Top Medical Insurance Companies in India

health insurance

Relatively recently, there has been a rise in the participation of private financial institutions in the insurance business in India, particularly in the medical insurance field. The activities of every single one of these companies is monitored by the Insurance Regulatory Development Authority or IRDA in short. There are twenty four companies in India which act as health insurance providers. The insurance sector was opened up for investment in 2000 by the IRDA, and a total of twenty six percent is allotted for foreign investment in India within the insurance field.

As per details that have been furnished by the Insurance Regulatory Development Authority itself, there are a handful of key players in the Indian medical insurance business. The IRDA recognizes the following insurance houses to be among India’s leading medical insurance companies: Raheja QBE, TATA AIG General Insurance Co. Ltd., ICICI Lombard General Insurance Co. Ltd., Cholamandalam MS General Insurance Co. Ltd., Star Health and Allied Insurance Co. Ltd., The New India Assurance Co. Ltd, Royal Sundaram Alliance Insurance Co. Ltd. and United India Insurance Co. Ltd., among others.India’s first independent, meaning stand alone, financial company to specialize solely in non-life, or health insurance, is Star Health and Allied Insurance. They specialize in personal injury, Mediclaim and even various kinds of travel health insurance. Other companies in the private sector have come about as a result of mergers between Indian and international financial entities, ever since the IRDA has allowed for foreign direct investment in the medical insurance sector, such as Apollo Munich Health Insurance Co. Ltd. or even TATA AIG General Insurance. In addition to these, the Life Insurance Corporation of India (LIC) and the National Insurance Co. Ltd. are government run undertakings which cater to a less privileged class of society, often providing more benefits for less expensive premiums.

TATA AIG General Insurance, founded on the first of April, 2001, represents the mutual interests of both the TATA Group and American International Group Inc. in the Indian insurance market. They offer insurance policies far beyond the medical or health related, insuring even whole businesses and lifestyles. However, their health insurance plans in particular have several benefits, such as no medical examination required, double claim benefits, renewal benefits and daily cash benefits. A total of eleven primary insurance options await your decision at TATA AIG, along with professional guidance to help you figure out which one is best for you. They provide cover across all ages, all income brackets and all foreseeable health conditions. If you’re looking for a reasonable and effective medical insurance policy, you can look at all these available companies and their policies and decide yourself on which one suits your needs better.

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