- Written by PolicyBazaar
- Views: 7892
- Published: 03 June 2014
Indian insurance sector is a substantial one and currently there are 24 non-life or health insurance providers in India. The insurance regulatory body (IRDA) opened this sector in 2000 and investment up to 26% is currently allowed to invest by foreign companies in India. This sector consists of private as well as public sector companies to solicit insurance within the regulations of IRDA. There are lots of options as far as insurance companies are concerned, public as well as health insurance private operators as well.
List of Health insurance companies in India
Following are the medical insurance companies in India:
Apollo Munich Health Insurance Company limited
This is a joint venture between Apollo hospitals and Munich Health who both as individual companies have succeeded in providing healthcare services. Their joint venture is also their effort to provide quality insurance services to people.
Star Health and Allied insurance Co Ltd
This company is the country’s first stand-alone health insurance company in India dealing in Personal Accident, Mediclaim and Travel insurance.
Future Generali India Insurance Company Ltd
Future Generali is a joint venture between the India-based Future Group and the Italy-based Generali Group. It is present in both life and non-life insurance business.
Bajaj Allianz General Insurance Co Ltd
Bajaj Allianz General Insurance Company Limited is a joint venture between Bajaj Finserv Limited (recently demerged from Bajaj Auto Limited) and Allianz SE. Bajaj Finserv Limited holds 74% and the remaining 26% is held by Allianz, SE.
ICICI Lombard General Insurance Co Ltd
ICICI Lombard GIC Ltd. is a joint venture between ICICI Bank Limited, India‘s second largest bank and Fairfax Financial Holdings Limited, a Canada based diversified financial services company engaged in general insurance, reinsurance, insurance claims management and investment management.
National Insurance Co Ltd
It is a government controlled undertaking and provides motor, health and fire insurance.
Iffco Tokio General Insurance Co Ltd
It is a joint venture between the Indian Farmers Fertilizer Co-operative (IFFCO) and its associates and Tokio Marine and Nichido Fire Group, the largest listed insurance group in Japan.
The New India Assurance Co Ltd
It is a nationalized general insurance company with its presence abroad as well.
The Oriental Insurance CO Ltd
It is a central government undertaking providing general insurance and has operations in Nepal, Kuwait and Dubai.
Reliance General Insurance Co Ltd
It is one of the private insurance company providing motor, health, travel insurance etc.
United India Insurance Co Ltd
It is a nationalized general insurance company having its operation in whole country.
Royal Sundaram Alliance Insurance Co Ltd
It is a joint venture between Sundaram Finance, one of the most respected non-banking financial institutions in India, and RSA, one of the oldest and the second largest general insurer in the UK.
TATA AIG General Insurance Co Ltd
Tata AIG General Insurance Company Limitedis a joint venture between Tata Group and the renowned American International Group, Inc. This insurance firm started operations on April 1, 2001.
Cholamandalam MS General Insurance Co Ltd
It is a private general and health insurer having pan India presence.
HDFC ERGO General Insurance Co Ltd
HDFC ERGO General Insurance Company Limited is a 74:26 joint venture between HDFC Limited, India‘s premier Housing Finance Institution and ERGO International AG, the primary insurance entity of Munich Re Group.
Universal Sompo General Insurance Co Ltd
It is a joint venture of four Indian companies (with three banks and a FMCG company) and Japanese general insurance provider. It is a health insurer having operations in whole country.
Bharti AXA General Insurance Co Ltd
It is a joint venture between Bharti Enterprises of India and AXA group of Europe.
SBI General Insurance Company Ltd
SBI General Insurance Company Limited is a joint venture between the State Bank of India and Insurance Australia Group (IAG). SBI owns 74% of the total capital and IAG the remaining 26%.
Raheja QBE General Insurance Co Ltd
Raheja QBE General Insurance Company Limited, a joint venture general insurance company promoted by Prism Cement Limited, India and QBE Holdings (AAP) Pty Limited, a wholly owned subsidiary of QBE Insurance Group Limited, Australia.
MAX Bupa Health Insurance Company Ltd
MAX Bupa Health Insurance Company is formed with a joint venture between Max India Limited and the UK based Bupa Finance PLC, UK.
L & T General Insurance Co Ltd
L & T General Insurance Company Limited (L & T Insurance) is a wholly owned subsidiary of Larsen & Toubro Limited.
Religare Health Insurance Co Ltd
It is a company formed by Religare enterprises, Corporation Bank and Union Bank of India.
Magna HDI General Insurance Co Ltd
Magma Fincorp Limited and its Promoters signed a Joint Venture agreement with HDI-Gerling International Holding AG, Germany on 28 July 2009 at Kolkata to enter into the general insurance sector in India.
Liberty Videocon General Insurance
It is newest health insurance provider and a company formed with joint venture between Liberty Videocon General Insurance, a joint venture between the Videocon Group and the US-based Liberty Mutual Insurance Group.