List of IRDAI-Approved Health Insurance Companies in India 

IRDAI-Approved Health Insurance Companies in India - BimaBandhu

We all wish to live a healthy lifestyle, considering health as a valuable possession. However, the rising healthcare costs and increased risk of lifestyle diseases have made our health vulnerable to various diseases. This is why it is important for each one of us to safeguard our health from possible harm. Any unplanned or emergency visit to a hospital can drain your savings, which is why you need to join hands with some of the best health insurance companies in India.  

By buying health insurance from a renowned company, you can live without worries related to medical emergencies. With the cashless benefits of health insurance, you can get medical care from the network hospitals without spending money from your pockets.  

Before you select any health plan, it is crucial to know about various health insurance companies in India to make an informed decision. 

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Details of Health Insurance Companies in India 

Health Insurance Company Name  Headquarter Location   Founding Year  Network Hospitals 

 

Bajaj Allianz General Insurance Ltd.  2001  Pune  6500+ 
Cholamandalam MS General Insurance Co. Ltd.  2001  Chennai  7240+ 
National Insurance Co. Ltd.  1906   Delhi  6000+ 
Bharti AXA General Insurance Co. Ltd.  2008   Mumbai  4500+ 
Go Digit General Insurance Ltd.  2016  Bengaluru  5900+ 
HDFC ERGO General Insurance Co. Ltd.  2002   Mumbai  NA 
The New India Assurance Co. Ltd.  1919  Mumbai  3000+ 
Future Generali India Insurance Co. Ltd.  2007  Mumbai  5000+ 
Reliance General Insurance Co. Ltd.  2000  Mumbai  7300+ 
IFFCO TOKIO General Insurance Co. Ltd.  2000  Gurugram  5000+ 
The Oriental Insurance Co. Ltd.  1947  New Delhi  4300+ 
Royal Sundaram General Insurance Co. Ltd.  2001  Chennai  5000+ 
Tata AIG General Insurance Co. Ltd.  2001  Mumbai  3000+ 
SBI General Insurance Co. Ltd.  2009   Mumbai  6000+ 
Navi General Insurance Ltd.  2016   Mumbai  NA 
Acko General Insurance Ltd.  2016  Mumbai  NA 
ICICI Lombard General Insurance Co. Ltd.  2001   Mumbai  NA 
Edelweiss General Insurance Co. Ltd.  2016   Mumbai  2500+ 
Kotak Mahindra General Insurance Co. Ltd.  2015  Mumbai  4800+ 
Magma HDI General Insurance Co. Ltd.  2009  Kolkata  NA 
Liberty General Insurance Ltd.   2013   Mumbai  5000+ 
Raheja QBE General Insurance Co. Ltd.  2007   Mumbai  5000+ 
Shriram General Insurance Co. Ltd.  2006  Jaipur  NA 
Manipal Cigna Health Insurance Co. Ltd.  2014   Mumbai  6500+ 
United India Insurance Co. Ltd.  1938   Chennai  7000+ 
Aditya Birla Health Insurance Co. Ltd.  2015  Mumbai  6000+ 
Star Health & Allied Insurance Co. Ltd.   2006  Chennai  9900+ 
Care Health Insurance Ltd.  2012   Gurugram  7400+ 
MAX Bupa Health Insurance Co. Ltd.  2008   New Delhi  4500+ 
Universal Sompo General Insurance Co. Ltd.  2007   Mumbai  5000+ 

 

Disclaimer: BimaBandhu does not endorse, rate, or recommend any health insurance provider or its products in general. The above generic information has been taken from the public information sources available online at the IRDAI website. 

What is the Difference Between a Health Insurance Company and Health Insurance Aggregator? 

Health insurance companies are responsible for creating and selling their health plans to customers. They produce a wide range of health insurance policies for potential buyers and also offer required financial support to the policyholders. All the tasks related to claim settlement lies in the hands of health insurance companies. 

On the other hand, a health insurance aggregator is a third-party entity that makes a wide range of health plans from different insurers, available to potential customers. Most of these aggregators offer a platform for the customers to select and buy the best health plan online.  

Who are Health Insurance Brokers? 

These are mediators or agents that help a particular health insurance company sell its insurance products to customers. They work on behalf of different health insurance companies and earn a commission on the policies they sell. In most cases, the insurance brokers are affiliated with the commission program of health insurance providers or are directly employed by them.  

Also Read: All About Covid Insurance 

What All Should You Check Before Choosing a Health Insurance Company? 

You can make an informed health-insurance buying decision by keeping in mind the following aspects related to an insurer: 

  • Insurance Company’s Market Reputation 

The health insurance company you select to safeguard your health must be reliable in the long run. Hence, you should ask about the company’s reputation, its online rating, and genuine reviews about its insurance products. You can also ask your peers for their understanding and knowledge about a specific insurer in the market. 

  • Authorization by IRDAI 

IRDAI is a government entity responsible to regulate various insurance companies in India. The IRDAI-approved health insurance companies must abide by its regulations and guidelines to ensure transparency. It is also advisable to check whether an insurer is approved by IRDAI before you buy its health insurance products. 

  • Claim Settlement Record 

Medical emergencies do not provide us the time to think rationally and arrange funds for the required treatments. In such crucial circumstances, you expect the chosen health insurer to provide quick claim settlement without hassles. To ensure that, you should check the claim settlement ratio or incurred claim ratio of the insurer.  

  • Claim Filing and Settlement Process 

During a healthcare emergency, the last thing you would expect is to be bogged down by insurance-related paperwork and formalities. Therefore, it is important that you know about the process to file a claim before you choose an insurance company. Always look for an insurer that has a simple, hassle-free claims procedure. 

  • List of Network Hospitals 

As a policyholder, you can avail cashless facility by getting the treatment in a hospital that lies within the network of your insurer. With cashless treatment, medical bills are directly settled between the insurer and hospital. It means your insurer should have a wide network of hospitals nearby to help you get the cashless facility whenever needed. 

  • Insurance Premium  

Health insurance premium is yet another factor that you need to consider before selecting any of the health insurance companies. You are advised not to make any decision based only on the premium. Instead, look for the best value for money you are willing to spend on a health insurance policy. 

What are the Benefits of Buying Policies Directly from Health Insurance Companies? 

  • Easy to check policy benefits in detail with full transparency 
  • Easy to customize your health insurance policy with various riders or add-ons 
  • Facility to compare different plans and their premium online  
  • Money-savings by eliminating the need to pay any commission to the agents 
  • Which health insurance company should I choose in my 20s or 30s? 

The selection of health insurance should be primarily based on your needs, current health condition, and affordability. Hence, you should consider various factors like premium, sum insured, and add-ons while selecting an insurer. 

  • Why should I choose only IRDAI-approved health insurance companies? 

IRDAI-approved health insurers are bound to follow the guidelines and terms that this government body issues to regulate the insurance industry. Other insurers are not bound by these guidelines. 

  • How many health insurance companies are there in India? 

Currently, there are 30 health insurance companies in India. Please check the list given above for more details.  

  • What are the top health insurance companies in our country? 

The positions of health insurers at the top continue to vary with time. Hence, you should check parameters like an insurer’s range of health insurance products, premium, benefits, and more before you select any company. 

  • Which is the best health insurance company in India? 

Knowledge about various factors like claim settlement ratio, health insurance premium, and market reputation of an insurer determines which one will be the best.  

  • How many standalone health insurance companies are there in India? 

Given below is the list of standalone health insurance companies in our country: 

  • Care Health Insurance 
  • Max Bupa Health Insurance 
  • Star Health and Allied Insurance 
  • Aditya Birla Health Insurance 
  • Manipal Cigna Health Insurance 

 

 

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