Top 10 Health Insurance Company in India 2022.

Health insurance company has become one of India’s largest sectors both in terms of revenue and employment. It is growing digital adoption, wide-coverage, an increasing variety of services, and increasing expenditure by public as well as private players.

A health insurance policy is essentially a contract between an insurance company and the policyholder, whereby the insurer will pay for the policyholder’s medical expenses. 

Health insurance companies can be broadly divided into 3 categories:

• Public Sector (PSU) Insurers with ~45% market share;
• Private multi-line Insurers with market share of ~30% focusing on Health and Standalone Health Insurers (SAHI)
• ManipalCigna TTK with a market share of ~25%.
• SAHI players registered a growth of 32% year-on-year with 280 bps improvement in market share in FY 21.

• Health Insurance has three broad customer segments:
  1. Group segment for Corporates with around 39% market dominated by PSU insurers
  2. Retail segment, with around 50% market, which has seen relatively higher growth
  3. Government segment, which forms around 11% of the market.

Here we are going to see the top 10 health insurance companies in India and their performance based on their network.

10. National Insurance Company Limited

• Founded: 1906
• Headquarter: Kolkata, West Bengal

National Insurance Company Limited is India’s Oldest General Insurance Company. It is a General Insurance company in India. it was merged along with 21 foreign and 11 Indian companies to form National insurance Company Limited, one of the four subsidiaries of the General Insurance Corporation of India, fully owned by the Government of India.

On Aug 7, 2002, National insurance was delinked from its holding Company GIC and was formed as an independent insurance company.

National Insurance Company has a strong presence with around 1730 offices and more than 13000 skilled employees and over 50000 Agents spread all over the nation and has a 7014+ hospital network.

The National Insurance Claim ratio is 45%.

Product of National Insurance Company

National Insurance Company has around 300 products. The products it sells can be subdivided into various lines of business:

• Personal Line of Insurance like Health Insurance, Personal Accident, Householders’ Insurance, Shopkeepers’ Insurance etc.
• Motor Vehicle Insurance.
• Rural Insurance covering Livestock, Agricultural implements.
• Industrial & Commercial Insurance covering industrial units, power plants, business establishments etc. against fire & allied perils, natural calamities etc.

9. Raheja QBE General Insurance Company Ltd

• Headquarter: Mumbai

Raheja QBE is a joint venture between Rajan Raheja Group and QBE Insurance, Australia’s second-largest global insurer. It is a general insurance company in India.

Rajan Raheja Group brings in its extensive knowledge across various business sectors in India, QBE insurance offers global expertise in insurance that together results in innovative insurance solutions for diverse consumers.

Raheja QBE General Insurance has a wide network of 5000+ hospitals and 1300+ garages to avail cashless services.

Raheja QBE General Insurance Products are:

• Health Insurance
• Motor Insurance
• Home Insurance
• Package policy
• In health insurance sub products are:
  • Saral Suraksha Bima
  • Corona Kavach Policy
  • Group Health Insurance
  • Group Premier Personal Accident Policy
  • Group Corona Kavach Policy
  • Hospital Daily Cash–Group
  • Pravasi Bhartiya Bima Yojana
  • Group/Individual Personal Accident Insurance
  • Health QuBE/top up
  • Arogya Sanjeevani Policy
  • Cancer Insurance

• Raheja QBE Claims Settlement Ratio is 96%.
• Raheja QBE Combined Ratio is 147.13%

8.Tata AIG General Insurance Company Limited

• Founded: 2001
• Headquarter: Mumbai

Tata AIG General Insurance Company Limited is a joint venture company between Tata Group and American International Group (AIG).

Tata AIG’s broad portfolio of protection covers is backed by years of professional expertise in product offerings, exceptional service capabilities, and seamless claims process.

Tata AIG has a wide network of 7500+ Network Garages and 7200+ Hospitals to avail cashless services.

Tata AIG Product

Tata AIG offers a wide range of general insurance covers for businesses and individuals including a comprehensive range of general insurance products for Liability, Marine Cargo, Personal Accident, Travel, Rural-Agriculture Insurance, Extended Warranty, etc.

• In Health Insurance Sub division Products are:
  • MediCare
  • Wellsurance Executive Policy
  • Wellsurance Family Health Insurance
  • Wellsurance Women Health Insurance
  • Critical Illness
  • Corporate Health Insurance
  • Arogya Sanjeevani
  • MediCare Plus (Super Top Up)
  • Corona Kavach

• Tata AIG Claim ratio is 70.72%
• Tata AIG combined Ratio is 103%

7.Reliance General Insurance Company Limited

• Headquarter: Mumbai

Reliance General Insurance Company is one of the leading general insurance companies in India. Reliance General Insurance has 139 offices and more than 28,900+ intermediaries across India.

Reliance insurance solutions with respect to motor, health, home, travel, marine, etc. Through products and services, Reliance tries to meet every customer’s individual needs by offering customized plans. In an endeavor to delight reliance customers, they strive to come up with innovative products like India’s first Over-The-Counter health & home insurance policies.

Reliance Insurance has Multiple plans available under one umbrella, Cashless hospitalization in 7300+ hospitals across India and Maximum hospitals empaneled

• Reliance Insurance has a 94% claim ratio.
• Reliance Insurance has a 110% combined Ratio.

Reliance Insurance Products:

Reliance Insurance has a wide range of products they are:

• Motor Insurance
• Travel Insurance
• Corparate Insurance
• SME Insurance

6. Care Health Insurance

Care Health Insurance is a specialized health insurer offering products in the retail segment in India. It is formerly known as Religare Health Insurance Company Limited endeavors to provide easy access to quality healthcare for its customers by offering them cashless health insurance

Care Health Insurance has consistently invested in the effective application of technology to deliver excellence in customer servicing, product innovation, and value-for-money services. It is cashless hospitalization facilities and hassle-free claims procedures, individuals and families can be focused on getting quality treatment in a timely manner.

16500+ HEALTH CARE PROVIDERS SERVE CASHLESS MEDICAL SERVICES ACROSS THE GLOBE and in India, they have Cashless health insurance at 8350+ network hospitals. 

Care Health insurance has a 95.2% of Claim ratio

Care Health Insurance Product

• Travel Insurance
• Corporate Insurance
• Health Insurance

5. Aditya Birla Health Insurance Ltd

• Founded: 2015
• Headquarter: Mumbai

Aditya Birla Health Insurance Co. Limited (ABHICL), a part of Aditya Birla Capital Ltd. (ABCL), is a joint venture between Aditya Birla Group and MMI Holdings of South Africa.

Aditya Birla Capital Limited and MMI Strategic Investments Ltd. hold 51% and 49% shares respectively. Aditya Birla Health Insurance’s current product portfolio includes unique offerings including chronic care and incentivized wellness.

ABHICL continues to be the fastest-growing Health Insurance company with differentiated core offerings like
incentivized wellness with Industry-first 100% return of premium (HealthReturnsTM) along with a differentiated
health and wellness framework.

• Aditya brila health insurance claim ratio has 51%
• Aditya brila health insurance combined ratio has 119.8%

Adithya Birla Health Insurance Plans are

Aditya brila health insurance Network

• Hospital Presents 8700 +
• City Presents 2300+

4. Cholamandalam MS General Insurance Company Limited

Chola MS General Insurance Company Limited is a Joint Venture between the Murugappa Group and Mitsui Sumitomo Insurance Company Limited, Japan. Chola MS currently has 132 branches and over 50,000 intermediaries across the country.

Chola MS champions a brand philosophy called T3, which stands for Trust, Transparency, and Technology. It has also been consistently recognized and awarded by the Government of India, international entities, and rating agencies for its insurance service and delivery innovations.

Cholamandalam MS Product

Chola MS offers a wide range of insurance products including Motor, Health, Property, Accident, Engineering, Liability, Marine, Travel, and Crop insurance for individuals and corporates.

• In Health Insurance Sub division Products are:
  • Corona Rakshak
  • Corona Kavach
  • Covid 19
  • Arogya Sanjeevani
  • Flexi Health
  • Chola Healthline
  • Critical Illness Plan
  • Super Topup Plan
  • Hospital Daily Cash
  • Personal Accide

Chola MS has a network of hospitals and garages to expanding the service network for the policyholders with over 9,500 hospitals and 11,100 garages.

• Chola MS Combined Ratio has 107.28%
• Chola MS Claim Ratio has 72.43%

3. Navi General Insurance Company Limited

• Founded: 2017
• Headquarter: Mumbai

Navi General Insurance formerly known as DHFL General Insurance Limited is a 100% owned venture of a wholly-owned subsidiary of Navi Technologies. It is a leading General Insurance company in India.

Navi General Insurance inspires complete trust, assuring customers that it has their best interest at heart. In an industry where security is key, their product offerings and claims processes are fully transparent.

Navi Insurance strives to help its customers invest in Insurance products that will protect what they value (health and
assets). It is focused on understanding the needs of its customers and catering to their needs in a modern, digital
world.

• Navi insurance has Claim Settlement Ratio of 97%
• Navi insurance has Combined Ratio of 159%
• Navi insurance has Cashless network of 10,000+ Hospitals

Navi Products

• Health Insurance
• Motor Insurance
• Arogya Sanjeevani Policy
• Travel Insurance
• Home Insurance

2. HDFC ERGO General Insurance Company Limited

• Headquarter: Mumbai

HDFC ERGO General Insurance Company Ltd is a joint venture between HDFC Ltd is an India’s premier Housing Finance Institution and ERGO International AG, the primary insurance entity of Munich Re Group. It is a leading general insurance company in India.

HDFC EDGE Insurance focused to reach the customer are the new-age technologies like AI, IVR, Robotics to achieve the key objectives of providing superior customer experience enhanced productivity continuous innovation, and being future-ready.

HDFC EDGE Product

HDFC EDGE offers a complete range of general insurance products ranging from Motor, Health, Travel, Home, and Personal Accident in the retail space and customized products like Property, Marine, and Liability Insurance in the corporate space.

• HDFC EDGE Insurance has a combined ratio of 103.2%
• HDFC EDGE Insurance has a claim ratio of 53%
• HDFC EDGE Insurance has a hospital network range was 10,000+

1. Star Health & Allied Insurance Company Limited

• Founded: 2006
• Headquarter: Chennai

Star Health and Allied Insurance Company Ltd are one of the fastest-growing Health insurance company in India. It is often said that your health is your wealth. And with the same belief, they make it our mission to ensure that your health is never compromised. That’s why they offer us an array of flexible plans to protect your health.

Star Health has excellent products to cater to everybody, be it individuals, families, or corporates. they work directly as well as through various channels like agents, brokers, online, etc., Star Health is also prominently into Bancassurance having long-standing relationships with various Banks.

Star health insurance products

• Health Insurance
• Travel Insurance
• Accident Insurance

• Star Health Insurance has a claim ratio of 90%
• Star Health Insurance has a Combined ratio of 122.14%
• Star Health Insurance has 11,000+ strong network hospitals at your service

Here we can also view the analysis of Life Insurance companies in India and ranked them based on performance

Referral Source: IRDAI