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 |
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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.
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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.
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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.
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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.
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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.
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Read more about SBI Health Insurance |
Star Health and Allied Insurance Co. Ltd. |
India’s first standalone health insurance provider.
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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.
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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
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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Read more about IFFCO Tokio Health Insurance |
L&T General Insurance Co. Ltd |
This company is a wholly owned subsidiary of Larsen &Toubro Limited.
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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.
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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.
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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.
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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.
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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* |
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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 Companies in India
- What are the different factors that determine the premium of a health insurance policy?
- Age
- Medical history
- Claim free years
- Will there be a waiting period for claims when I purchase a new policy?
- Is there a limit to the number of claims I can make in a year?
- Will I lose the renewal benefits if I transfer the policy from one insurer to another?
- What happens if I do not pay the renewal premium before the expiry date?
The different factors that determine the premium of a health insurance policy are mentioned below:
Yes, usually, there is a waiting period of 30 days from the date of policy inception before a claim can be made.
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.
No, you will not lose the renewal benefits if you transfer the policy from one insurer to another.
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.