Insurers in India: List of All Government/Private Insurance Companies 2021

Insurance Companies in India

JUMP TO INSURANCE COMPANIES

Insurance is a tool of risk management wherein you can transfer your risk to the insurance company in exchange for a small consideration called the premium. Insurance, therefore, provides financial security to the policyholder which, ultimately leads to peace of mind. Insurance plans are, therefore, quite important for managing uncertain and unforeseen financial risks that might befall you.

Though insurance is quite important, the awareness about its importance is low in India. We can measure the penetration and density of insurance in India to find out how receptive the Indian population is to insurance. Here’s a look into what insurance penetration and density actually mean:

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    Policy Type

    IndividualFloater

    Insurance Penetration

    Insurance penetration is measured by assessing the aggregate premium collected by insurance companies against the GDP (Gross Domestic Product) of India. It is depicted as a percentage and a low percentage means a low premium collection thereby signifying that not many people invest in insurance.

    Source: Swiss Re, Sigma, Various Issues.

    Source: Swiss Re, Sigma, Various Issues.

    Insurance Density

    Insurance density is expressed as a ratio of the total premium underwritten by insurance companies against the aggregate population. It shows the premium collected per person and a low figure indicates that not many people buy insurance policies.

    According to the Annual Report published by the Insurance Regulatory and Development Authority of India (IRDAI), the penetration of insurance, as well as its density, is quite low in India though it has increased in recent times.

    If you compare the penetration and density of other countries, India ranks quite at the bottom –

    Source: Swiss Re, Sigma No. 4/2020.

    Source: Swiss Re, Sigma No. 4/2020.

    Note: 1. Insurance Density is measured as ratio of insurance premium to population. 2.# data relates to financial year

    The importance of insurance is increasing as individuals are realising the need of having an insurance policy to guard against possible financial losses. An insurance policy covers a particular financial risk and compensates you for the financial loss suffered. Since there are different types of financial risks that you might face, there are different types of insurance policies designed for covering each specific risk so that you can keep yourself financially secured.

    Types of Insurance

    There are, however, two broad categorizations of insurance –

    Each of these categories is further sub-divided into different types of plans.

    Since there are two main categories of insurance plans, there are two types of insurance companies as well – life insurance companies and general insurance companies. Life insurance companies sell different forms of life insurance policies while general insurance companies sell different forms of general insurance policies. Let’s have a look at the insurers operating in the Indian insurance market.

    • Life Insurance Company
    • General Insurance Company
    • StandAlone Insurance Company


    Life insurance companies


    Currently, there are a total of 24 life insurance companies in India out of which LIC is a Government-owned insurer while the rest are privately held companies. Let’s have a look at the list of life insurers and their top offerings –

    1

    Life Insurance Corporation of India

    Life Insurance Corporation of India was founded on 1st September 1965. It is a Government-owned insurance company that was the first life insurance provider in India. LIC is the largest and the most trustworthy life insurance company in India, headquartered in Mumbai.

    Top Plans

    • LIC Saral Jeevan Bima
    • LIC Jeevan Shanti
    • LIC Cancer Cover

    Key Metric

    • Claim Settlement Ratio – 96.69%
    • Premium starting rate – Rs.2475 onwards

    2

    HDFC Life Insurance Company Limited

    Established in 2002, HDFC Life is a joint venture between HDFC Limited, one of the leading housing finance institutions in India, and Standard Life Aberdeen, which is an international investment company.

    Top Plans

    • HDFC Life Click 2 Protect Plan
    • HDFC Life Sanchay Par Advantage
    • HDFC Life Click 2 Wealth

    Key Metric

    • Claim Settlement Ratio – 99.07%
    • Premium starting rate – Rs.6802 onwards

    3

    Max Life Insurance Company Limited

    Max Life Insurance Company Limited is a Joint Venture between Max Financial Services Limited and Axis Bank Limited. Max Financial Services Ltd. is a part of the Max Group, an Indian multi business corporation. Max Life has a total claims paid ratio of 99.35% as per the annual audited financials for the FY 20-21. Max Life offers comprehensive protection and long-term savings life insurance solutions, through its multichannel distribution including agency and third party distribution partners.

    Top Plans

    • Max Life Smart Wealth Plan
    • Max Life Term Plan with Return of Premium
    • Max Life Online Savings Plan

    Key Metric

    • Claim Settlement Ratio – 99.22%
    • Premium starting rate – Rs.4680 onwards

    4

    ICICI Prudential Life Insurance Company Limited

    ICICI Prudential Life Insurance Company Limited was established as a joint venture between ICICI Bank and Prudential Corporation Holdings Limited. Formed in the year 2001, ICICI Prudential Life has consistently been rated as one of the top companies in the life insurance sector in India.

    Top Plans

    • ICICI Prudential iProtect Smart Plan
    • ICICI Prudential Cash Advantage Plan
    • ICICI Prudential Easy Retirement Plan

    Key Metric

    • Claim Settlement Ratio – 97.84%
    • Premium starting rate – Rs.2400 onwards

    5

    Kotak Life Insurance Company Limited

    Founded in 2001, Kotak Life Insurance is a private insurance company owned wholly by Kotak Mahindra Bank Limited. It is one of the fastest-growing insurance companies providing coverage to more than 20 million lives nationwide.

    Top Plans

    • Kotak Term plan
    • Kotak Invest Maxima
    • Kotak Premier Income Plan

    Key Metric

    • Claim Settlement Ratio – 96.38%
    • Premium starting rate – Rs.2000 onwards

    6

    Aditya Birla Sun Life Insurance Company Limited

    Aditya Birla Sun Life Insurance Company (formerly known as well as Sun Life Insurance Company) is a subsidiary company of Aditya Birla Capital Limited. It is a joint venture between Aditya Birla Group and Sun Life Financial Insurance Company.

    Top Plans

    • Aditya Birla Sun Life Insurance Life Shield plan
    • Aditya Birla Sun Life Insurance Assured Income Plus
    • Aditya Birla Sun Life Insurance Child Future Assured plan

    Key Metric

    • Claim Settlement Ratio – 97.54%
    • Premium starting rate – Rs.5203 onwards

    7

    Tata AIA Life Insurance Company Limited

    Tata AIA Life Insurance Company Limited is a joint venture between Tata Sons Private Limited and AIA Group Limited. It is a leading insurance company that offers a multitude of insurance plans.

    Top Plans

    • Tata AIA Life Insurance Sampoorna Raksha plan
    • Tata AIA Life Insurance Fortune Pro
    • Tata AIA Life Insurance Monthly Income plan

    Key Metric

    • Claim Settlement Ratio – 99.06%
    • Premium starting rate – Rs.6850 onwards

    8

    SBI Life Insurance Company Limited

    Incorporated in October 2000, SBI Life Insurance Company Limited is a joint venture between the State Bank of India and BNP Paribas Cardiff. Registered with IRDAI in March 2001, it is one of India's most trusted life insurance companies.

    Top Plans

    • SBI Life eShield
    • SBI Life Sampoorna Cancer Suraksha
    • SBI Life Saral Swadhan Plus

    Key Metric

    • Claim Settlement Ratio – 94.52%
    • Premium starting rate – Rs.1415 onwards

    9

    Exide Life Insurance Company Limited

    Headquartered in Bengaluru, Exide Life Insurance Company Limited commenced its operations in the year 2001-02. It is a 100% owned subsidiary company of Exide Industries Limited.

    Top Plans

    • Smart Term Edge
    • Single-Premium ULIP Plan
    • Saral Jeevan Bima

    Key Metric

    • Claim Settlement Ratio – 98.15%
    • Premium starting rate – Rs.1462 onwards

    10

    Bajaj Allianz Life Insurance Company Limited

    Bajaj Allianz Life Insurance Company Limited is a joint partnership between Bajaj Finserv Limited and Allianz SE. It was established in the year 2001 and since then the company has expanded its operations and presence across India in less than two decades.

    Top Plans

    • Bajaj Allianz Invest Assure
    • Bajaj Allianz Lifelong Assure
    • Bajaj Allianz iSecure

    Key Metric

    • Claim Settlement Ratio – 98.02%
    • Premium starting rate – Rs.1000 onwards

    11

    PNB MetLife India Insurance Company Limited

    PNB MetLife India Insurance Company Limited has its presence in India since 2001. MetLife International Holdings LLC and Punjab National Bank Limited are the majority shareholders of PNB MetLife India Insurance.

    Top Plans

    • PNB MetLife Mera Term Plan Plus
    • PNB MetLife Guaranteed Future Plan
    • PNB MetLife Super Saver Plan

    Key Metric

    • Claim Settlement Ratio – 97.18%
    • Premium starting rate – Rs.2000 onwards

    12

    Reliance Nippon Life Insurance Company

    Reliance Nippon Life Insurance Company is one of the largest non-bank supported life insurance companies in the private sector. It is a joint venture between Reliance Capital of India and Nippon Life of Japan.

    Top Plans

    • Reliance Nippon Life Protection Plus
    • Reliance Nippon Life Super Bachat Plus Suraksha Plan
    • Reliance Nippon Life Immediate Annuity Plan

    Key Metric

    • Claim Settlement Ratio – 98.12%
    • Premium starting rate – Rs.4019 onwards

    13

    Aviva Life Insurance Company India Limited

    Aviva Life Insurance Company India Limited was formed when Dabur Invest Corporation and Aviva Group joined hands. It is the first insurance company that introduced modern unit-linked and unitized with-profit plans.

    Top Plans

    • Aviva Life Shield Advantage
    • Aviva Jana Suraksha
    • Aviva Saral Jeevan Bima Plan

    Key Metric

    • Claim Settlement Ratio – 97.53%
    • Premium starting rate – Rs.413 onwards

    14

    Sahara India Life Insurance Company Limited

    Sahara India Life is a private sector life insurer that started its operations in the year 2004. Sahara India Life Insurance offers a wide range of comprehensive insurance products catering to the needs of individuals and corporate segments.

    Top Plans

    • Sahara Payback Jeevan Bima
    • Sahara Dhanvriddhi Jeevan Bima
    • Sahara Shrestha Nivesh Jeevan Bima

    Key Metric

    • Claim Settlement Ratio – 89.45%
    • Premium starting rate – Rs.7515 onwards

    15

    Bharti AXA Life Insurance Company Limited

    Formed and commenced in the year 2006, Bharti AXA Life Insurance Company Limited is a joint venture between AXA Group and Bharti Enterprises with 49% and 51% stakes respectively. It is headquartered in Mumbai and offers an extensive range of life insurance products.

    Top Plans

    • Bharti AXA Life Premier Protect
    • Bharti AXA Life Flexi Term
    • Bharti AXA Life Shining Stars

    Key Metric

    • Claim Settlement Ratio – 97.35%
    • Premium starting rate – Rs.2380 onwards

    16

    Ageas Federal Life Insurance Company Limited

    Ageas Federal Life Insurance Company Limited (formerly known as IDBI Federal Life Insurance Company Limited) is a joint venture between three banks which includes Ageas Bank, a premier Industrial Development Bank in India, Federal bank, a major Indian commercial bank and Ageas, a multinational insurance company based in Europe.

    Top Plans

    • Ageas Federal Life Insurance Life Advantage Plus plan
    • Ageas Federal Life Insurance My Life Protection plan
    • Ageas Federal Life Insurance Heart and Cancer Shield plan

    Key Metric

    • Claim Settlement Ratio – 96.47%
    • Premium starting rate – Rs.4411 onwards

    17

    Future Generali India Life Insurance Company Limited

    Future Generali India Life Insurance Company Limited was formed as a joint venture between the Generali Group, a global insurance group, Future Group, a leading retailer of India and Industrial Investment Trust Limited, a reputed investment entity.

    Top Plans

    • Future Generali Big Dreams plan
    • Future General Heart and Health Insurance plan
    • Future Generali Cancer Protect plan

    Key Metric

    • Claim Settlement Ratio – 95.28%
    • Premium starting rate – Rs.2000 onwards

    18

    Shriram Life Insurance Company Limited

    Shriram Life insurance company was formed when Shriram Group and Sanlam, a financial services group, joined hands in the year 2005. The company commenced its operations in 2006 and is very well known for its efficient use of capital and low operational costs.

    Top Plans

    • Shriram Life Comprehensive Cancer Care
    • Shriram Life Online Term Plan
    • Shriram Life Smart Protection Plan

    Key Metric

    • Claim Settlement Ratio – 91.61%
    • Premium starting rate – Rs.2000 onwards

    19

    Aegon Life Insurance Company Limited

    Aegon Life Insurance Company is the first life Insurance company that launched online term plans in the country. It is a leading digital insurance company formed as a joint venture between Aegon NV and Bennett Coleman and Company.

    Top Plans

    • Aegon Life iTerm Insurance plan
    • Aegon Life Saral Jeevan Bima
    • Aegon Life iInvest plan

    Key Metric

    • Claim Settlement Ratio – 98.01%
    • Premium starting rate – Rs.3360 onwards

    20

    Pramerica Life Insurance Company Limited

    Headquartered in Gurugram, Pramerica Life Insurance Company Limited (formerly known as DHFL Pramerica Life Insurance) commenced its operations in the year 2008. It is a joint venture between DHFL Investments Limited and Prudential International Insurance Holdings.

    Top Plans

    • Pramerica Life Corona Rakshak policy
    • Pramerica Life Flexi e-Term
    • Pramerica Life Cancer+ Heart Shield

    Key Metric

    • Claim Settlement Ratio – 98.42%
    • Premium starting rate – Rs.4000 onwards

    21

    Star Union Dai-ichi Life Insurance Company Limited

    Star Union Dai-ichi Life Insurance Company Limited was formed as a joint venture between Dai-ichi Life Holdings, the second-largest life insurance company in Japan, and two leading public sector banks, Union Bank of India and Bank of India.

    Top Plans

    • Star Union Dai-ichi guaranteed money back plan
    • Star Union Dai-ichi Aayushman
    • Star Union Dai-ichi life Samriddhi

    Key Metric

    • Claim Settlement Ratio – 96.96%
    • Premium starting rate – Rs.3720 onwards

    22

    IndiaFirst Life Insurance Company Limited

    IndiaFirst Life Insurance is promoted by Union Bank of India, Bank of Baroda and Carbon Point Investments India Private Limited. The headquarters of the company is situated in Mumbai, India.

    Top Plans

    • IndiaFirst Life Online Term plan
    • IndiaFirst Life Guaranteed Protection plan
    • IndiaFirst Life Guaranteed Retirement plan

    Key Metric

    • Claim Settlement Ratio – 96.65%
    • Premium starting rate – Rs.1000 onwards

    23

    Edelweiss Tokio Life Insurance Company Limited

    Formed as a joint venture company between Edelweiss, a leading financial service provider and Tokio Marine, a life insurance company in Japan, Edelweiss Tokio Life Insurance is a new age insurance provider in India.

    Top Plans

    • Edelweiss Tokio Life Zindagi Plus
    • Edelweiss Tokio Life Wealth Secure Plus
    • Edelweiss Tokio Life Criticare+

    Key Metric

    • Claim Settlement Ratio – 83.44%
    • Premium starting rate – Rs.3000 onwards

    24

    Canara HSBC Oriental Bank of Commerce Life Insurance Company Limited

    A joint venture between Canara Bank, Punjab National Bank and HSBC Insurance Holdings Limited with 51%, 23% and 26% stake respectively, Canara HSBC Oriental Bank of Commerce Life Insurance Company was established in 2008.

    Top Plans

    • Canada HSBC Oriental Bank of Commerce Life Insurance iSelect Star Term plan
    • Canara HSBC Oriental Bank of Commerce Life Insurance Invest 4G plan
    • Canara HSBC Oriental Bank of Commerce Life Insurance Titanium Plus plan

    Key Metric

    • Claim Settlement Ratio – 98.12%
    • Premium starting rate – Rs.2219 onwards


     

    General insurance companies

     

    General insurance companies are those that offer a variety of non-life insurance solutions like health insurance, motor insurance, travel insurance, and other commercial insurance products. General insurers can be further sub-divided into two –

     

     

    • General insurance companies
    • Standalone health insurance companies

     

     

     

    While general insurance companies offer a range of insurance solutions, standalone insurers offer only health-related insurance plans. Let’s have a look at the list of general and standalone insurance companies operating in the market.

     

    General insurance companies

    1

    National Insurance Company Limited

    National Insurance Company Limited is the oldest general insurance company in India incorporated on 5th December 1906. Incorporated in Kolkata, National Insurance is fully owned by the Government of India.

    Top Plans

    • National Parivar Mediclaim policy
    • Overseas Mediclaim Business and Holiday Policy
    • National Insurance Private Car Insurance Policy

    Key Metric

    • Incurred Claims Ratio – 105.86%
    • Premium starting rate – Rs.506 onwards

    2

    United India Insurance Company Limited

    Incorporated on 18 February 1938, United India Insurance Company Limited is a leading, Government-owned general insurance company under the ownership of the Ministry of Finance, Government of India.

    Top Plans

    • Family Medicare policy
    • Overseas Travel Insurance 2014
    • Comprehensive Motor Insurance Policy

    Key Metric

    • Incurred Claims Ratio – 101.46%
    • Premium starting rate – Rs.506 onwards

    3

    The New India Assurance Company Limited

    Headquartered in Mumbai, The New India Insurance Company operates both in India as well as in foreign countries. New India Assurance Company was founded in the year 1919 by Sir Dorabji Tata and is India’s largest public-sector general insurance company.

    Top Plans

    • New India Assurance Floater Mediclaim Policy
    • Overseas Mediclaim Policy
    • New India Private Car Insurance Policy

    Key Metric

    • Incurred Claims Ratio – 91.43%
    • Premium starting rate – Rs.506 onwards

    4

    Acko General Insurance Limited

    Acko General Insurance Limited is the first digital insurance company in India which started its operation in the year 2016. It has partnered with some best digital world businesses such as Amazon, Ola and Oyo to offer innovative products like electronics cover, hotel stay Insurance and trip insurance.

    Top Plans

    • Acko Secure Shield policy
    • Acko Comprehensive Super Saver Policy
    • Arogya Sanjeevani Policy

    Key Metric

    • Incurred Claims Ratio – 60.33%
    • Premium starting rate – Rs.506 onwards

    5

    The Oriental Insurance Company Limited

    The Oriental Insurance Company Limited was formed on 12th September 1947 as a wholly-owned subsidiary of The Oriental Government Security Life Assurance Company Limited. Later, in the year 2003, all the shares of the company held by General Insurance Corporation of India were transferred to the Central Government.

    Top Plans

    • PNB Oriental Royal Mediclaim Policy
    • Oriental Insurance Private Car Package Policy
    • Oriental Insurance Overseas Mediclaim Business and Holiday Policy

    Key Metric

    • Incurred Claims Ratio – 102.34%
    • Premium starting rate – Rs.506 onwards

    6

    Bharti AXA General Insurance Company Limited

    Bharti AXA General Insurance Company was formed as a joint venture between AXA Group and Bharti Enterprises with 51% and 49% stake respectively. Bharti AXA commenced its business in August 2008.

    Top Plans

    • Worldwide Overseas Travel Insurance
    • Bharti AXA Health advantEgde Plan
    • Bharti AXA Smart Drive Private Car Insurance

    Key Metric

    • Incurred Claims Ratio – 78.33%
    • Premium starting rate – Rs.506 onwards

    7

    Bajaj Allianz General Insurance Company Limited

    Bajaj Allianz General Insurance is a joint venture company between Bajaj Finserv Limited, owned by the Bajaj Group, and Allianz SE, the world's leading insurance company. It received the certificate of registration on 2nd May 2001 to conduct general insurance business.

    Top Plans

    • Saral Suraksha Bima policy
    • Travel Elite plan
    • Bajaj Allianz Private Car Package Policy

    Key Metric

    • Incurred Claims Ratio – 70.74%
    • Premium starting rate – Rs.506 onwards

    8

    Edelweiss General Insurance Company Limited

    Edelweiss General Insurance Company is a part of Edelweiss Group, a home-grown multinational corporation.

    Top Plans

    • Edelweiss Health Insurance Policy
    • Edelweiss Private Car Bundle Insurance Policy
    • Edelweiss Two-wheeler Long Term Package Policy

    Key Metric

    • Incurred Claims Ratio – 114.17%
    • Premium starting rate – Rs.506 onwards

    9

    Future Generali India Insurance Company Limited

    Future Generali India Insurance is a joint venture between the Future Group, a leading retailer of India, and General Group, a global insurance group.

    Top Plans

    • Future Generali Health Total Plan
    • Future Secure Private Car Package Policy
    • Future Generali Worldwide Travel Plan

    Key Metric

    • Incurred Claims Ratio – 59.66%
    • Premium starting rate – Rs.506 onwards

    10

    HDFC Ergo General Insurance Company Limited

    HDFC Ergo General Insurance is a joint venture between HDFC Limited, India's premium housing finance institution, and ERGO International AG, the primary insurance entity of Munich Re Group.

    Top Plans

    • HDFC Ergo Optima Restore Plan
    • HDFC Ergo Single Year Comprehensive Insurance plan
    • HDFC Ergo Individual Travel Insurance Plan

    Key Metric

    • Incurred Claims Ratio – 77.20%
    • Premium starting rate – Rs.506 onwards

    11

    Go Digit General Insurance Limited

    Go Digit General Insurance (formerly known as Oben General Insurance Limited) was incorporated in 2016 with its headquarters situated in Bengaluru, India. It is backed by Fairfax Financial Holding Company, based in Toronto, Canada.

    Top Plans

    • Digit Health Care Plus Policy
    • Digit Car Insurance Policy
    • Digit International Travel Insurance Policy

    Key Metric

    • Incurred Claims Ratio – 75%
    • Premium starting rate – Rs.506 onwards

    12

    ICICI Lombard General Insurance Company Limited

    ICICI Lombard General Insurance Company is owned by ICICI Bank, India’s second-largest bank. It is one of India's leading private sector general insurers with its headquarters situated in Mumbai, Maharashtra.

    Top Plans

    • Complete Health Insurance Policy
    • ICICI Lombard Private Car Package Policy
    • ICICI Lombard Single Trip Travel Insurance

    Key Metric

    • Incurred Claims Ratio – 72.86%
    • Premium starting rate – Rs.506 onwards

    13

    Magma HDI General Insurance Company Limited

    Magma HDI General Insurance Company Limited is a joint venture between HDI Global SE Germany, part of Talanx Group, and Magma Fincorp Limited, India's largest non-banking financial company.

    Top Plans

    • Magma HDI Onehealth Insurance Plan
    • Private Car Insurance Package Policy
    • Two-wheeler Package Insurance Policy

    Key Metric

    • Incurred Claims Ratio – 84.35%
    • Premium starting rate – Rs.506 onwards

    14

    IFFCO Tokio General Insurance Company Limited

    IFFCO Tokio was formed in the year 2000 as a joint venture between Indian Farmers Fertiliser Cooperative Limited (IFFCO) and, one of the largest insurance companies in Japan, Tokyo Marine Group. It was the first insurance company in India to underwrite mega policies.

    Top Plans

    • Family Health Protector Policy
    • International Travel Insurance Policy
    • IFFCO Tokio Private Car Insurance Policy

    Key Metric

    • Incurred Claims Ratio – 88.61%
    • Premium starting rate – Rs.506 onwards

    15

    Kotak Mahindra General Insurance Company Limited

    Established in April 2015, Kotak Mahindra General Insurance Company is a 100% subsidiary of Kotak Mahindra Bank Limited, India's fastest growing Bank.

    Top Plans

    • Kotak Security Shield Plan
    • Kotak Car Secure Plan
    • Kotak Health Care Plan

    Key Metric

    • Incurred Claims Ratio – 84.35%
    • Premium starting rate – Rs.506 onwards

    16

    Liberty General Insurance Limited

    Liberty General Insurance Limited commenced its operation in the year 2013 as a joint venture between Liberty City State Holdings PTE Limited, and Liberty Industries Limited.

    Top Plans

    • Liberty Health Connect Policy
    • Liberty Car Insurance Package Policy
    • Liberty Secure Health Connect Policy

    Key Metric

    • Incurred Claims Ratio – 72.42%
    • Premium starting rate – Rs.506 onwards

    17

    Raheja QBE General Insurance Company Limited

    Raheja QBE is a joint venture between QBE insurance, Australia’s second-largest global insurance, and the Ranjan Raheja group. Headquartered in Mumbai, Maharashtra, it was founded in 2008.

    Top Plans

    • Health QBE Raheja
    • Raheja QBE Private Car Package Policy
    • QBE Two-Wheeler Package Policy

    Key Metric

    • Incurred Claims Ratio – 75.19%
    • Premium starting rate – Rs.506 onwards

    18

    Navi General Insurance Limited

    Navi General Insurance Limited is a wholly-owned subsidiary of Navi Technologies incorporated on 5th July 2016. It has it headquarter in Bengaluru, Karnataka.

    Top Plans

    • Navi Cure Insurance Policy
    • COCODrive Private Car Package Policy- Navi General Insurance
    • COCODrive Two-wheeler Package Policy- Navi General Insurance

    Key Metric

    • Incurred Claims Ratio – 66.52%
    • Premium starting rate – Rs.506 onwards

    19

    Reliance General Insurance Company Limited

    Reliance General Insurance Company Limited is a part of Reliance Capital. It offers India's first over-the-counter health and home insurance products. It was founded on 17th August 2000.

    Top Plans

    • Reliance Health Gain Insurance Policy
    • Reliance Travel Care Policy- Overseas
    • Reliance Private Car Package Policy

    Key Metric

    • Incurred Claims Ratio – 83.65%
    • Premium starting rate – Rs.506 onwards

    20

    Tata AIG General Insurance Company Limited

    Tata AIG General Insurance Company Limited is a joint venture between American International Group and Tata Group. Tata AIG commenced its operation in India on January 22, 2001, and has completed 20 years of service as of 2020.

    Top Plans

    • Tata AIG Medicare Premier Plan
    • Auto Secure Private Car Package Policy
    • Tata AIG Travel Guard Policy

    Key Metric

    • Incurred Claims Ratio – 77.44%
    • Premium starting rate – Rs.506 onwards

    21

    Universal Sompo General Insurance Company Limited

    Headquartered in Mumbai, Universal Sompo General Insurance Company is a joint venture between Indian Overseas Bank, Indian Bank, Karnataka Bank Limited, Dabur Investment Corporation and Sompo Japan Insurance Incorporation. The company was established in the year 2007.

    Top Plans

    • Universal Sompo Complete Health Care Insurance
    • Universal Sompo Motor Private Car Policy
    • Universal Sompo Two-Wheeler Long Term Package Policy

    Key Metric

    • Incurred Claims Ratio – 73.41%
    • Premium starting rate – Rs.506 onwards

    22

    Royal Sundaram General Insurance Company Limited

    Royal Sundaram General Insurance Company Limited (formerly known as Royal Sundaram Alliance Insurance Company Limited) is promoted by Sundaram Finance, Ageas insurance International NV and other Indian shareholders holding 10% of shares in the company.

    Top Plans

    • Royal Sundaram Family Plus Insurance Plan
    • Royal Sundaram Car Shield Plan
    • Royal Sundaram Multi Trip Insurance Plan

    Key Metric

    • Incurred Claims Ratio – 85.03%
    • Premium starting rate – Rs.506 onwards

    23

    SBI General Insurance Company Limited

    SBI General Insurance Company Limited was established as a joint venture between State Bank of India and Insurance Australia Group. The Insurance Australia Group sold its stake and, now, State Bank of India now owns 70% while Nepean Opportunities LLP owns 16% and Honey Wheat Investments Limited, PI Opportunities Fund-1 and Axis New Opportunities AIF-1 owns the remaining stake in the company.

    Top Plans

    • SBI General’s Aarogya Plus Plan
    • SBI General Travel Insurance Policy- Business and Holiday
    • SBI General Private Car Insurance Policy Package

    Key Metric

    • Incurred Claims Ratio – 71.12%
    • Premium starting rate – Rs.506 onwards

    24

    Shriram General Insurance Company Limited

    Shriram General Insurance Company is a joint venture between Shriram Group and Sanlam of South America with 77% and 23% stake respectively. It was awarded, “The Best General Insurance Company of The Year 2019.”

    Top Plans

    • Shriram Travel Elite Policy
    • Shriram Car Insurance Policy
    • Shriram Travel Plus Policy

    Key Metric

    • Incurred Claims Ratio – 65.04%
    • Premium starting rate – Rs.506 onwards

    25

    Cholamandalam MS General Insurance Company Limited

    Cholamandalam MS General Insurance Company is a joint venture between Murugappa Group and Mitsui Sumitomo Insurance Company Limited. The company was founded in 2001 with its headquarters situated in Chennai, Tamil Nadu.

    Top Plans

    • Flexi Health Insurance Policy
    • Comprehensive Car Insurance Policy
    • Comprehensive Travel Insurance Policy

    Key Metric

    • Incurred Claims Ratio – 74.99%
    • Premium starting rate – Rs.506 onwards



    Standalone health insurance companies


    Now, let’s have a look at the general insurance companies that sell only health insurance plans. These companies are as follows -

    1

    Care Health Insurance Limited

    Care Health Insurance Limited (formerly known as Religare Health Insurance Company Limited) was established in July 2012 by Religare Enterprises. Care Health Insurance Limited is headquartered in Gurgaon, Haryana.

    Top Plans

    • Care Insurance plan
    • Care Advantage Insurance Plan
    • Explore Insurance Plan

    Key Metric

    • Incurred Claims Ratio – 59.13%
    • Premium starting rate – Rs.580 onwards

    2

    Aditya Birla Health Insurance Company Limited

    Aditya Birla Health Insurance Company Limited is a part of the Aditya Birla Group. It is a joint venture between the Aditya Birla Group and MMI Holdings Limited, one of South America’s largest insurance companies.

    Top Plans

    • Activ Health Platinum Enhance Plan
    • Activ Assure Diamond Plan
    • Activ Care Classic Plan

    Key Metric

    • Incurred Claims Ratio – 49.08%
    • Premium starting rate – Rs.1161 onwards

    3

    Max Bupa Health Insurance Company Limited

    Max Bupa Health Insurance Company is a joint venture between Bupa and True North. The company was established in the year 2008 with its headquarters situated in New Delhi, India.

    Top Plans

    • Max Bupa Health Companion
    • Max Bupa Reassure
    • Max Bupa Health Premia

    Key Metric

    • Incurred Claims Ratio – 53.51%
    • Premium starting rate – Rs.1039 onwards

    4

    ManipalCigna Health Insurance Company Limited

    ManipalCigna Health Insurance Company is a joint venture between Manipal Group and US-based Cigna Corporation. Founded in November 2013, ManipalCigna (formerly known as Cigna TTK Health Insurance Company Limited) is based in Mumbai, Maharashtra.

    • ManipalCigna Pro Health Insurance plan
    • ManipalCigna Lifetime Health Insurance plan
    • ManipalCigna Pro health select insurance plan

    Key Metric

    • Incurred Claims Ratio – 61.64%
    • Premium starting rate – Rs.1688.50 onwards

    5

    Star Health and Allied Insurance Company Limited

    Star Health and Allied Insurance Company commenced its operations in the year 2006 as the first standalone health insurance company in India. It is based in Chennai, Tamil Nadu.

    Top Plans

    • Family Health Optima Insurance Plan
    • Star Comprehensive Insurance Policy
    • Star Travel Protect Insurance Policy

    Key Metric

    • Incurred Claims Ratio – 65.91%
    • Premium starting rate – Rs.769 onwards

    So, know about the insurers operating in India and then choose the best policies to insure yourself against a wide variety of financial risks.

    Frequently Asked Questions

    1. How many insurance companies are owned by the Government of India?

    In the life insurance segment, only LIC is owned by the Government of India. However, in the general insurance segment, four insurance companies are owned by the Government which are The New India Assurance Company, National Insurance Company, The Oriented Insurance Company and The United India Insurance Company.

    2. Can I buy policies from both life and general insurance companies?

    Yes, you can buy as many policies from life and general insurance companies. Since you face different types of financial risks, you need both life and general insurance plans to protect against such risks.

    3. What is the meaning of the Claim Settlement Ratio?

    The Claim Settlement Ratio of life insurers is the percentage of the number of claims settled by the insurance company against the total number of claims made on it. A high ratio is favourable since it indicates that the company settles most of its claims and is trustworthy.

    4. What is the meaning of Incurred Claims Ratio?

    The Incurred Claim Ratio is calculated for general insurance companies. It measures the amount of claim paid vis-à-vis the amount of premium collected by the insurance company in one financial year. A ratio of more than 100% means that the company paid more in claims than it collected in premiums and thus, the company made a loss. An ICR of more than 100%, consistently, is not favourable for the insurance company. A lower ICR, on the other hand, shows that the company is making a lot of profit from the premium collection as its claim pay-out is low.

    5. Who publishes the claim ratios of insurance companies?

    The Incurred Claim Ratio is calculated for general insurance companies. It measures the amount of claim paid vis-à-vis the amount of premium collected by the insurance company in one financial year. A ratio of more than 100% means that the company paid more in claims than it collected in premiums and thus, the company made a loss. An ICR of more than 100%, consistently, is not favourable for the insurance company. A lower ICR, on the other hand, shows that the company is making a lot of profit from the premium collection as its claim pay-out is low.

    6. What should I do in case of any dispute with any insurance company?

    To handle disputes or complaints insurance companies have created grievance redressal departments which you can contact. If not satisfied with the insurer’s solution, you can reach out to the insurance Ombudsman or even take your dispute to the consumer forum or the judicial courts of India.