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 medical insurance companies.

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Public Sector Insurers:

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.

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.

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.

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.

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.

Private Sector

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.

Public-Private Sector

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.

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%
Religare 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%
TATA AIG General Insurance Co. Ltd.	Up to 5 family members (2 adults and 3 children).	30 days pre and 60 days post hospitalization.	No co-pay.	Lifetime.	After 4 years.	3000	49.65%
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%

News About Health Insurance Companies

Losses reported by General Insurance Companies

A number of General Insurance Companies are reporting a decline in their profits, primarily on account of underwriting losses incurred in their motor and health departments. The motor and health segment has always been viewed as dicey for insurers, with an increase in the number of claims in these segments resulting in losses for them. Added competition has resulted in insurers providing packages at lower rates, which has reduced the profit margins.

Increased cost of treatment in the healthcare sector combined with self-damage and third party claims for motor insurance have resulted in more pay-outs, resulting in underwriting losses for most companies. Profits of most insurers were limited to smaller segments like engineering and fire, where limited claims are made.

27th May 2016
Online health insurance launched by Liberty Videocon General Insurance

Liberty Videocon General Insurance has taken a progressive step in terms of health insurance by making it accessible to customers via Liberty Health Connect - an online platform. This is being deemed as an inclusion after the tremendous popularity of the company’s flagship health insurance product – Liberty Health Connect Policy. Since its launch in December 2014, this product has been extremely successful, and is now being made available to a pool of online customers. With a launch on an online platform, not only is the customer base expected to rise, but it also ensures enhanced convenience and smooth functioning for the customers.

The user interface for sales has been specifically designed to assist customers in navigating in the least possible time to buy the product. With a plethora of online tools, customers can get useful details of their policy like the policy number, etc. within a few minutes of buying the policy.

28th April 2016
General Insurance companies miss target of Rs 1 lakh crore

The insurance penetration in India has increased over the last few years, but the industry has failed to live up to certain ambitious targets. The general insurance industry which expected its premiums to cross the Rs 1 lakh crore mark fell short of it by around Rs 4,000 crore, mopping up around Rs 96,400 crore. While the targets weren’t met, this number is about 14% higher than the previous fiscal. Health and motor insurance saw the best growth under general insurance, helping the industry come closer to its expected target.

Both private and public sector companies saw an increase in their numbers, with the private sector accounting for premiums worth Rs 39,000 crore and the public sector roping in premiums worth Rs 47,700 crore.

19th April 2016
By March 2018, Religare Health Insurance may break even

Religare Health Insurance which is one of the topmost health insurance providers of the country are hopeful that they will break even in the next two years that is by March 2018. This health insurer jumped into the insurance market as a single-handed player in the year 2012 and has since then being doing quite well in terms of market capturing as well as customer satisfaction. Religare Health is valued at Rs.475 crore. Union Bank and Corporation bank each hold 5 per cent in Religare Enterprises.

The health insurance is one of the most popular and well-doing divisions of insurance and as such the industry as a whole as well as Religare both hope to break even in the coming two years.

11th April 2016
1.25 lakh Madurai people benefit from CMCHIS

Since the launch of Chief Minister’s Comprehensive Health Insurance Scheme (CMCHIS) in 2012, a total of 1.25 lakh people in Madurai district have benefitted from it. In a statement released by the district administration, around Rs. 197.95 crore-worth treatment had been availed by 1.25 lakh beneficiaries from both the government hospitals and the private hospitals that met the scheme’s required criteria.

Out of the 1.25 lakh people, 38,296 people were treated at Government Rajaji Hospital and other government hospitals in the district. A total of 9,545 people among the 1.25 lakh beneficiaries availed the service for diagnostic services. The health insurance card under the CMCHIS had been provided to around 6.13 lakh families in Madurai district. The district administration in its report said that families with annual income of less than Rs. 72,000 per annum can apply for the CMCHIS card either at Goverment Rajaji Hospital or the Collector’s office.

6th January 2016

Health Insurance in Top Cities

Types of Health Insurance Policies:

Health Insurance Companies in India

Public Sector Insurers:

Private Sector

Public-Private Sector

Comparative Analysis of Best Health Insurance Companies in India:

News About Health Insurance Companies

Losses reported by General Insurance Companies

Online health insurance launched by Liberty Videocon General Insurance

General Insurance companies miss target of Rs 1 lakh crore

By March 2018, Religare Health Insurance may break even

1.25 lakh Madurai people benefit from CMCHIS

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