A Complete List of Health Insurance Companies in India 2021
The health insurance sector was launched in the year 1986.
Back then, the significance of health insurance was not as much as it is at the present time.
In the previous years, the first health policies in India were mediclaim policies. However, it was in the year 2000 that the Government of India approved of the entry of private companies into the sector. With the passage of time, the private insurers brought a massive transformation in the form of innovative health insurance products like family floater plans, critical illness plans, top-up plans, hospital cash & top up policies.
All in all, the advent of private insurance companies proved to be of immense help in introducing the masses in India to the significance of health insurance and its benefits.
Talking about the present time, there are myriad names in the health insurance sector that have helped people keep themselves and their loved ones protected. Whether public or private health insurance operators, all are offering superior health insurance coverage so that more and more individuals in India can benefit from health insurance plans, which are specifically designed for those who cannot bear financial instability at the time of a medical emergency.
Let’s take a look at the health insurance companies that hold credit for making people in India concerned about their health like never before.
LIST OF IRDA APPROVED HEALTH INSURERS IN INDIA
As of now, there are 28 health insurance companies in India that you can depend on for your health insurance requirements. The list comprises public sector general insurers, large private sector general insurers, small private sector general insurers as well as standalone health insurance companies. Each insurer has their own set of health insurance products that makes it different from the rest. While making your selection for an ideal health insurance company, make it a point to look thoroughly through every insurer to find out what makes them different from the rest.
The list of IRDA approved health insurance companies in India includes:
- HDFC ERGO General Insurance Limited
The company is a joint venture of HDFC Ltd. and ERGO International AG, an insurance company. Formerly known as Apollo Munich Insurance Company, HDFC Ergo was founded in 2002. The popular joint venture, HDFC ERGO General Insurance Co Ltd offers health insurance plans that cover individuals, family, parents, senior citizens, critical illnesses, and many more at affordable premium rates. To know more, visit HDFC ERGO.
A joint venture between Cigna and Manipal Group, ManipalCigna has been catering to the health insurance requirements of Indians to a tee. Previously known as CignaTTK, Manipal Cigna is a renowned name offering cashless facilities, flexible premium payments, and access to a wide hospital network to all its policyholders. Be it health insurance plans for individual or family, ManipalCigna is a standalone health insurance company that provides all. To know more, visit ManipalCigna Health Insurance.
- Bajaj Allianz General Insurance Co Ltd
A private general insurance company in India, Bajaj Allianz General Insurance Co Ltd has been serving the health insurance needs of people since 2001. Having a pan-India presence in around 800 towns and cities, Bajaj Allianz General Insurance Co Ltd is a joint venture between Bajaj Finserv Limited and Allianz SE, a German financial services company. To know more, visit Bajaj Allianz General Insurance.
- Aditya Birla Health Insurance
Founded in 2015, Aditya Birla Health Insurance is a popular name in the field of health insurance. Protecting Indians from unexpected medical emergencies, Aditya Birla Health Insurance is the joint venture between Aditya Birla Group and MMI Holding Ltd. By providing people with its comprehensive health cover, this insurance company helps them lead healthier and happier lives. To know more, visit Aditya Birla Health Insurance.
- Future Generali India Insurance Company Ltd
Future Generali India Insurance Company Ltd is a private general insurance company in India. A joint venture between the Future Group and Assicurazioni Generali, Future Generali India Insurance Company Ltd is known for offering unmatched health insurance plans for both, individual and family since 2006. To know more, visit Future Generali.
- Star Health and Allied insurance Co Ltd
Having its headquarters in Chennai, Star Health and Allied insurance Co Ltd is the first private standalone insurance company that started its operations in 2006. Dealing in personal accident, travel and mediclaim insurance, the company is popular for its trouble-free and customer-friendly direct claim settlement. To know more, visit Star Health and Allied insurance Co Ltd.
- The New India Assurance Co Ltd
Based in Mumbai, The New India Assurance Co Ltd is a public sector general insurance company. The largest general insurance company of India based on gross premium collection inclusive of foreign operations, The New India Assurance Co Ltd operates both in India and foreign countries.
- IFFCO TOKIO General Insurance Co Ltd
Headquartered in Gurugram, Iffco Tokio General Insurance Co Ltd was founded in the year 2000. Helping Indians ensure financial stability in medical emergencies, the company offers plans such as Senior Citizen Health Insurance, Family Health Plan, Individual Health Insurance Plan, Critical Illness Insurance, Personal Accident Insurance, and others.
- National Insurance Co Ltd
National Insurance Co Ltd is a government controlled undertaking. It is one of the largest and oldest insurance companies offering custom and comprehensive insurance plans. With insurance products in not only health, but also motor, personal and fire insurance, National Insurance Co Ltd has been in the insurance sector since 2002.
- United India Insurance Co Ltd
Headquartered in Chennai, United India Insurance Co Ltd has been catering to the health insurance needs of Indians since 1938. A reliable health insurance source, United India Insurance Co Ltd is the ultimate preference of people. With over 1 crore policyholders, this company has gained massive growth in terms of expansion as well as revenue.
- Reliance General Insurance Co Ltd
A popular Indian private Insurance company, Reliance General Insurance Co Ltd was founded in the year 2009. Offering both, individual and family floater plans, the company helps Indians fight the skyrocketing inflation and prepare them for medical emergencies. To know more, visit Reliance General Insurance Co Ltd.
- The Oriental Insurance Co. Ltd
Headquartered in New Delhi, The Oriental Insurance Co. Ltd was incorporated in the year 1947. A public sector general insurance company of India, The Oriental Insurance Co. Ltd has 31 regional offices and more than 1800 active branches across the country.
- Tata AIG General Insurance Co. Ltd.
A joint venture between Tata Group and American International Group, Tata AIG General Insurance Co. Ltd was founded in the year 2001. Helping people cope with the rising medical costs of diagnostic tests, surgeon’s fees, and others, Tata AIG General Insurance Co. Ltd offers multiple health insurance plans to safeguard people and their families in medical emergencies. To know more, visit Tata AIG General Insurance.
- Royal Sundaram Alliance Insurance Co Ltd
A joint venture between Sundaram Finance and RSA, Royal Sundaram Alliance Insurance is the first insurer that introduced the concept of cashless mode of settlement for health claims in India. The first private general insurance Indian company to be licensed, Royal Sundaram Alliance Insurance protects families against financial emergencies with its TheLifeline Plan. To know more, visit Royal Sundaram.
- Cholamandalam MS General Insurance Co Ltd
Founded in 2001, Cholamandalam MS General Insurance Co Ltd is an Indian insurance firm. A joint venture between the Murugappa Group and the Mitsui Sumitomo Insurance Group, Cholamandalam MS General Insurance is headquartered in Chennai. Be it for individuals or corporate organizations, the company offers insurance policies for all.
- Universal Sompo General Insurance Co Ltd
Founded in 2007, Universal Sompo General Insurance Co Ltd is a private public joint venture in general insurance. The names that have formed this general insurance company are Allahabad Bank, Indian Overseas Bank, Karnataka Bank Ltd, Dabur Investment Corp along with Sompo Japan Nipponkoa Insurance Inc. This is the first Public – Private Partnership in General Insurance Industry in India. To know more, visit Universal Sompo.
- SBI General Insurance Company Ltd
Founded in 2009, SBI General Insurance is a joint venture between State Bank of India and Insurance Australia Group (IAG). At present, the company provides insurance plans for individuals as well as families. Safeguarding Indians with its incomparable insurance plans, the company offers flexible insurance options.
- MAX Bupa Health Insurance Company Ltd
A joint venture between Max India Limited and Bupa Finance plc UK, MAX Bupa Health Insurance Company Ltd is a popular and reliable name. Offering health insurance plans for individuals and family, this joint venture provides the perfect amalgamation of both local knowledge and global expertise in health care and insurance. To know more, visit MAX Bupa Health Insurance.
- Bharti AXA General Insurance Co Ltd
Bharti AXA General Insurance Co Ltd was founded in 2008. With headquarters in Mumbai, the company is a joint venture between Bharti Enterprises and AXA business Group. The two prime health insurance plans offered by the company are Smart Super Health Insurance Policy and Smart Health Insurance Policy that come with their respective features. To know more, visit Bharti AXA.
- Care Health Insurance
Care Health Insurance (formerly known as Religare Health Insurance) is of the most trusted health insurance companies in India, Care Health Insurance Co Ltd offers health insurance products to individual customers, financial inclusion, and employees of corporates. The key health insurance plans offered by Religare include Care, Care freedom, Enhance & Joy. Group care is also one among the plans provided. To know more, visit Religare Health Insurance.
- ICICI Lombard
One of the celebrated private sector general insurance companies in India with a gross written premium (GWP) of Rs. 126 billion for the year ended March 31, 2018, ICICI Lombard is headquartered in Mumbai. It offers general insurance policies online. As on March 31, 2018, the company issued over 23.5 million policies and settled over 1.54 million claims. One can purchase home insurance, car insurance, and travel insurance apart from health insurance from ICICI Lombard. To know more, visit ICICI Lombard.
- Liberty General Insurance
Headquartered in Mumbai, Liberty General Insurance was founded in the year 2013. A private general insurance company, Liberty General Insurance Limited is the result after joint venture between Videocon Group and the US-based Liberty Mutual Insurance Group. Liberty Health Connect Policy, Janta Personal Accident Insurance, Health Connect Supra, Individual Personal Accident, and Secure Health Connect are the health insurance policies offered.
- Raheja QBE General Insurance Co Ltd
A joint venture between QBE Holding (AAP) Pty Ltd and Prism Johnson Limited of Rajan Raheja Group, the company has its head office in Mumbai. With vision and mission to be the first choice for customers and investors, Raheja QBE General Insurance a vast range of insurance products under Personal and Corporate Insurance.
- Magma HDI General Insurance Company Limited
A joint venture between Magma Fincorp Ltd, Kolkata and HDI Global SE Germany, Magma HDI General Insurance Company Limited has One Health, Individual Personal Accident Policy, and Loan Guard under its health insurance category. However, the company is known to be an exclusive provider of a wide range of non life insurance products in India.
- Acko General Insurance Limited
A comparatively new insurance company in the sector, Acko General Insurance Limited is India’s first digital insurance company. Also the fastest growing insurance company in the country, Acko with the latest technology at hand has succeeded in catering to the diverse needs of over 50 million unique customers. An excellent choice for not only health, but also motor insurance, Acko General Insurance is an ultimate performer backed by names like Amazon, Accel Partners, Catamaran Ventures, SAIF Partners, Mr. Binny Bansal, and RPS Ventures.
- Edelweiss General Insurance
Founded in the year 2017, Edelweiss General Insurance has proved itself as a reliable name in the insurance sector. A subsidiary of Edelweiss Financial Services Limited, Edelweiss General Insurance has been leaving no stone unturned in meeting the health insurance as well as motor, fire, engineering and various other insurance requirements. Perfect for individuals and families looking for affordable health insurance, Edelweiss General Insurance is a leading name that offers the best insurance-related services to the customers.
- Navi General Insurance
Navi General Insurance also formerly known as DHFL General Insurance is India’s one of the leading general insurance companies offering easy access to insurance products to people. Making use of cutting-edge technology to design its insurance products, Navi has come a long way. With its vast network hospital list, simple claim settlement process, vast product range and affordable premium rates of policies offered, Navi General Insurance has definitely become a known name in the field.
- Digit General Insurance
A celebrated non-life general insurance company, Digit was incorporated in the year 2016. The ultimate winner of the Top Indian Start-ups for the year 2018 and 2019, Digit is also the recipient of Asia’s General Insurance Company of the Year 2019. A perfect choice for motor insurance, home insurance and others including commercial insurance, Digit General Insurance has a wide product range to offer in terms of health insurance. A new yet reliable name in the insurance sector, Digit has become the ultimate preference of many in the past few years.
Health Insurance Companies Ranked on the Basis of CSR
Below mentioned is the list of all health insurance companies ranked on the basis of their claim settlement ratio or CSR. Please note the claim settlement ratio or CSR for the year ended 31 March, 2020 has been considered for ranking purposes.
|Health Insurance Company||Claim Settlement Ratio FY20|
|IFFCO Tokio General Insurance||96.33%|
|Care Health Insurance||95.47%|
|Magma HDI Health Insurance||95.17%|
|The Oriental Insurance Company||93.96%|
|New India General Insurance||92.68%|
|Bajaj Allianz General Insurance||92.24%|
|Max Bupa Health Insurance||89.46%|
|Navi General Insurance||86.98%|
|HDFC ERGO General Insurance||86.52%|
|Manipal Cigna Health Insurance||85.72%|
|Edelweiss General Insurance||85.57%|
|National Insurance Company||83.78%|
|Future Generali General Insurance||82.96%|
|Royal Sundaram General Insurance||81.50%|
|Liberty General Insurance||81.03%|
|ICICI Lombard General Insurance||78.67%|
|Star Health Insurance||78.62%|
|United India Insurance Company||78.03%|
|Reliance General Insurance||76.43%|
|Tata AIG General Insurance||76.04%|
|Bharti AXA General Insurance||76.01%|
|Kotak Mahindra General Insurance||75.45%|
|Acko General Insurance||74.09%|
|Aditya Birla Health Insurance||70.81%|
|Universal Sompo General Insurance||70.75%|
|SBI General Insurance||66.08%|
|Go Digit General Insurance||63.56%|
|Cholamandalam MS General Insurance||56.25%|
(Source: IBAI’s General Insurance Claim Insights Handbook – 5th Edition.)
4 Public Sector General Insurance Companies in India
The list of 4 Public Sector General Insurance Companies in India includes:
- New India Assurance
- Oriental Insurance
- United India
- National Insurance
10 Large Private Sector General Insurance Companies in India
The list of 10 Large Private Sector General Insurance Companies in India includes:
- Bajaj Allianz
- HDFC ERGO
- Future Generali
- Royal Sundaram
- IFFCO Tokio
- ICICI Lombard
- Bharti AXA
- Tata AIG
- SBI General
9 Small Private Sector General Insurance Companies in India
The list of 9 Small Private Sector General Insurance Companies in India includes:
- Magma HDI
- Navi General
- Kotak Mahindra General
- Universal Sompo
- Go Digit
5 Standalone Health Insurance Companies in India
The list of 5 Standalone Health Insurance Companies in India includes:
- Care Health Insurance
- Max Bupa
- Manipal Cigna
- Star Health
- Aditya Birla
Why Comparison of Health Insurance Companies Is A Must?
Any health insurance policy buyer must invest a significant amount of time in comparing health insurance companies before making any purchase. Dedicating time and efforts in doing the same is absolutely critical so that the ideal choice can be made that keeps compromises of any kind at bay.
While health insurance portability may be an option, it is also to ensure that one is safer than sorry. Choosing a wrong health insurance company or one that does not meet the medical requirements even partially leads to nothing but disappointments. Especially at the time of a medical emergency. Therefore, it is highly recommended to every individual to conduct a thorough research on the kind of health insurance company that they want to associate themselves with. It must not be forgotten that a few minutes or hours spent in choosing the right health insurance company can prevent a policyholder from regretting their decision or facing financial struggles at the time of an unexpected medical emergency.
Since there are 28 insurance companies offering health insurance products, performing a comparison may be difficult. However, with the right knowledge one can save their precious time & effort and end up making a worthwhile investment.
Below mentioned are some of the key factors that one must consider while comparing health insurance companies:
- Claim settlement ratio or CSR
- List of network hospitals
- Range of health insurance policies offered
- Discounts provided by the insurer
- Customer support service
- Claim settlement process
- Renewal process
- Company reviews & ratings
- Online presence
- Awards and accolades
That said, if you are looking forward to availing health insurance services, go ahead and choose one of the best health insurance companies right away!
Don’t forget, to make the best possible investment, you will have to gain detailed information about the health insurer you choose and whether or not plans offered by them fulfill your health insurance requirements to a tee.
So, what are you waiting for?
Get started with the selection of one of the best health insurers right away!