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List of Health Insurance Companies in India

A quiet revolution has swept through India’s health care sector in the past five years- best evidenced in the fact that now nearly 27% of the nation’s population is insured. The Indian healthcare sector is projected to continue its rapid expansion, with a market value of $280 billion by 2020. There are lots of options as far as insurance companies are concerned as both public as well as private health insurance operators are offering health insurance coverage.


Let’s know in detail about Health Insurance Companies operating in India.

Insurance Companies Network Hospitals Incurred Claim Ratio  
Aditya Birla Health Insurance 5850+ 59%

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Bajaj Allianz Health Insurance 6500+ 85%

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Bharti AXA Health Insurance 4300+  89%

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Cholamandalam Health Insurance 6500+  35%

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Digit Health Insurance  5900+  11%

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Edelweiss Health Insurance  2578+  115%

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Future Generali Health Insurance  5000+  73%

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HDFC Ergo Health Insurance (formerly known as Apollo Munich Health Insurance) 4721+ 63%

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HDFC Ergo General Health Insurance 10,000+ 62%

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IFFCO Tokio Health Insurance  5000+  102%

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Kotak Mahindra Health Insurance  4800+  47%

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Liberty Health Insurance  3000+  82%

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Max Bupa Health Insurance 4115+ 54%

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Manipal CIGNA Health Insurance 6500+ 62%

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National Health Insurance 6000+  107.64%

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New India Assurance Health Insurance 3000+  103.74%

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Oriental Health Insurance 4300+  108.80%

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Religare Health Insurance 7400+ 55%

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Raheja QuBE Health Insurance 2000+  33%

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Royal Sundaram Health Insurance 5000+ 61%

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Reliance Health Insurance 4000+  14%

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Star Health Insurance 9800+ 63%

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SBI Health Insurance 6000+ 52%

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Tata AIG Health Insurance 4000+  78%

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United India Health Insurance 7000+  110.95%

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Universal Sompo Health Insurance 5000+  92%

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*The ranking of the insurance companies in this content is not in any particular order. The ICR is as per the IRDAI Report 2018-19  

1. Apollo Munich Health Insurance Company Limited

It is a joint venture between Asia’s largest integrated healthcare provider Apollo hospitals Group and Germany based Munich Health. The company works upon the thought of “Let’s Uncomplicated’ and offers tailor-made mediclaim policies to individuals, family, senior citizen and corporate.

2. Star Health and Allied insurance Co Ltd

It is India’s first stand-alone health insurance company, dealing in personal accident, mediclaim and travel insurance Due to its hassle-free and customer-friendly direct claim settlement, the company was bestowed with "Claims Service Company of the year 2014” award among 28 General Insurance Companies who were also competing for the same title.

3. Future Generali India Insurance Company Ltd

Future Generali is a joint venture between India’s leading retailer Future Group and Italy-based Generali Group. Catering to divergent needs of life and non-life insurance customers, the company works towards imparting superior customer service through innovative insurance products and services.

4. 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.

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C apply.

5. ManipalCigna Health Insurance Company Limited

ManipalCigna Health Insurance Company Limited (formerly known as CignaTTK Health Insurance Company Limited) is a joint venture between the Manipal Group, a leader in the field of healthcare delivery and higher education in India and Cigna Corporation, a global health services company with presence in 30+ countries and serving 160 million+ customers around the world.

6. National Insurance Co Ltd

It is a government controlled undertaking and provides a wide gamut of insurance products, including  motor, health, personal and fire insurance.

7. Iffco Tokio General Insurance Co Ltd

It is a joint venture between Indian Farmers Fertilizer Co-operative (IFFCO) and its associates and Tokio Marine and Nichido Fire Group, the largest listed insurance group in Japan. Incorporated in 2000, Iffco Tokio General Insurance Co Ltd offers a wide array of non-life insurance products that give complete coverage in those times when you need it most.

8. The New India Assurance Co Ltd

Headquartered in Mumbai, The New India Assurance Co. Ltd. is a nationalized general insurance company operating in 22 nations. Founded in 1919, Indian operations of the country today span across all Indian territories through 2097 offices..

9. The Oriental Insurance Co. Ltd

Incorporated in 1947, Oriental Insurance Co. Ltd. is a pioneer in laying down systems for smooth functioning of the insurance sector. Headquartered in New Delhi, Oriental Insurance Co. Ltd. has formulated various insurance products to 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.

10. Reliance General Insurance Co Ltd

It is one of the leading private insurance companies in India, with a market share of over 8%. The company is offering insurance products for motor, health, travel and commercial.

11. United India Insurance Co Ltd

After the nationalization of the business of United India Insurance Co. Ltd., the company has grown by leaps and bounds and currently providing insurance coverage to over 1 crore policyholders. The company has extensive insurance cover to offer from bullock carts to satellites.

12. Royal Sundaram General Insurance Company Ltd.

Royal Sundaram General Insurance Company offers health insurance keeping the individual necessities in mind. It is the first private sector insurer in India to be licensed in the year 2000 with IRDA and is a joint venture of Sundaram Finance, one of the leading NBFCs (non-banking financial institutions) and other Indian Shareholders. With Ageas Insurance International N.V. acquiring 40% shares in 2019 from Indian Shareholders, now the company holds 50% shares of Sundaram Finance and 10% shares of Indian Shareholders.

The provider is a pioneer in providing general insurance solutions in the sectors such as health, motor, travel, home insurance, fire, marine and business. Health insurance offered by Royal Sundaram comes with unique benefits such as day care treatment, maternity cover, pre-existing cover etc. with a claim settlement ratio of 61% in the year 2018-19.

13. Tata AIG General Insurance Co. Ltd.

Tata AIG General Insurance Company Limited is a joint venture between Tata Group and renowned American International Group, Inc. Incepted in 2001, Tata AIG General Insurance blends the Tata Group’s leadership position in India and AIG’s global presence as the world’s eminent insurance and financial service organization. At present, Tata AIG General Insurance Company is offering a wide range of general insurance products including health insurance, motor insurance, travel insurance, lifestyle insurance as well as different specialized financial lines.

14. Cholamandalam MS General Insurance Co Ltd

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

15. HDFC ERGO General Insurance Co Ltd

HDFC ERGO General Insurance Company Limited is a 74:26 joint venture between HDFC Limited, India‘s leading Housing Finance Institution and ERGO International AG, the primary insurance entity of Munich Re Group. The company is offering a complete range of general insurance products varying from health, travel, motor, home and personal accident in retail segment and customized products like liability insurance, marine and property in corporate segment.

16. 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, ‘Sompo Japan Nipponkoa Insurance Inc.’ It is the largest property and casualty insurance company in Japan and holding 26% stake in Universal Sompo General Insurance Co. Ltd. The product range of the company is quite extensive which offers insurance coverage for health, motor and commercial purpose.

17. Bharti AXA General Insurance Co Ltd

It is a joint venture between Bharti Enterprises of India, a pivotal Indian business group and AXA group of Europe, a world leader in financial protection. Started its operations in 2008, the company currently has 59 branch offices throughout the country. Moreover, it is the first general insurance company to get dual certifications of ISO 9001:2008 and ISO 27001:2005 within first year of its operations in 2009.

18. SBI General Insurance Company Ltd

SBI General Insurance Company Limited is a joint venture between State Bank of India and Insurance Australia Group (IAG). SBI owns 74% of the total capital and IAG the remaining 26%. SBI General follows a viable multi-distribution model, encompassing broking & retail direct channels, agency and bancassurance. Currently, SBI General’s distribution family includes more than 10,000 IRDA certified SBI & associate bank employees and over 4800 agents. At present, SBI General Insurance Company covers travel, health, motor, personal accident and home insurance for individuals and group personal accident, group health, marine package, construction & engineering for businesses.

19. Raheja QuBE General Insurance Co Ltd

Raheja QuBE General Insurance Company Limited is 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. Raheja QuBE General Insurance Company offers a complete array of personal line products which are specifically designed to meet bourgeoning needs of families and individuals. The company’s divergent corporate insurance solutions safeguard a business from unforeseen circumstances. 

20. MAX Bupa Health Insurance Company Ltd

MAX Bupa Health Insurance Company is formed after a joint venture between Max India Limited and UK based Bupa Finance PLC, UK. The perfect combination of both global expertise and local knowledge in healthcare and insurance makes MAX Bupa the right choice when it comes to safeguarding the health of your family.

21. Religare Health Insurance Co Ltd

It is a specialist health insurance provider engaged in distribution of health insurance products. The Religare enterprises, Corporation Bank and Union Bank of India are strong shareholders of the company. Promoted by founders of Fortis Hospitals, Religare Health Insurance Co. Ltd. is excelling in a business environment that is driven by serviceability.

22. Liberty General Insurance

The company comes in existence after the joint venture between Videocon Group and the US-based Liberty Mutual Insurance Group. The personal insurance segment includes two wheeler, private car and health insurance, while corporate policies liabilities insurance, engineering, property and fleet insurance.

23. Export Credit Guarantee Corporation of India Ltd. (ECGC)

Export Credit Guarantee Corporation of India Ltd. (ECGC) is an enterprise managed and owned by the Indian Government. It is a provider credit risk insurance covers to exporters against the losses they incur in export of goods and services. It also offers Export Credit Insurance covers to banks and financial institutions or India and Overseas Investment Insurance to Indian companies investing in joint ventures abroad.

24. Agriculture Insurance Co. of India Ltd.

Incorporated on 20th December, 2002 under the Indian Companies Act 1956, Agriculture Insurance Co. of India Ltd. was set up with a vision to accelerate economic momentum of the nation by bringing financial stability in the rural areas and launch farmer-friendly insurance plans to cover all the agricultural and related risks. Improve delivery and service of agricultural insurance to bring the poorest farmers of remote areas under the umbrella of insurance in an economic manner.

25. Shriram General Insurance Company

Established in 1974, Shriram General Insurance Company is a joint venture between Shriram Group and South Africa based Sanlam Limited. Shriram Groups holds a 74% stake in the company while the remaining 26% shares are held by Sanlam Limited. With over 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.

26. Magma HDI General Insurance Company Limited

Magma HDI General Insurance Co Ltd. is a joint venture between Magma Fincorp Ltd, Kolkata and HDI-Gerling Industrie Versicherung AG Germany. Magma HDI General Insurance offers various kinds of insurance such as Fire Insurance, Motor Insurance, Liability Insurance, Marine Insurance, Engineering insurance, and a lot more.

Disclaimer: The ranking of the insurance companies in this content is not in any particular order. The list is not complied as per the IRDA ranking.

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