When deciding on health insurance in countries such as India, individuals often rely on the advice of their peers, including friends, family, coworkers, and relatives. Many Indians tend to opt for conventional health protection plans, expecting optimal benefits. While getting advice from others is advisable when making a significant purchase like health protection, recent data from significant health organizations suggests that brand name and ease of payment are the main determinants of health insurance cost.
To evaluate health insurance options effectively, it is recommended to compare the features offered by different companies making similar claims about their advantages. Despite the fact that the majority of India’s population belongs to the middle class, health protection is sometimes overlooked and undervalued. Given the substantial medical expenses, it is a crucial consideration that should not be ignored. Investing in health insurance is advisable as a precautionary measure, especially considering the rising costs of prescription drugs and surgeries.
Here are some key statistics to consider (source: IBEF):
- There are a total of 57 insurance companies, with 33 being non-life insurance firms and the remaining 24 being life insurance companies.
- In 2018, the insurance industry in India was valued at INR 4.50 trillion, contributing to the overall valuation of 5.50 trillion Indian rupees, reflecting a 3% to 4% increase.
- The growth rate is anticipated to further increase to 10% to 12%.
- Data from websites like MouthShut.com suggests a promising future for the insurance industry.
- By 2020, the total market value of the insurance industry is expected to reach $280 billion, with a potential 12% to 15% growth in health insurance firms over the next three to five years.
1. Acko General Insurance
Acko General Insurance is a digital-first insurance company shaking up the Indian market with its innovative approach and focus on affordability. Founded in 2016, Acko offers car, bike, and health insurance plans that are completely paperless and hassle-free.
They’re known for their incredibly low premiums, made possible by cutting out traditional agent costs and using technology to streamline the process. Plus, their lightning-fast claim settlement process takes the stress out of filing a claim. And with a 24/7 customer support team always available, you can be confident you’ll be taken care of.
Whether you’re looking for basic coverage or a comprehensive plan, Acko has something for everyone. So ditch the old-fashioned insurance companies and give Acko a try. You might be surprised at how easy and affordable getting insured can be.
Facts and figures
Founded: 2016 (making them one of the newest major players in the market)
Focus: car, bike, and health insurance (predominantly known for bike insurance)
Claims Settlement Ratio: 92.3% in FY22 (among the highest in the industry)
Growth: 134% annual growth rate in FY22 (one of the fastest-growing insurers in India)
2. Care Health Insurance
Care Health Insurance, formerly known as Religare Health Insurance, is a leading provider committed to ensuring the well-being of individuals and families. With a diverse array of health protection plans, Care Health Insurance prioritizes comprehensive coverage and customer satisfaction. Renowned for its efficient claim settlement and customer-centric approach, Care health protection stands as a trusted choice, offering peace of mind and financial protection against medical uncertainties.
Facts and figures
Founded: 2001 (One of the established players in the Indian health insurance market)
Key Products: Individual and family health protection plans (offering both retail and group plans)
Market share: 4.2% (Ranked 7th in the market as of FY22)
3. Navi General Insurance
Navi General Insurance is a forward-thinking insurance provider committed to simplifying the insurance experience. With a focus on user-friendly digital solutions, Navi General Insurance offers a range of innovative insurance products, including motor and health insurance. Their customer-centric approach, coupled with technology-driven services, sets them apart in providing accessible and reliable coverage tailored to the evolving needs of individuals and businesses.
Facts and figures
Founded: 2016 (one of the newest major players in the market)
Focus: health, car, bike, property, and gadget insurance (offering a wider range than most digital-first insurers)
Market share: 0.6% (Still a young player but experiencing rapid growth.)
4. Niva Bupa Health Insurance
Niva Bupa Health Insurance is a trusted name in the healthcare sector, dedicated to ensuring the well-being of individuals and families. With a comprehensive suite of health protection plans, Niva Bupa focuses on providing extensive coverage for medical needs. Their commitment to personalized service and swift claim settlement underscores their mission to make quality healthcare accessible and affordable, earning them a reputation as a reliable health insurance partner.
Facts and figures
Founded: 2011 (established player with over a decade of experience)
Focus: health protection plans for individuals, families, and groups (including critical illness, maternity, and senior citizen plans)
Market share: 3.6% (Ranked 8th in the Indian market as of FY22)
5. ManipalCigna Health Insurance
ManipalCigna Health Insurance is a renowned provider committed to safeguarding the health and well-being of individuals and families. Offering a diverse range of health insurance solutions, ManipalCigna prioritises customer-centricity, ensuring comprehensive coverage for medical expenses. With a reputation for transparency and efficient claim settlement, they stand as a trusted choice in the insurance landscape, providing peace of mind and financial security for their policyholders.
Facts and figures
Founded: 2001 (a well-established player with over two decades of experience)
Focus: Comprehensive health protection plans for individuals, families, and groups, including critical illness, maternity, and senior citizen plans.
Market share: 3.2% (Ranked 9th in the Indian market as of FY22)
6. HDFC ERGO Health Insurance
HDFC ERGO Health Insurance is a leading provider committed to ensuring the health and security of individuals and families. Offering a range of comprehensive health protection plans, HDFC ERGO prioritizes customer well-being with a focus on accessible and personalized coverage. Known for efficient claim processing and a customer-centric approach, they stand as a reliable choice, providing peace of mind and financial protection against medical expenses.
Facts and figures
Founded: 2007 (a well-established player with over a decade of experience)
Focus: individual and family health protection plans, critical illness, maternity, and senior citizen plans, as well as group health protection for corporations.
Market share: 5.8% (Ranked 5th in the Indian market as of FY22)
7. Star Health & Allied Insurance
Star Health & Allied Insurance is a prominent insurance provider dedicated to prioritizing the health and well-being of individuals and families. Offering a wide array of health insurance plans, Star Health is recognized for its comprehensive coverage and customer-centric approach. With a commitment to prompt claim settlement and personalized service, they stand as a trusted choice, providing reassurance and financial protection against medical uncertainties.
Facts and figures
Founded: 2005 (Over 17 years of experience, a well-established player)
Focus: individual and family health protection plans, critical illness, maternity, and senior citizen plans, as well as group health protection for corporations.
Market share: 14.8% (Undisputed leader in the Indian market as of FY22)
8. Max Bupa Health Insurance
Max Bupa Health Insurance is a leading healthcare partner committed to securing the well-being of individuals and families. With a diverse range of health protection plans, Max Bupa emphasizes comprehensive coverage and customer-centric services. Their dedication to efficient claim settlement and innovative healthcare solutions distinguishes them as a trusted choice, offering peace of mind and financial protection against unforeseen medical expenses.
Facts and figures
Founded: 2002 (Over 20 years of experience, a well-established player)
Focus: individual and family health protection plans, critical illness, maternity, and senior citizen plans, as well as group health protection for corporations.
Market Share: 4.4% (ranked 6th in the Indian market as of FY22)
9. ICICI Lombard General Insurance
ICICI Lombard General Insurance is a premier insurance provider, offering a wide spectrum of insurance solutions. With a focus on innovation and customer satisfaction, ICICI Lombard provides comprehensive coverage across various sectors, including health, motor, travel, and more. Renowned for its seamless claim settlement and customer-centric approach, ICICI Lombard stands as a reliable choice, providing individuals and businesses with tailored and accessible insurance solutions.
Facts and figures
ICICI Lombard General Insurance, a leading private insurer in India, stands strong with over two decades of experience in the non-life insurance market. Let’s explore their key figures:
Founded: 2001 (Over 21 years of experience, a well-established player)
Focus: a diverse range of non-life insurance products, including motor, health, crop, fire, personal accident, marine, engineering, and liability insurance.
Market share: 12.7% (Ranked 2nd in the Indian market as of FY23)
10. Reliance Health Insurance
Reliance Health Insurance is a trusted name in the insurance sector, dedicated to safeguarding the health and well-being of individuals and families. With a range of comprehensive health protection plans, Reliance focuses on offering accessible and customer-centric coverage. Known for efficient claim processing and commitment to customer satisfaction, they stand as a reliable choice, providing peace of mind and financial security against medical expenses.
Facts and figures
Founded: 2002 (Over 20 years of experience, a well-established player)
Focus: Individual and family health protection plans, critical illness, maternity, and senior citizen plans, as well as group health insurance for corporations.
Market share: 3.4% (Ranked 8th in the Indian market as of FY22)
