Galaxy Health Sets Rs 200-Cr Target; Plans Nationwide Expansion
Smart OP, 100% claim settlement set Galaxy apart in health ins sector
From Left 2nd person Guru Prakash, CMO, G Srinivasan, MD and CEO, R Margha Bandhu, Chief Under Writing officer, Galaxy Health Life Insurance, at a meeting in Hyderabad on Monday.
Hyderabad: Galaxy Health Insurance, India’s newest standalone health insurer, has unveiled bold plans to expand its footprint across the country while focusing on innovation, affordability, and trust in healthcare services. Addressing the media in Hyderabad, G Srinivasan, Managing Director and CEO of Galaxy Health Insurance, shared the company’s progress and roadmap for rapid growth. Founded in March 2024 and operational since October, Galaxy has already established a strong presence in four southern states—Tamil Nadu, Karnataka, Telangana, and Andhra Pradesh. It now plans to expand into five more states by the end of the financial year. Within just four months of operations last year, Galaxy Health Insurance generated Rs17 crore in premium income. For the current financial year, it is targeting an ambitious Rs200 crore. The company has set up 61 offices and built a 6,000-strong agent network, which it aims to scale up to 50,000 by year-end.
“We are a young company—just five months into operations—but we are growing fast, our focus is on increasing insurance penetration, especially in underserved and rural areas,” G Srinivasan, Managing Director and CEO of Galaxy Health Insurance
Galaxy currently offers seven health insurance products and plans to increase its portfolio to 17 by December 2025. Its flagship product, Galaxy Promise, is available in Premium, Elite, and Sig-nature variants, catering to different coverage needs.
A key innovation is Smart OP, an outpatient care plan that covers doctor consultations, diagnos-tic tests, and pharmacy bills—costs typically not included in standard insurance policies. “About 50 per cent of healthcare spending in India is on non-hospitalisation expenses. Smart OP ad-dresses this significant gap,” a company representative noted.
Setting itself apart in a competitive market, Galaxy Health Insurance promises 100 per cent claim settlements with no hidden deductions. “If a customer spends Rs1 lakh, they get Rs1 lakh. There are no surprises,” the spokesperson emphasized. The company has partnered with 3,400 hospitals and aims to double this network to 7,000 by the end of the year. In Hyderabad alone, Galaxy has tied up with all major healthcare providers. Galaxy’s business model is heavily retail-focused, with 90 per cent of its business coming from individual policyholders. The insurer aims to serve customers in Tier 3 and Tier 4 towns, where medical emergencies often lead to financial distress due to lack of coverage.
