Even Healthcare secures IRDAI nod to enter retail insurance market, enable policy portability
IRDAI nod lets Even Healthcare enter retail insurance, offer direct-to-consumer plans with portability, and embed its full-stack care model beyond group coverage.
Even Healthcare has received regulatory approval from the Insurance Regulatory and Development Authority of India (IRDAI) to launch retail health insurance products, marking its entry into India’s fast-growing individual insurance segment and expanding beyond its existing group insurance offerings.
The approval allows the Bengaluru-based managed care provider to sell policies directly to individuals and families, while also enabling policy portability, letting customers switch to Even’s plans without losing accumulated benefits such as waiting period credits, in line with regulatory norms.
The move signals a strategic shift for Even Healthcare, which has so far operated largely through employer-led group insurance. By entering the retail segment, the company aims to integrate its full-stack healthcare model, including consultations, care coordination, preventive services, and cashless hospitalization, into individual insurance products.
“Receiving approval from IRDAI to offer retail health insurance is a defining milestone,” said Mayank Banerjee, co-founder of Even Healthcare. “It allows us to bring our integrated healthcare model directly to individuals and families, moving beyond traditional insurance that focuses only on hospitalization.”
“Customers will be able to port their existing health insurance policies through Euston Insurance Advisors Pvt. Ltd., a wholly owned subsidiary of Even Healthcare. Euston Insurance Advisors Pvt. Ltd. operates as an IRDAI-registered corporate agent/operator facilitating insurance services for prospective clients," the company said in a statement.
Additionally, it may help to clarify that the insurance operations are conducted through Euston Insurance Advisors Pvt. Ltd. and not directly by Even Healthcare.
Founded in 2020, Even Healthcare currently serves over 200,000 members across 10 cities and has reported threefold growth over the past two years. The company operates a managed care model that combines insurance with healthcare delivery, positioning itself within the emerging “payvider” ecosystem.
The entry into retail distribution is expected to contribute meaningfully to the company’s business over the next year, as it deepens its footprint in Bengaluru and other urban markets.
India’s health insurance sector, estimated at Rs 1.2–1.3 lakh crore, continues to expand at an annual rate of nearly 20%, according to industry estimates. However, out-of-pocket expenditure still accounts for roughly 42% of total healthcare spending, as per government data, underscoring the demand for more comprehensive and accessible insurance products.
Even Healthcare is backed by global investors including Khosla Ventures, Founders Fund, and 8VC. The company launched its first hospital in Bengaluru in May 2025 as part of its vertically integrated healthcare strategy.