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    • 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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    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
    Religare Health Insurance Co. Ltd. Standalone health insurance provider comprising of three entities – Religare 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 Religare 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
    TATA AIG General Insurance Co. Ltd. This company is the result of a joint venture between the Indian Tata Group (which holds a 74% stake) and the American International Group (AIG) (which holds a 26% stake) and started operations on January 22nd, 2001.
    • Over Rs.1,334 crore in net premium earned.
    • Coverage for up to 5 family members (up to 2 adults and 3 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 3,000 network hospitals across India.
    		 Read more about TATA AIG 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 ProviderCoveragePre and post hospitalization expenses coverCo-payRenewabilityPre-existing disease coverNetwork hospitalsIncurred 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.700097.68%
    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.120097.24%
    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.4300102.38%
    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.6000105.09%
    SBI General Insurance Co. Ltd.Up to 4 family members.30 days pre and 60 days post hospitalization.10%.Lifetime.After 4 years.4400122.82%
    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.600095.76%
    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.4500Data 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.400058.20%
    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.350056.15%
    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.4000Data 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.450086.19%
    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.500080.44%
    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.260076.51%
    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.430085.58%
    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.480067.53%
    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.300085.79%
    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.2800183.40%
    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.400085.77%
    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.300050.86%
    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.300049.65%
    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.370066.52%
    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.5000102.59%

    News About Health Insurance Companies

    • Compulsory Listing of Insurance Companies Put On Hold

      The mandatory listing of all insurance companies on the bourses has been suspended temporarily. The IRDAI, India’s insurance regulatory body has put this directive on hold following a Finance Ministry notification. A spokesperson for IRDAI has confirmed the directive is no longer in effect, adding that the body will wait and re-consider the ramifications of such a move. A discussion on listing both life and non-life insurance companies was issued but a number of companies could not voice their opinions within the short time frame provided.

      The insurance companies were wary of the forced listing leading to too much consolidation in the insurance sector. The other fear is companies with smaller capital at their disposal will find it difficult to improve their share price and get an adequate price. As a result, the companies requested the Finance Ministry to look into the matter. The resultant intervention led to the compulsory listing being put on hold. As of now, the only insurance company to float a public issue has been ICICI Prudential. Health insurance companies are reluctant to be listed publicly, with companies stating the need to have more private companies to increase coverage.

      20th October 2016

    • 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

    GST rate of 18% applicable for all financial services effective July 1, 2017.

    Disclaimer: Premiums may vary depending upon factors like age, location and prevailing taxes/GST.

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