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Top 10 Health Insurance Company in India

Top 10 Health Insurance Company in India: It is a type of insurance that covers the whole or part of a person’s risk that incurs medical expenses. Another type of insurance is a risk among many individuals. According to the Health Insurance Association of America, it is defined as “coverage that provides for the payment of benefits as the result of sickness or injury. It also includes the insurance for losses from accidents, medical expenses, disability, or accidental death and dismemberment.

Top 10 Health Insurance Company in India

It also includes the insurance for losses from accidents, medical expenses, disability, or accidental death and dismemberment. In this article, we are going to discuss the top 10 health insurance companies in India. In this list, we have classified these companies on various bases. Here below is the list of the top 10 health insurance companies in India

No.1 Bajaj Allianz General Insurance Company

It is a private general Insurance company in India. It is a joint venture between Bajaj Finserv Limited ( formerly part of bajaj auto limited ), which the bajaj group of India owns, and Allianz SE; it is a German financial services company. The company also receives an insurance regulatory authority of India ( IRDAI) certificate of registration on the year 2 may 2001 to conduct the general insurance business, including health insurance, in India. The company had 36 offices and over 100 employees in the first year. The company started its operations with a capital of Rs.1.10 billion. Bajaj finserv limited holds 74%, and Allianz SE holds the remaining 26%.

  • Type: joint venture
  • Industry: financial services
  • Founded: 2001; 20years ago
  • Headquarters: Pune, India
  • Area served: India
  • Products: General Insurance, Health Insurance, Vehicle Insurance, Travel Insurance, Life Insurance 
  • Net Income:  $ 140 million  ( 2020)

No. 2 HDFC ERGO General Insurance Company

It is a joint venture firm between HDFC and ERGO International AG; it is one of the insurance entities of the Munich RE group in Germany, which is operated in the insurance field under the BFSI sector .they also offered products in the retail, corporate and rural sectors. The retail sector products are health, travel, motor, home, personal, accident, and cybersecurity. Corporate products include liability.

  • Type: Joint Venture
  • Industry: financial services
  • Headquarters: Mumbai, Maharashtra , India
  • Products: General Insurance, Health Insurance, Vehicle Insurance, Travel Insurance, home insurance,   accidental insurance, commercial insurance, rural insurance.
  • Net Income: $46 million (2020)

No. 3 The Oriental Insurance Company

It is an Indian government-owned by the general insurance company. The company has 31 regional offices and more than 1800 active branches all over the country. The company also have their branches in Nepal, Kuwait, and Dubai. It recorded a gross premium of rupees 7,282.54 crores in the financial year of 2013-2014. the company procured a global premium of Rs 11,100 crores in the year 2016-2017. it also offers more than 170 general insurance products, and also the registration number of the company is ” 556″.

  • Type: Government-owned
  • Industry: Insurance
  • Founded:  12 September 1947 ( 73 years ago in Mumbai, India)
  • Headquarters: New Delhi, India
  • Products: General Insurance, Health Insurance

No.4 Star Health Insurance

It is an Indian Health Insurance company based in Chennai, Tamil Nadu. The company has provided services in health, personal accident, and overseas travel insurance. It has products to cater to everybody, individuals, families, corporate and agents, brokers, online. Star health has underwritten a gross written premium of rs. 5401 crore during the financial year of 2018-19. Currently, star health insurance has 10600+ employees and around 500 branches all over India.

  • Type: Private
  • Industry: financial services
  • Founded: 2006 ( 15 years ago )
  • Headquarters: Chennai, Tamil Nadu, India
  • Products:  Health Insurance, Travel Insurance, accidental insurance

No. 5 MAX Bupa

It is an Indian health insurance company which is founded in 2008. the headquarter is in New Delhi, India. It started as a joint venture between Max India Limited and Bupa, based on the UK international health group. Max Bupa has been a joint venture between Bupaa and private equity firm true north when maxI india sold its entire stake to true north in earlier 2019. it is regulated by the Insurance Regulatory and Development Authority of India        (IRDAI).

  • Type: Joint venture
  • Industry: financial services
  • Founded: 2008 ( 13 years ago)
  • Headquarters: New Delhi, India
  • Area Served: India
  • Products: Health Insurance

No. 6  New India Insurance

It is a government-owned general insurance company. It is under the ownership of the ministry of finance, the government of India. Based on gross premium collection inclusive of the foreign region, it became the largest government-owned general insurance company in India. Sir Dorabji Tata founded it in 1919, and it was nationalized in 1973.

  •  Type: Government-owned
  •  Industry: financial services
  •  Founded: 23 July 1919 ( 101 yrs ago )
  •  Headquarters: Mumbai, Maharashtra
  • Products: General Insurance, Health Insurance, Vehicle Insurance , Marine Insurance , Property Insurance , Crop Insurance , aviation Insurance , Fidelity bond
  • Net income: $ 200 million (2020)

No. 7 Reliance General Insurance

It is an Indian private insurance company and a part of Reliance Anil Dhirubhai Ambani  Group, wholly-owned through reliance capital. the gross written for the year ended in 2018 was at rs. 5,122 crores which are ( $ 788 million ) with a distribution network composed of over 128 branches and more than 27,888 intermediaries all over India.

  • Type: Private
  • Industry: financial services
  • Founded: 17 august  2000 ( 20 years ago )
  • Founders: Anil Ambani
  • Headquarters: Santacruz, Mumbai
  • Products: General Insurance, Health Insurance, Vehicle Insurance, Marine Insurance, Property Insurance, Crop Insurance, marine insurance.

No. 8 ICICI Lombard (Top 10 Health Insurance Company in India)

It is a general insurance company in India. It is engaged with general insurance, reinsurance, insurance claims management, and investment management. The company has a gross premium of Rs .135.92 billion in the financial year of 2020. it has 273 branches and 840 virtual offices all over the nation.

  • Type:  public
  • Industry: financial services
  • Founded: 2001 ( 20 years ago )
  • Headquarters: Mumbai, Maharashtra
  • Products: General Insurance, Health Insurance, Vehicle Insurance , Marine Insurance , Property Insurance , Crop Insurance, Business Insurance
  • Net Income: $ 170 million ( 2020)

No. 9 Future General India Insurance Company

It is a private general insurance company in India. It is a joint venture between the future group and Assicurazioni general. The commenced of business in 2000 ( September ) and achieved a break in its 6th year of operation. The company has tie-ups with many banks, including UCO Bank, Maharashtra, Laxmi Vilas bank, and a national bank.

  • Type: joint venture
  • Industry: financial services
  • Founded: 2000 ( 21 years ago )
  • Headquarters: Mumbai, India
  • Products: General Insurance, Health Insurance, Vehicle Insurance, Travel Insurance, Life Insurance, Home  Insurance.
  • Net income: 3629 crores (2019)

No. 10 TATA AIG (Top 10 Health Insurance Company in India)

It is an Indian general insurance company and a joint venture between the TATA and American international groups. It holds a 74% stake in the insurance venture, with AIG holding the balance of 26%.

  • Type: joint venture
  • Industry: financial services
  • Founded: 2001
  • Headquarters: Mumbai, India
  • Products: Health Insurance, Vehicle Insurance, Travel Insurance

FAQ (Frequently Asked Questions)

Q- Which is the no.1 health insurance company in India?

A- Bajaj Alliance General Insurance Company is the best insurance company in India.

Q- What are the top 5 insurance companies in India?

A- In this list, we have discussed the top 10 best insurance companies in India.

Q- Is Tata AIG Health Insurance Good?

A- The tata AIG health insurance policy is great. Policy coverage is maximum, and the claims are good. Service is fast and on time. A large number of hospitals are there for good service.

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