Health Insurance Companies in India

Health Insurance Companies

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Health Insurance Companies in India

A lot has changed when we talk about the healthcare sector of India. It the recent years, as per a study, around 27 percent of Indian population is insured under health insurance plan. With the growing data, health insurance companies will cover a huge market value by 2020. But before that, there are several things that we need to understand about health insurance companies such as facts & figures about public and private insurance companies in India and much more. Let's discuss such health insurance companies of India in detail.

1. Apollo Munich Health Insurance Company

In the healthcare industry, Apollo carries a very good reputation and has been preferred by many healthcare experts. Apollo Munich health insurance company is basically a joint venture between Asia’s largest integrated healthcare provider Apollo Hospitals Group and Germany based Munich Health. The company is offering multiple health insurance products that can easily go well with different needs of consumers. It works with the simple thought of “Let’s Uncomplicated’ and thus offers different healthcare products that serve different needs of the family, senior citizen and offers different healthcare products corporate.

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2. Star Health and Allied Insurance Co Ltd

Star Health And Allied Insurance Company of India refers to be the first standalone health insurance company that great deal in personal accident, health insurance, and travel insurance as well. Because of its hassle-free claim settlement process, it is always a preferred choice. The company also received the "Claims Service Company of the year 2014” award among 28 General Insurance Companies who were there in the list of nominations

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3. Future Generali India Insurance Company Ltd

Future Generali is basically a joint venture between Future Group( One of the leading retailers) and Italy-based Generali Group. The company is serving several effective insurance plans as per the needs of consumers. The company is really working hard to provide a superior experience to its customers with the help of its innovative and effective products.

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4. Bajaj Allianz General Insurance Co Ltd

IT is also a joint venture that takes place between Bajaj Finserv Limited (recently demerged from Bajaj Auto Limited) and Allianz SE. Bajaj Finserv which carries 74% and the remaining 26% is held by Allianz, SE.

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5. Cigna TTK Health Insurance Company

One more health insurance company on the list which is basically a joint venture between Cigna, which is a global insurance company and TTK Group, an Indian conglomerate. Incepted in 2012. This renowned health insurance company is offering a wide range of healthcare products which can easily go well with individual and family health insurance needs.

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6. National Insurance Co Ltd

It is basically a public health insurance company that is offering a gamut of insurance products that includes motor, health, personal and fire insurance.

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7. Iffco Tokio General Insurance Co Ltd

If Tokio General Insurance Company- It is an effective health insurance company and a joint venture between Indian Farmers Fertilizer Co-operative (IFFCO) and its associates and Tokio Marine and Nichido Fire Group, the biggest listed insurer of Japan. The company is founded in 2000. You will get a wide range of general insurance products which can assist you during hard times.

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  8. The New India Assurance Co Ltd

Again a public insurance company which operates in around 22 nations. The company was founded in 1919 and now the company owns around 2097 offices in India. This company is offering great products at a comparatively low price. It is allowing common people to get the needful healthcare plans at an affordable price.

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9. The Oriental Insurance Co. Ltd

The Oriental Insurance company was founded in 1947 and since then offering multiple healthcare products and laying down smooth system for the better convenience of customers. The company has its headquarters in New Delhi. Oriental Insurance Co. Ltd. Is serving multiple healthcare products that can easily cater needs of both urban and rural India. It is a central government undertaking providing general insurance and has operations in Nepal, Kuwait, and Dubai.

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10. Reliance General Insurance Co Ltd

One of the leading general insurance companies of India when it comes to the private sector with a market share if around 8 percent. The company is dealing with various needs of customers through a wide range of products related to motor, health, travel, and commercial.

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11. United India Insurance Co Ltd

After getting the nationalized, the company starts growing effectively and offering the needful insurance cover to around 1 crore policyholders. The insurance company has a wide range of health insurance products starting from bullock carts to satellites.

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12. Royal Sundaram Alliance Insurance Co Ltd

This general insurance company was founded by the joint venture of Sundaram Finance, which is one of the most respected non-banking financial institutions of India, and RSA-the second largest general insurer in the UK. Royal Sundaram Alliance Insurance is the first insurance company in India that brings the cashless benefit for health claims in India. It is a preferred insurance company of most popular brands when it comes to automobile manufacturing companies.

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13. Tata AIG General Insurance Co. Ltd.

TATA AIG- a renowned name in the general insurance industry of India. It is a joint venture between Tata Group and renowned American International Group, Inc. The company was founded in 2001. At present, Tata AIG General Insurance Company is offering a wide range of general insurance products that includes health insurance, motor insurance, travel insurance, lifestyle insurance as well as different financial lines.

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14. Cholamandalam MS General Insurance Co Ltd

Cholamandalam MS General Insurance Company Ltd. is basically a joint venture between Murugappa Group and Mitsui Sumitomo Insurance Group of Japan. It is a private insurance company that offers a wide range of insurance products that includes accident, engineering, health, liability, marine, motor, property, travel and rural insurance for both individuals and corporate. The company has around 105 branches and 9000 agents pan India.

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15. HDFC ERGO General Insurance Co Ltd

HDFC ERGO General Insurance Company Limited is a joint venture between HDFC Limited, India‘s which is the leading Housing Finance Institution and ERGO International AG, the primary insurance entity of Munich Re Group. A partnership of 74:26. This insurance company is offering multiple health insurance products which can easily match the requirements of customers related to health, travel, motor, home and personal accident. When it comes to customized products, there are many that you can get such as liability insurance, marine, and property in the corporate segment.

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16. Universal Sompo General Insurance Co Ltd

Again a joint venture between three banks and an FMCG company which is popular by the name of ‘Sompo Japan Nipponkoa Insurance Inc.’ It is popular as it is the largest insurance company in Japan when it comes to property and casualty insurance. It is offering a quite extensive range of healthcare products and also deals in motor and commercial insurance.

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17. Bharti AXA General Insurance Co Ltd

Bharti Axa General insurance company is popular insurance company which is founded by the joint venture between Bharti Enterprises of India, a pivotal Indian business group and AXA group of Europe, a world leader in financial protection. The company was founded in 2008 and now it has around 59 branch offices throughout the country. Apart from this, it is the first general insurance company that carries dual certifications of ISO 9001:2008 and ISO 27001:2005 within the first year of its operations in 2009.

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18. SBI General Insurance Company Ltd

SBI General insurance company is basically a joint venture among State Bank of India and Insurance Australia Group (IAG). SBI owns 74% of the total capital whereas the IAG carries 26%. SBI follows a multi-distribution model that encompasses through broking & retail direct channels, agency, and bancassurance. Nowadays, SBI General Insurance Company of India has around 10,000 IRDA certified SBI & associate bank employees and round 4800 agents. At present, SBI General Insurance Company is providing coverage against travel, health, motor, personal accident and home insurance for individuals and group personal accident, group health, marine package, construction & engineering for businesses.

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19. Raheja QBE General Insurance Co Ltd

Raheja QBE General Insurance Company Limited is gain a joint venture company which is promoted by Prism Cement Limited, and QBE Holdings (AAP) Pty Limited- a wholly owned subsidiary of QBE Insurance Group Limited, Australia. This insurance company is offering an effective line of healthcare products which is designed in a way that can easily go well with different needs of consumers. The company’s divergent corporate insurance solutions protect a business from unwanted emergencies very well.

20. MAX Bupa Health Insurance Company Ltd

MAX Bupa Health Insurance Company a well-known health insurance company which is offering a wide range of products to cater to different needs of consumers. It is a joint venture between Max India Limited and UK based Bupa Finance PLC, UK. The perfect mixture of both global expertise and local knowledge in healthcare and insurance makes MAX Bupa the best option when it comes to protecting the health of your family.

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21. L & T General Insurance Co Ltd

L & T General Insurance Company Limited (L & T Insurance) is one one the largest wholly owned subsidiary of Larsen & Toubro Limited. The company deals with various different insurance needs of customers through innovative products that include motor insurance, health insurance, home insurance, SME insurance and corporate insurance.

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22. Religare Health Insurance Co Ltd

It is one of the special health insurance company engaged in providing different health insurance products. The Religare enterprises, Corporation Bank and Union Bank of India are strong shareholders of the company. The company is highly promoted by founders of Fortis Hospitals, Religare Health Insurance Co. Ltd. is excelling in a business environment that is driven by serviceability.

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23. Liberty Videocon General Insurance

The company was founded after the after the joint venture between Videocon Group and the US-based Liberty Mutual Insurance Group. It is a popular general insurance company that highly deals in a two-wheeler, private car and health insurance, while corporate policies liabilities insurance, engineering, property and fleet insurance.

24. Shriram General Insurance Company

The company was founded in 1974 after a joint venture between Shriram Group and South Africa based Sanlam Limited. Shriram Groups holds a 74% stake in the company while the Sanlam handle 26% shares. With around 9.5 million customers and more than 45,000 employees across 2400 branches in India, the company earns a net profit of over Rs. 15 billion and worth Rs. 60,000 crores of assets under management.

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25. Magma HDI General Insurance Company Limited

Magma HDI General Insurance Co Ltd. is well known general insurance company which is a joint venture between Magma Fincorp Ltd, Kolkata, and HDI-Gerling Industrie Versicherung AG Germany. Magma HDI General Insurance is offering a wider range of effective health care and several other categories as well that includes Fire Insurance, Motor Insurance, Liability Insurance, Marine Insurance, Engineering insurance, and a lot more.

Claim Settlemet Ratios Of Health Insurance Companies In India

S.no Insurance Company Claim Ratio
1 Apollo Munich Health Insurance Company 54.99%
2 Bajaj Allianz General Insurance Co Ltd 78.50%
3 Bharti AXA General Insurance Company 76.88%
4 Cholmandalam Health Inusrance Company 40.07%
5 Cigna TTK Health Insurance Company 48.14%
6 Future Ggenerali Insurance Company 77.31%
7 HDFC ERGO Health Insurance Company 76.90%
8 Iffco Tokio General Insurance Company 81.96%
9 Liberty Videocon General Insurance Company 79.14%
10 Magma HDI General Insurance Company 79.10%
11 Max Bupa Health Insurance Company 51.96%
12 National Insurance Company 97.25%
13 New India Assuarnce Company 91.26%
14 Oriental General Insurance Company 112.11%
15 Raheja QBE General Insurance Company 68.97%
16 Reliance General Insurance Company 92.23%
17 Religare Health Insurance Company 50.52%
18 Royal Sundaram General Insurance Company 78.13%
19 SBI General Inusrance Company 75.01%
20 Shriram Geeral Insurance Company 102.57%
21 Star Health Insurance Company 60.51%
22 TATA AIG Gneral Insurance Company 72.32%
23 United India Insurance Company 107.06%
24 Universal Sompo General Inusrance Company 70.91%

Things to Keep in Mind While Choosing Best Health Insurance Company

In India, as we discussed above there are multiple health insurance companies that deals in different forms of general insurance products. Sometimes it becomes quite difficult to choose the best insurance company according to your needs. To provide ease, here is the list of things that you should check while opting for the best health insurance company for your healthcare needs:-

Claim Settlement Ratio: It is the most important thing that you should look for. You have invested in health insurance plan so that you can get the required financial assistance in case of a medical emergency where you need a quality treatment. But what if you claim to get rejected. Basically, an insurance company’s claim settlement ratio, or CSR, reflects the proportion of claims settled by it against the total claims raised. A higher ratio means that there are the higher chances of getting your claim approved. This also increases the probability of your claims getting fulfilled, when the need arises.

Solvency Ratio: It basically refers to the proportion of liabilities. A higher ratio means that the insurer a higher proportion of asset holdings. It will be a good news for customers as in case of bulk claims, the company will have enough resources to pay off the claims of the customers.

Claim Settlement Procedures: while getting a claim settled, it is very important to go for a smooth claim settlement process. Choose a company that offers simple procedures and options. The less are the claim formalities, the more your time and efforts will be saved.

Turnaround Time for Claim Settlement: It will be quite difficult to handle if the insurance company takes a long time to clear the bills or settling claims. In such cases, the financial burden of hospital bills and associated expenses can easily fall you on your bed. Thtas why it is always advisable to go for a plan that provides faster claim settlement process that also includes house claim settlement.

Network Hospitals: It is such a blessing to have cashless hospital benefit where you can avail cashless hospitalization. To get such benefits you have to be hospitalized in-network hospitals. Almost every insurance company has a list of tied-up hospitals called Preferred Provider Network or PPN. With the same the cashless claim settlement is possible. It is very important to check the list of network hospitals to locate ones you prefer in your area Ideally, a good insurance company should carry a long list of network hospitals.

S.no Insurance Company Claim Ratio
1 Apollo Munich Health Insurance Company 4500+
2 Bajaj Allianz General Insurance Co Ltd 5700+
3 Bharti AXA General Insurance Company 4500+
4 Cholmandalam Health Inusrance Company 2600+
5 Cigna TTK Health Insurance Company 4000+
6 Future Generali Insurance Company 4300+
7 HDFC ERGO Health Insurance Company 4800+
8 Iffco Tokio General Insurance Company 3000+
9 Liberty Videocon General Insurance Company 3000+
10 Magma HDI General Insurance Company -
11 Max Bupa Health Insurance Company 3500+
12 National Insurance Company 6000+
13 New India Assuarnce Company 1200+
14 Oriental General Insurance Company 4300+
15 Reliance General Insurance Company 4000+
16 Religare Health Insurance Company 4500+
17 Royal Sundaram General Insurance Company 3000+
18 SBI General Inusrance Company 4400+
19 Shriram Geeral Insurance Company 3000+
20 Star Health Insurance Company 6000+
21 TATA AIG Gneral Insurance Company 3000+
22 United India Insurance Company 7000+
23 Universal Sompo General Inusrance Company 5000+

Business Volume: Business volume refers to the total number of policies which is sold by an insurance company and the premium collected. An insurance company with a higher business volume is the one who is trusted by individuals and has a larger market share. This can also be a parameter of judging health insurance companies as the higher volumes mean greater trustworthiness.

Variety of Plans: There is no need to saying that human wants more. That's why we never got the needful satisfaction of purchase until we explore all the options. IN health insurance as well, companies have a considerable range of plans catering to specific needs.

Insurance Intermediaries: Agents and brokers refer to be intermediaries who introduce us with the available plans. You must have noticed that an agent will represent only one company whereas a broker has the privilege to deal with multiple health insurance companies. Whenever you get confused during finalizing health insurance companies, you must take help of the broker to get free and unbiased health insurance quotes. It is vital to check that the broker that you have chosen for your help should carry a license of such services by IRDA. In case of health insurance, where having our claims met is an important criterion, you surely didn't want to invest your money in wrong place.

With the above parameters, it will be quite easy for you to pick the best health insurance company which can go well well with all your healthcare needs.

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