The companies balance sheet of Niva Bupa Health Ins is weak, but was strong historically.

The profit is oscillating.
The profit of Niva Bupa Health Ins is ₹0 Crs for Mar 2024, ₹0 Crs for Mar 2023 and ₹0 Crs for Mar 2022

The company seems to be paying a very low dividend.
Investors need to see where the company is allocating its profits.
Niva Bupa Health Ins latest dividend payout ratio is 0% and 3yr average dividend payout ratio is 0%

Company has been allocating majority of new resources to relatively unproductive uses like cash and Gov Securities instead of loans.
This can be seen as either negative or company is being safe.