under the ambit of health insurance by FY25, it added.

"The new brand will firmly stand at the intersection of financial services and healthcare to fulfill the needs and aspirations of millions of people in India," said Niva Bupa MD and CEO, Krishnan Ramachandran. "The health insurance industry is poised for monumental growth, and we will take our new brand identity to our customers with a renewed promise of protection and care. As Niva Bupa, we will look to further strengthen our core brand ethos of customer-centricity.”

“Health insurance is no longer looked upon as a financial instrument solely for tax saving purposes," said Niva Bupa SVP and head of marketing, Nimish Agrawal. "It has repositioned itself as a self-investment product which will take care of all healthcare needs. This warranted a change in our positioning as well. With the new brand identity, we want to unravel the health insurance space and offer a humanised experience to our customers."