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Medical Insurance Companies in India

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Medical Insurance Companies in India
October 30, 2018
Medical insurance is one of the most beneficial steps that you can take for securing your financial strength and to protect your hard-earned money from unforeseen health-related concerns. The price of medical service is very steep and rising rapidly. Once, a person is admitted to a hospital, there are various costs, which a person has to pay. They involve not only doctor's fee but also charges for various diagnostic tests, medically prescribed expensive drugs and sometimes even a medical examination fee.
 

In India, the market of medical insurance has been expanding and today, it boasts of a subscriber base of more than 27% of national population. The market for medical insurance is expected to boost further by the year 2022. Here is a list of top medical insurance companies in India:

1. 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.

2. Apollo Munich Health Insurance Company Limited

A joint venture between German Munich health and Asia's largest healthcare provider Apollo hospitals, this company provides customized mediclaim solutions to individuals.

3. 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.

4. 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.

5. Cigna TTK

Cigna TTK is established as a joint venture between Cigna, a global insurance company and TTK Group, an Indian conglomerate. Incepted in 2012, Cigna TTK offers health insurance plans to meet both individual and family health insurance needs.

6. 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.

7. 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.

8. 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.

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.

10. The New India Assurance Co Ltd

Founded in 1919 and headquartered in Mumbai, The New India Assurance Co. Ltd. is a nationalized general insurance company operating in 22 nations.

11. 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.

12. 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.

13. 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 UK.

14. 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.

15. 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.

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.

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.

HDFC Life offers health insurance plans for protecting your finances at all times and against all medical contingencies.

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Francis Rodrigues Francis Rodrigues

Francis Rodrigues has a decade long experience in the insurance sector, and as SVP, E-Commerce and Digital Marketing, HDFC Life, manages the online sales channel, as well as digital and performance marketing. He has had hands-on experience in setting up sales channels and functional teams from scratch over a career spanning 2 decades.

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Vishal Subharwal Vishal Subharwal

Vishal Subharwal heads the Strategy, Marketing, E-Commerce, Digital Business & Sustainability initiatives at HDFC Life. He is responsible for crafting and ensuring successful implementation of the overall organisation strategy.

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