TechSmat has created a list of the top 5 health insurance providers in India based on their market share, cashless network, and claims settled according to (IRDA reports 2022-2e). Companies that ranked in the top 10 positions are:
- Life Insurance Corporation of India (LIC)
- HDFC Life Insurance Company Limited
- ICICI Prudential Life Insurance Company Limited
- SBI Life Insurance Company Limited
- Bajaj Allianz Life Insurance Company Limited
- Reliance Nippon Life Insurance Company Limited
- Kotak Mahindra Life Insurance Company Limited
- Max Life Insurance Company Limited
- Birla Sun Life Insurance Company Limited
- TATA AIA Life Insurance Company Limite.
Life Insurance Corporation of India (LIC)
Life Insurance Corporation of India (LIC) is a state-owned insurance company in India. It was founded in 1956 and is headquartered in Mumbai. It is the largest insurance company in India, with more than 2000 branches and 1.5 million agents. LIC offers a wide range of insurance products, including life insurance, health insurance, pension plans, and investment plans. The company’s primary focus is on providing life insurance coverage, and it is known for its traditional insurance products such as Endowment plans and money-back policies. LIC also offers online services for policyholders, including online premium payment, policy status check, and claim status check.
HDFC Life Insurance Company Limited
HDFC Life Insurance Company Limited is a private life insurance company in India. It was established in 2000 and is headquartered in Mumbai. HDFC Life is a joint venture between Housing Development Finance Corporation Limited (HDFC) and Standard Life Aberdeen plc. The company offers a wide range of life insurance products such as savings and protection plans, pension plans, Child Plans, and unit-linked insurance plans. HDFC Life also offers online services like online policy purchase, online premium payments, and online policy servicing. They have a strong distribution network with a good blend of traditional and digital distribution channels which includes the bank assurance channel, agency channel, bancassurance channel and the digital direct to customer channel.
ICICI Prudential Life Insurance Company Limited
ICICI Prudential Life Insurance Company Limited is a private life insurance company in India. It is a joint venture between ICICI Bank, one of the largest private sector banks in India, and Prudential plc, a leading international financial services group. The company was established in 2000 and is headquartered in Mumbai. ICICI Prudential offers a wide range of life insurance products, including savings and protection plans, pension plans, child plans, and unit-linked insurance plans. They also offer health insurance, critical illness insurance and accidental death insurance. The company has a strong distribution network that includes traditional and digital channels, such as bank assurance, agency, bancassurance, and digital direct-to-customer channels. They offer a wide range of online services such as online policy purchase, online premium payments, and online policy servicing.
SBI Life Insurance Company Limited
SBI Life Insurance Company Limited is a private life insurance company in India. It is a joint venture between the State Bank of India (SBI), the largest public sector bank in India, and BNP Paribas Cardif, a leading international insurance company. The company was established in 2001 and is headquartered in Mumbai. SBI Life offers a wide range of life insurance products, including savings and protection plans, pension plans, child plans, and unit-linked insurance plans. They also offer health insurance and critical illness insurance. The company has a strong distribution network that includes traditional and digital channels, such as bank assurance, agency, bancassurance, and digital direct-to-customer channels. They offer a wide range of online services such as online policy purchase, online premium payments, and online policy servicing.
Bajaj Allianz Life Insurance Company Limited
Bajaj Allianz Life Insurance Company Limited is a private life insurance company in India. It is a joint venture between Bajaj Finserv Limited, a leading Indian financial services company, and Allianz SE, a leading global insurance company. The company was established in 2001 and is headquartered in Pune, India. Bajaj Allianz Life offers a wide range of life insurance products, including savings and protection plans, pension plans, child plans, and unit-linked insurance plans. They also offer health and critical illness insurance, and wealth management services. The company has a strong distribution network that includes traditional and digital channels, such as bank assurance, agency, bancassurance, and digital direct-to-customer channels. They also offer online services such as online policy purchase, online premium payments, and online policy servicing.
Reliance Nippon Life Insurance Company Limited
Reliance Nippon Life Insurance Company Limited is a private life insurance company in India. It is a joint venture between Reliance Capital Limited, an Indian financial services company and Nippon Life Insurance Company, one of the largest life insurance companies in Japan. The company was established in 2001 and is headquartered in Mumbai. Reliance Nippon Life Insurance offers a wide range of life insurance products, including savings and protection plans, pension plans, child plans, and unit-linked insurance plans. They also offer health and critical illness insurance, and wealth management services. The company has a strong distribution network that includes traditional and digital channels, such as bank assurance, agency, bancassurance, and digital direct-to-customer channels. They also offer online services such as online policy purchase, online premium payments, and online policy servicing.
Kotak Mahindra Life Insurance Company Limited
Kotak Mahindra Life Insurance Company Limited is a private life insurance company in India. It is a joint venture between Kotak Mahindra Bank Limited, one of the leading private sector banks in India and Old Mutual plc, a leading international financial services group. The company was established in 2001 and is headquartered in Mumbai. Kotak Mahindra Life Insurance offers a wide range of life insurance products, including savings and protection plans, pension plans, child plans, and unit-linked insurance plans. They also offer health and critical illness insurance. The company has a strong distribution network that includes traditional and digital channels, such as bank assurance, agency, bancassurance, and digital direct-to-customer channels. They also offer online services such as online policy purchase, online premium payments, and online policy servicing. They have been known for their innovative products and value-added services that cater to the changing needs of their customers.
Max Life Insurance Company Limited
Max Life Insurance Company Limited is a private life insurance company in India. It is a joint venture between Max Financial Services Limited, an Indian financial services company and Mitsui Sumitomo Insurance, one of the leading insurance companies in Japan. The company was established in 2000 and is headquartered in Delhi. Max Life Insurance offers a wide range of life insurance products, including savings and protection plans, pension plans, child plans, and unit-linked insurance plans. They also offer health insurance and critical illness insurance. The company has a strong distribution network that includes traditional and digital channels, such as agency, bancassurance, and digital direct-to-customer channels. They also offer online services such as online policy purchase, online premium payments, and online policy servicing. The company is known for its strong customer focus, innovative product offerings, and value-added services.
Birla Sun Life Insurance Company Limited
Birla Sun Life Insurance Company Limited is a private life insurance company in India. It is a joint venture between Aditya Birla Group, one of the leading Indian conglomerate and Sun Life Financial, a leading international financial services organization. The company was established in 2000 and is headquartered in Mumbai. Birla Sun Life Insurance offers a wide range of life insurance products, including savings and protection plans, pension plans, child plans, and unit-linked insurance plans. They also offer health insurance and critical illness insurance. The company has a strong distribution network that includes traditional and digital channels, such as agency, bancassurance, and digital direct-to-customer channels. They also offer online services such as online policy purchase, online premium payments, and online policy servicing. They are known for its strong brand reputation, innovative product offerings and value-added services.
TATA AIA Life Insurance Company Limited
Note: This list may change over time and is based on the market share, premium income, claims settlement ratio, and other factors in the Indian insurance industry.