Health Insurance is necessary for saving our savings. As it is useful in the case of illness and accidental injuries. If sufficient health insurance is there then there is no need to worry about your savings because its safeguarded by health insurance. Your savings and Wealth will not be influenced in the case of major illness or accidental injuries because all the expenses will be covered under your health policy. There are total 28 health insurance companies in India. Basics of each has been explained in very sort phrase.
Following is the complete list of Health Insurance companies Registered under IRDA in India
- Apollo Munich Health Insurance Company Limited
- Agriculture Insurance Co. of India Ltd.
- Bajaj Allianz General Insurance Co Ltd
- Bharti AXA General Insurance Co Ltd
- Cholamandalam MS General Insurance Co Ltd
- Cigna TTK
- Export Credit Guarantee Corporation of India Ltd. (ECGC)
- Future Generali India Insurance Company Ltd
- HDFC ERGO General Insurance Co Ltd
- ICICI Lombard General Insurance Co. Ltd
- Iffco Tokio General Insurance Co Ltd
- L & T General Insurance Co Ltd
- Liberty Videocon General Insurance
- Magma HDI General Insurance Company Limited
- MAX Bupa Health Insurance Company Ltd
- National Insurance Co Ltd
- Raheja QBE General Insurance Co Ltd
- Reliance General Insurance Co Ltd
- Religare Health Insurance Co Ltd
- Royal Sundaram Alliance Insurance Co Ltd
- SBI General Insurance Company Ltd
- Shriram General Insurance Company
- Star Health and Allied insurance Co Ltd
- Tata AIG General Insurance Co. Ltd.
- The New India Assurance Co Ltd
- The Oriental Insurance Co. Ltd
- United India Insurance Co Ltd
- Universal Sompo General Insurance Co Ltd
Apollo Hospitals Group has joined hands with Munich Health, a world leader in the field of health insurance. Apollo Munich health Insurance company Limited is a joint venture between Asia’s largest Group of Apollo hospitals and Germany based Munich Health. The company works upon the slogan “Let’s Uncomplicated’ and offers varieties of tailor-made mediclaim policies to individuals, family, senior citizen and corporate.
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.
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.
Bajaj Allianz General Insurance Company Limited is a joint venture between Allianz SE, world’s leading insurer and Bajaj Finserv Limited. Bajaj Finserv Limited holds 74% of total and the remaining 26% is held by Allianz, SE.The company began its operations in 2001. Bajaj Allianz has awarded from ICRA with iAAA rating for ten consecutive years.
It is a joint venture between Bharti Enterprises of India, an Indian business group and AXA group of Europe, a world leader in financial protection. Incepted in 2008, 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.
Cholamandalam MS General Insurance Company Ltd. is a joint venture between Murugappa Group and Mitsui Sumitomo Insurance Group of Japan. Cholamandalam MS is offering a wide range of insurance products including accident, engineering, health, liability, marine, motor, property, travel and rural insurance for individuals and corporate.
Cigna TTK is a joint venture between Cigna, one of the global insurance company and TTK Group, an Indian multinational company started in 2012. Cigna TTK offers health insurance plans to both individual and family.
Export Credit Guarantee Corporation of India Ltd. (ECGC) is an enterprise managed and owned by the Indian Government since 1957. 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.
Future Generali India Insurance Company Ltd 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.
HDFC ERGO General Insurance Company Limited is a joint venture between HDFC Limited (74 %), India‘s Housing Finance Institution and ERGO International AG (26 %), the primary insurance entity of Munich Re Group. The company is offering wide range of general insurances varying from health, travel, motor, home and personal accident in retail and customized products like liability insurance, marine and property in corporate.
ICICI Lombard General Insurance Co. Ltd. is established as a joint venture between ICICI Bank Limited and Fairfax Financial Holdings Limited, a Canada based diversified financial services company engaged in general insurance and reinsurance, insurance claims management and investment management.,
Iffco Tokio General Insurance Co Ltd is established as a joint venture between Indian Farmers Fertilizer Co-operative (IFFCO) and its associates and Tokio Marine and Nichido Fire Group, the insurance group in Japan. Integrated on 4th December 2000, Iffco Tokio General Insurance Co Ltd offers non-life insurance products like Motor Insurance, Health Insurance, Travel Insurance, Home Insurance, etc.
L & T General Insurance Company Limited (L & T Insurance) is a wholly owned subsidiary of Larsen & Toubro Limited. The product range of L & T Insurance includes motor insurance, health insurance, home insurance, SME insurance and corporate insurance.
Liberty Videocon General Insurance is the joint venture between Videocon Group and the US-based Liberty Mutual Insurance Group. The personal insurance section includes two wheeler, private car and health insurance and in corporate policies liabilities insurance, engineering, property and fleet insurance.
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 insurance such as Fire Insurance, Motor Insurance, Liability Insurance, Marine Insurance, Engineering insurance, and more.
MAX Bupa Health Insurance Company is a joint venture between Max India Limited and Bupa Finance PLC, UK.
The company’s headquarter is at Kolkata was established in 1906 and nationalized in 1972. It is a government controlled undertaking and provides a wide range of insurance products, including motor, health, personal and fire insurance.
Raheja QBE General Insurance Company Limited is a joint venture between 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.
It is one of the leading private insurance companies in India. The company is offering insurance products for motor, health, travel and commercial.
Religare Health Insurance Company Limited is a specialist health insurer engaged in the distribution & servicing of health insurance products. Religare Health Insurance is promoted by Religare Enterprises Limited, a leading diversified financial services group based out of India; its other shareholders are Union Bank of India & Corporation Bank. Religare is promoted by the founders of Fortis Healthcare. It is a specialist health insurance provider engaged in distribution of health insurance products.
Royal Sundaram Alliance Insurance Co Ltd is a joint venture between Sundaram Finance in India, and RSA, one of the oldest and the second largest general insurer in UK. Royal Sundaram Alliance Insurance had introduced first cashless mode of settlement for health claims in India.
SBI General Insurance Company Limited is a joint venture between State Bank of India (74% of the total Capital) and Insurance Australia Group IAG (26%). 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.
Shriram General Insurance Company is a joint venture between Shriram Group (74% share) and South Africa based Sanlam Limited (26% share). It was established in 1974.
Star Health and Allied insurance Co Ltd is India’s first stand-alone health insurance company. Star Health and Allied Insurance Co Ltd commenced its operations in 2006 with the business interests in Health Insurance, Overseas Mediclaim Policy and Personal Accident with no other insurance category.
Tata AIG General Insurance Company Limited is a joint venture between Tata Group and 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 health insurance, motor insurance, travel insurance, lifestyle insurance etc.
The New India Assurance Co. Ltd. . Founded in 1919, is a nationalized general insurance company operating in 28 nations.
Oriental Insurance Co. Ltd., Incorporated in 1947, is a pioneer in laying down systems for smooth functioning of the insurance sector. Oriental Insurance Co. Ltd. has formulated various insurance products to furnish needs of urban and rural India. It is a central government undertaking. It providing general insurance and has operations in Nepal, Kuwait and Dubai.
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.
It is a joint venture of three Indian banks, one Indian FMCG company and Japanese general insurance provider, ‘Sompo Japan Nipponkoa Insurance Inc.’ It holds 26% stake in Universal Sompo General Insurance Co. Ltd. The company offers insurance coverage for health, motor and commercial purpose.