Health Insurance Companies in India

Health Insurance Companies in India

The health insurance industry was started in 1986, and has since then seen exponential growth in a market that’s potentially worth billions. The market is slowly becoming more aware of the benefits of health insurance cover, and with the liberalized economy we currently live in, seems poised to grow in leaps and bounds

In 2011, 3.9% of India's GDP was spent in the health sector. Out of this 3.9%, health insurance accounts for 5-10% of expenditure, employers account for around 9% while personal expenditure amounts to 82%. This means that an astounding number of individuals have paid for their healthcare out of their own pockets. An expense that could have been saved by availing a health insurance policy from one of the following

Overview of Health Insurance Companies:

Company Features Link to Page
United India Insurance Co. Ltd. Started in 1938 and nationalized in 1972, the company provides a variety of insurance products to over 1 crore customers.
  • Net worth of Rs.5,361 crores as on financial year 2013-14.
  • Coverage for up to 4 family members (2 adults and 2 children).
  • Medical expenses covered 30 days before and 60 days after hospitalization.
  • 20% co-payment for senior citizens on major illnesses.
  • Lifetime renewability.
  • Pre-existing diseases covered after 4 years.
  • 10% deductible for claims by customers over the age of 60.
  • Cashless hospitalization in over 7,000 hospitals across India.
 Read more about United India Health Insurance
New India Assurance Co. Ltd. Founded in 1919 and wholly owned by the Indian Government, this company has over 2,097 offices and 1,041 micro-offices across India.
  • Net worth of over Rs.10,000 crore as on financial year 2012-13.
  • Coverage for up to 6 family members (2 adults and 4 children).
  • Medical expenses covered 30 days before and 60 days after hospitalization.
  • 10% co-payment for claims arising out of pre-existing medical conditions.
  • Lifetime renewability.
  • Pre-existing diseases covered after 4 years.
  • Over 1,200 network hospitals across India.
 Read more about New India Health Insurance.
Oriental Insurance Co. Ltd. Founded in 1947, the company has over 30 regional and 1,800 operating offices across the country.
  • Underwritten premium of over Rs.7,282 crore.
  • Coverage for up to 7 family members including 4 adults.
  • Medical expenses covered 30 days before and 60 days after hospitalization.
  • 10% co-payment of claim amount has to be paid by the insured.
  • Lifetime renewability.
  • Pre-existing diseases covered after 4 years.
  • Over 4,300 network hospitals across India.
 Read more about Oriental Health Insurance.
National Insurance Co. Ltd. Established in 1906 and nationalised in 1972, this company functions out of 1,340 offices and 373 centres across India.
  • Direct premium income of over Rs.9,000 crore in financial year 2012-13.
  • Coverage for up to 6 family members.
  • Medical expenses covered 30 days before and 60 days after hospitalization.
  • No co-pay, and 10% discount on premium on acceptance of 2% co-pay scheme.
  • Lifetime renewability.
  • Pre-existing diseases covered after 4 years.
  • Cashless hospitalization in over 6,000 hospitals across India.
 Read more about National Health Insurance
SBI General Insurance Co. Ltd. The resultant company of a joint venture between State Bank of India (which holds a 74% stake) and Insurance Australia Group (which holds a 26% stake), SBI General Insurance Co. Ltd. Operates out of 14,000 official branches of SBI.
  • Gross written premium of Rs.1,188 crore in financial year 2013-14.
  • Coverage for up to 4 family members (2 adults and 2 children).
  • Medical expenses covered 30 days before and 60 days after hospitalization.
  • 10% co-pay on all admissible claims.
  • Lifetime renewability.
  • Pre-existing diseases covered after 4 years.
  • Over 4,400 network hospitals across India.
 Read more about SBI Health Insurance
Star Health and Allied Insurance Co. Ltd. India’s first standalone health insurance provider.
  • Just over Rs.736 crore net premium revenue as of December 2014.
  • Coverage for up to 4 family members (2 adults and 2 children).
  • Medical expenses covered 30 days before and 60 days after hospitalization.
  • No co-pay, but 20% of the claim to be paid by insured persons between 61 and 65 years old.
  • Lifetime renewability.
  • Pre-existing diseases covered after 4 years.
  • Over 6,000 network hospitals across India.
 Read more about Star Health Insurance
Care Health Insurance Co. Ltd. Standalone health insurance provider comprising of three entities – Care Enterprises Limited, Union Bank of India and Corporation Bank.
  • Gross written premium of Rs. 275.8 crore for the financial year 2014-15.
  • Coverage for up to 6 family members (with up to 2 adults).
  • Medical expenses covered 30 days before and 60 days after hospitalization.
  • No co-pay, first claim for insured persons over 61 years must pay 20% of the claim amount.
  • Lifetime renewability.
  • Pre-existing diseases covered after 4 years.
  • Cashless hospitalization at over 4,500 hospitals across India.
 Read more about Care Health Insurance
Apollo Munich Health Insurance Co. Ltd The result of a merger between Apollo Hospitals and Munich Health in August 2007.4
  • Net premium earned of over Rs.488 crore up to the quarter ending 31-12-2014.
  • Coverage for up to 6 family members (with up to 2 adults).
  • Medical expenses covered 60 days before and 90 days after hospitalization.
  • No co-pay.
  • Lifetime renewability.
  • Pre-existing diseases covered after 3 years.
  • Cashless hospitalization at over 4,000 hospitals across India.
 Read more about Apollo Munich Health Insurance
Max Bupa Health Insurance Co. Ltd The result of a joint venture between Max India Limited and Bupa Financial PLC, UK, Max Bupa Health Insurance Company serves a 29 million-strong customer base across 190 countries.
  • Net premiums earned of Rs.234 crores as of 31st December 2014.
  • Coverage for up to 4 family members (2 adults and 2 children).
  • Medical expenses covered 30 days before and 60 days after hospitalization.
  • No co-pay, except 20% if insured is over 65 years of age.
  • Lifetime renewability.
  • Pre-existing diseases covered after 4 years.
  • Cashless hospitalization in over 3,500 hospitals across India.
 Read more about Max Bupa Health Insurance
Cigna TTK Health Insurance Co. Ltd Starting operations in February 2014, this company is the result of a joint venture between the TTK group and Cigna Corporation, USA.
  • Over Rs.82 crore in operating profit.
  • Coverage for up to 4 family members (with up to 2 adults and 2 children).
  • Medical expenses covered 60 days before and 90 days after hospitalization.
  • No co-pay.
  • Lifetime renewability.
  • Pre-existing diseases covered after 4 years.
  • Over 4,000 network hospitals across India.
 Read more about Cigna TTK Health Insurance
ICICI Lombard General Insurance Co. Ltd This is one of the largest private sector general insurance companies, and is the result of a merger between ICICI Bank Limited and Fairfax Financial Holdings Limited, Canada.
  • Gross written premium of Rs.71.34 billion for the financial year ended March 31st, 2014.
  • Coverage for up to 4 family members (with up to 2 adults and 2 children).
  • Medical expenses covered 30 days before and 60 days after hospitalization.
  • No co-pay.
  • Lifetime renewability.
  • Pre-existing diseases covered after 4 years.
  • Cashless hospitalization in over 4,500 network hospitals across India.
 Read more about ICICI Lombard Health Insurance
Bharti AXA General Insurance Co. Ltd This joint venture between Bharti Enterprises (which holds a 74% stake) and AXA Group (which holds a 26% stake) commenced national operations in 2008 and operates out of 59 branch offices across India.
  • Over Rs.690 crores in net premiums earned.
  • Coverage for up to 4 family members (with up to 2 adults and 2 children).
  • Medical expenses covered 30 days before and 60 days after hospitalization.
  • No co-pay.
  • Lifetime renewability.
  • Pre-existing diseases covered after 4 years.
  • Over 5,000 network hospitals across India.
 Read more about Bharti AXA Health Insurance
Cholamandalam MS General Insurance Co. Ltd Headquartered in Chennai, the Cholamandalam MS General Insurance Company is the result of a joint venture between Murugappa Group, India, and Mitsui Sumitomo Insurance Group, Japan.
  • Over Rs.1,370 crore revenue from direct written premium.
  • Coverage for up to 5 family members (up to 2 adults and 3 children).
  • Medical expenses covered 60 days before and 90 days after hospitalization.
  • No co-pay.
  • Lifetime renewability.
  • Pre-existing diseases covered after 4 years.
  • Cashless hospitalization at over 2,600 hospitals across India
 Read more about Chola MS Health Insurance
Future Generali India Insurance Co. Ltd. This is joint venture between Future Group, India and Generali group, Italy began operations in 2006, headquartered in Mumbai.
  • Over Rs.899 crore in net premium earned.
  • Coverage for up to 4 family members (2 adults and 2 children).
  • Medical expenses covered 60 days before and 90 days after hospitalization.
  • 30% co-pay for customers in Zone-A (Mumbai, Delhi, NCR) and 20% co-pay for those in Zone-B (Chennai, Kolkata, Bangalore, Ahmedabad, Hyderabad). No co-payment for remaining areas.
  • Lifetime renewability.
  • Pre-existing diseases covered after 4 years.
  • Over 4,300 network hospitals across India.
 Read more about Future Generali Health Insurance
HDFC ERGO General Insurance Co. Ltd This company is a joint venture between HDFC Ltd (which holds a 74% stake) and ERGO International AG (which holds a 26% stake). ERGO International AG is the primary insurance unit of the Munch RE Group. HDFC ERGO is India’s 4th largest private sector general insurance provider with 104 branches in 87 cities across India.
  • Over Rs.1,409 crore in net premium earned.
  • Coverage for up to 4 family members (2 adults and 2 children).
  • Medical expenses covered 60 days before and 90 days after hospitalization.
  • No co-pay.
  • Lifetime renewability.
  • Pre-existing diseases covered after 4 years.
  • Cashless hospitalization in over 4,800 hospitals across India.
 Read more about HDFC ERGO Health Insurance
IFFCO Tokio General Insurance Co. Ltd This joint venture between Indian Farmers Fertilizer Co-operative (IFFCO) and Tokio Marine and Nichido Fire Group came into force in December, 2000. It provides insurance products through its 65 Strategic Business Units, 120 lateral Spread Centres and 255 Bima Kendras – across India.
  • Over Rs.177 crore in profits (before taxation) for the period ended 31st December, 2014.
  • Coverage for up to 5 family members (up to 2 adults and 3 children).
  • Medical expenses covered 60 days before and 60 days after hospitalization.
  • No co-pay.
  • Lifetime renewability.
  • Pre-existing diseases covered after 3 years.
  • Cashless hospitalization in over 3,000 hospitals across India
 Read more about IFFCO Tokio Health Insurance
L&T General Insurance Co. Ltd This company is a wholly owned subsidiary of Larsen &Toubro Limited.
  • Over Rs.175 crore in new premium earned.
  • Coverage for up to 4 family members (with up to 2 adults and 2 children).
  • Medical expenses covered 30 days before and 60 days after hospitalization.
  • 10% co-pay if the age of the insured is above 80.
  • Lifetime renewability.
  • Pre-existing diseases covered after 3 years.
  • Over 2,800 network hospitals across India.
 Read more about L&T Health Insurance
Reliance General Insurance Co. Ltd One of the largest private sector insurance providers in the country with a wide presence in over 102 cities and various distribution channels.
  • Profit of over Rs.837 crore as of the period ended 31st December, 2014.
  • Coverage for up to 4 family members (2 adults and 2 children).
  • Medical expenses covered 30 days before and 60 days after hospitalization.
  • No co-pay.
  • Lifetime renewability.
  • Pre-existing diseases covered after 4 years.
  • Cashless hospitalization in over 4,000 network hospitals across India.
 Read more about Reliance Health Insurance
Royal Sundaram Alliance Insurance Co. Ltd The first private sector general insurance company to be licensed in India since 2001, Royal Sundaram Alliance Insurance Company provides financial services to over 5 million customers.
  • Profit of over Rs.172 crore for the quarter ending on 31st December 2014.
  • Coverage for up to 5 family members.
  • Medical expenses covered 30 days before and 60 days after hospitalization.
  • No co-pay.
  • Lifetime renewability.
  • Pre-existing diseases covered after 3 years.
  • Cashless hospitalization in over 3,000 network hospitals across India.
 Read more about Royal Sundaram Health Insurance
Bajaj Allianz General Insurance Co. Ltd. This company is the result of a joint venture between Bajaj Finserv Limited (which holds a 74% stake) and Allianz SE (which holds a 26% stake) on 31st March 2013.
  • Over Rs.1424 crore in net premium earned.
  • Coverage for up to 6 family members (with up to 2 adults and 4 children).
  • Medical expenses covered 60 days before and 90 days after hospitalization.
  • 10% co-payment in non-network hospitals which can be waived off on payment of an additional 10% of loading on premium.
  • Lifetime renewability.
  • Pre-existing diseases covered after 4 years.
  • Cashless hospitalization in over 3,700 network hospitals across India.
 Read more about Bajaj Allianz Health Insurance
Universal Sompo General Insurance Co. Ltd. This is a first-of-its-kind public-private partnership company in the Indian General Insurance industry. It is a joint venture between Allahabad Bank, Indian Overseas Bank, Karnataka Bank Ltd., Dabur Investment Corporation and Sompo Japan Nipponkoa Insurance Inc.
  • Over Rs.331 crore in net premium earned.
  • Coverage for up to 4 family members (2 adults and 2 children).
  • Medical expenses covered 30 days before and 60 days after hospitalization.
  • 20% co-pay for all insured persons’ claims who are above the age of 55.
  • Policy can be renewed up to the age of 70 without any breaks in payment.
  • Pre-existing diseases covered after 4 years.
  • Cashless hospitalization in over 5,000 network hospitals across India.
 Read more about Universal Sompo Health Insurance

Comparative Analysis of Best Health Insurance Companies in India:

Insurance Provider Coverage Pre and post hospitalization expenses cover Co-pay Renewability Pre-existing disease cover Network hospitals Incurred Claim Ratio*
Public Sector
United India Insurance Co. Ltd. Up to 4 family members (2 adult and 2 children). 30 days pre and 60 days post hospitalization. 20% for senior citizens on major illnesses. Lifetime. After 4 years. 7000 97.68%
New India Assurance Co. Ltd. Up to 6 family members (2 adult and 4 children). 30 days pre and 60 days post hospitalization. 10% on pre-existing medical conditions. Lifetime. After 4 years. 1200 97.24%
Oriental Insurance Co. Ltd. Up to 7 family members including 4 adults. 30 days pre and 60 days post hospitalization. 10%. Lifetime. After 4 years. 4300 102.38%
National Insurance Co. Ltd. Up to 6 family members. 30 days pre and 60 days post hospitalization. No co-pay. 10% discounted premium if opted for 2% co-pay scheme. Lifetime. After 4 years. 6000 105.09%
SBI General Insurance Co. Ltd. Up to 4 family members. 30 days pre and 60 days post hospitalization. 10%. Lifetime. After 4 years. 4400 122.82%
Private Sector
Star Health and Allied Insurance Co. Ltd. Up to 4 family members (2 adults and 2 children). 30 days pre and 60 days post hospitalization. 20% for those 61 - 65 years old. Lifetime. After 4 years. 6000 95.76%
Care Health Insurance Co. Ltd. Up to 6 family members (with up to 2 adults). 30 days pre and 60 days post hospitalization. 20% on first claim only for those above 61 years of age. Lifetime. After 4 years. 4500 Data unavailable.
Apollo Munich Health Insurance Co. Ltd. Up to 6 family members (with up to 2 adults). 60 days pre and 90 days post hospitalization. No co-pay. Lifetime. After 3 years. 4000 58.20%
Max Bupa Health Insurance Co. Ltd. Up to 4 family members (2 adult and 2 children). 30 days pre and 60 days post hospitalization. 20% if insured is above 65 years of age. Lifetime. After 4 years. 3500 56.15%
Cigna TTK Health Insurance Co. Ltd. Up to 4 family members (2 adult and 2 children). 60 days pre and 90 days post hospitalization. No co-pay. Lifetime. After 4 years. 4000 Data unavailable.
ICICI Lombard General Insurance Co. Ltd. Up to 4 family members (2 adult and 2 children). 30 days pre and 60 days post hospitalization. No co-pay. Lifetime. After 4 years. 4500 86.19%
Bharti Axa General Insurance Co. Ltd. Up to 4 family members (2 adult and 2 children). 30 days pre and 60 days post hospitalization. No co-pay. Lifetime. After 4 years. 5000 80.44%
Cholamandalam MS General Insurance Co. Ltd. Up to 5 family members (up to 2 adults and 3 children) 60 days pre and 90 days post hospitalization. No co-pay. Lifetime. After 4 years. 2600 76.51%
Future Generali India Insurance Co. Ltd. Up to 4 family members (2 adult and 2 children). 60 days pre and 90 days post hospitalization. 30% in Zone-A (Mumbai, Delhi, NCR) and 20% in Zone-B (Chennai, Kolkata, Bangalore, Ahmedabad, Hyderabad). No co-pay for remaining areas. Lifetime. After 4 years. 4300 85.58%
HDFC ERGO General Insurance Co. Ltd. Up to 4 family members (2 adult and 2 children). 60 days pre and 90 days post hospitalization. No co-pay. Lifetime. After 4 years. 4800 67.53%
IFFCO Tokio General Insurance Co. Ltd. Up to 5 family members (up to 2 adults and 3 children) 60 days pre and 60 days post hospitalization. No co-pay. Lifetime. After 3 years. 3000 85.79%
L&T General Insurance Co. Ltd. Up to 4 family members (2 adult and 2 children). 30 days pre and 60 days post hospitalization. 10% if insured person is above 80 years old. Lifetime. After 3 years. 2800 183.40%
Reliance General Insurance Co, Ltd. Up to 4 family members (2 adult and 2 children). 30 days pre and 60 days post hospitalization. No co-pay. Lifetime. After 4 years. 4000 85.77%
Royal Sundaram Alliance Insurance Co. Ltd. Up to 5 family members. 30 days pre and 60 days post hospitalization. No co-pay. Lifetime. After 3 years. 3000 50.86%
Bajaj Allianz General Insurance Co. Ltd. Up to 6 family members (2 adults and 4 children). 60 days pre and 90 days post hospitalization. 10% in non-network hospitals. Waived off if 10% loading is paid on premium. Lifetime. After 4 years. 3700 66.52%
Public-Private Sector
Universal Sompo General Insurance Co. Ltd. Up to 4 family members (2 adults and 2 children). 30 days pre and 60 days post hospitalization. 20% if insured person is over 55 years old. Renewable up to 70 years of age. After 4 years. 5000 102.59%
Health Insurance Related Pages

Health Insurance Companies in India

  1. What are the different factors that determine the premium of a health insurance policy? 

    2. The different factors that determine the premium of a health insurance policy are mentioned below: 

    • Age 
    • Medical history 
    • Claim free years 
  2. Will there be a waiting period for claims when I purchase a new policy? 

    3. Yes, usually, there is a waiting period of 30 days from the date of policy inception before a claim can be made. 

  3. Is there a limit to the number of claims I can make in a year? 

    4. Unless there is a specific cap mentioned in the policy, there is no limit to the number of claims that can be made in a year. However, the maximum limit of the policy will be the sum insured. 

  4. Will I lose the renewal benefits if I transfer the policy from one insurer to another? 

    5. No, you will not lose the renewal benefits if you transfer the policy from one insurer to another. 

  5. What happens if I do not pay the renewal premium before the expiry date? 

    6. You will have 30 days from the date the policy has expired to pay the renewal premium. However, no cover will be provided during this period. In case you do not pay the premium within the grace period, the policy will lapse. 

News About Health Insurance Companies

  • IRDAI to Add more Health Conditions to Health Insurance Policies

    The Insurance Regulatory and Development Authority of India (IRDAI) plans to reduce the number of medical conditions that have been excluded from health insurance policies. The move is aimed at standardising policies and improving coverage for policyholders.

    According to experts in the field, insurance providers should give policyholders the option of choosing the premium amount based on the conditions that have been excluded from the policy’s coverage. The suggestions for the change will be submitted in the next 8 weeks.

    The health insurance policies available at the moment exclude a number of conditions including congenital disorders. The Delhi High Court ruled that insurance providers excluding genetic conditions from their list of conditions covered is a ‘violation of citizens’ right to health’. This decision has called for standardisation of the conditions excluded in current policies.

    7 August 2018

  • States do not favour NHPS over own health insurance schemes

    The National Health Protection Scheme (NHPS), dubbed Modicare, announced by the Central Government in the Union Budget 2018 could see rough waters due to states not willing to push the scheme over the existing state schemes.

    Gujarat Deputy Chief Minister, Nitin Patel, said that the state government is not too eager to withdraw the state-run scheme. States are required to fund 40% of Modicare costs and hence, feel that this will be an overhead when running both schemes together. NITI Aayog heads the initiative, and it will meet up with state health secretaries to discuss the rollout of the programme.

    Modicare could also encounter hurdles with respect to the uniformity of the plan. Here is a snapshot of some of the existing state run schemes that are already doing well:

    Gujarat - Mukhyamantri Amrutam Yojana insures people with annual income less than Rs.2.5 lakh. Fix-pay employees of class 3 & 4 and reporters are also covered. Sum assured is Rs.2 lakh.

    Tamil Nadu - Kalaignar Kappeettu Thittam covers individuals with annual income up to Rs.72,000. Sum assured is Rs.2 lakh.

    West Bengal - Swasthya Sathi covers 3.9 million families and also volunteers and workers of self-help groups, disaster management teams, police, and Gram Panchayat. Sum assured is between Rs.1.5 lakh and Rs.5 lakh (for critical illnesses).

    20 February 2018

  • Kerala speaker willing to review medical insurance

    Surrounded by a controversy for claiming reimbursement on a pair of spectacles, the speaker of the Kerala Legislative Assembly, Mr. P Sreeramakrishnan showed willingness to discuss about medical insurance. The controversy came to light after a Right to Information (RTI) query filed by an activist. Under the rules, a legislator is eligible for reimbursements for medical bills from the state. However, a committee lead by Justice JM James recommended health insurance for the lawmakers instead. The committee also suggested a 30% hike in the salaries of the legislators.

    The speaker cleared the air saying that he had to opt for the expensive lenses that costed Rs.45,000 since his doctor had recommended it. According to the Kerala government rules, there was no cap on the lens price but the cost of the frames couldn’t exceed Rs. 5,000.

    13 February 2018

  • North India lags behind South India in health insurance

    In terms of health insurance coverage, the states in South India have a higher coverage as compared to the North Indian states, a recent government survey revealed. The survey, termed as the National Family Health Survey, established a huge gap between the northern and the southern parts of India. Tamil Nadu, Andhra Pradesh, and Telangana showed the highest coverage while the numbers were low for states like Assam, Bihar, and Uttar Pradesh. On the top of the list was Andhra Pradesh, with a coverage of 75% households. Jammu & Kashmir, Lakshadweep, and Manipur displayed a poor health insurance coverage of less than 5%. Among those covered under a health insurance scheme in the 15-49 age range, 23% are men and 20% women.

    11 February 2018

  • Biocon CMD labels health insurance as a show stealer in budget 2018

    Kiran Mazumdar Shaw, the CMD of Biocon was impressed by the importance given to the health insurance segment in this year’s budget. She labelled health insurance as one of the biggest takeaways in the budget 2018. Around 10 crore households were promised to be included under the insurance umbrella of the National Health Protection Scheme. Shaw feels that there was a need for such a scheme in the country since long without which the poor will otherwise continue to be poor. She expressed her views on the budget by saying that she was quite impressed with it and is looking forward to the scheme being implemented successfully.

    8 February 2018

Health Insurance in Top Cities
Types of Health Insurance Policies:

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