New Delhi — The Insurance Regulatory and Development Authority of India (IRDAI) has informed that as per the data compiled by the Authority, the number of lives covered under Health insurance policies during the financial year, 2014-15 (provisional data) were 28.87 crore.
As per the Census of India 2011, the population of India was 121.02 crore. As such, approximately 24% of India’s total population has been covered under any health insurance policy during the FY 2014-15. IRDAI has further informed that 26 insurance companies have been issued Certificate of Registration to offer health insurance policies.
Details of health insurance policies issued and number of persons covered during the FY 2014-15 by non-life insurance and standalone health insurance companies are provided in the chart below.
According to this list, Reliance is the largest private sector health insurer while its top government sector counterpart is National Insurance Company Limited.
IRDAI has informed that the authority vide Regulation (5) (k) and Schedule-I of IRDA (Health Insurance) Regulations, 2013 which prescribe the norms for portability of health insurance policies, has already implemented the portability of health insurance policies with effect from 1st October, 2011. The premium that may be payable towards the new health insurance policy after porting would depend on the terms and conditions of the new policy.
However, as per the regulations stipulated by IRDAI while accepting a policy which is porting-in, insurer shall not levy any additional loading or charges exclusively for the purpose of porting.
| Health Insurance (excluding travel and personal accident) and number of policies and persons covered (2014-15) PROVISIONAL DATA | ||
| Name of the Insurance Company | TOTAL | |
| No. of policies (Actual) | No. of Persons Covered (‘000) | |
| Bajaj Allianz | 408866 | 1641 |
| Bharti AXA | 20259 | 1158 |
| CHOLA MS | 91423 | 3079 |
| Future Generali | 29366 | 1752 |
| HDFC ERGO | 442311 | 3848 |
| ICICI Lombard | 661284 | 10758 |
| IFFCO Tokio | 115393 | 13967 |
| Liberty Videocon | 574 | 180 |
| L&T General | 167 | 2648 |
| Magma HDI | 1 | 0 |
| Raheja QBE | 58 | 0 |
| Reliance | 84240 | 18359 |
| Royal Sundaram | 192505 | 1634 |
| SBI General | 6023 | 645 |
| Shriram General | ||
| Tata AIG | 285638 | 2160 |
| Universal Sompo | 182408 | 1814 |
| Private Total | 2520516 | 63643 |
| National Insurance Company Limited | 1708966 | 83374 |
| New India Assurance Co. Ltd. | 1630609 | 36994 |
| Oriental Insurance Co. Ltd. | 1341604 | 23056 |
| United India Insurance Co. Ltd. | 1182275 | 68027 |
| Public Total | 5863454 | 211451 |
| Apollo Munich | 484019 | 1968 |
| Cigna TTK | 17644 | 38 |
| Max Bupa | 231983 | 1788 |
| Religare | 128761 | 2525 |
| Star Health | 1634089 | 7252 |
| Specialised Health Insurers Total | 2496496 | 13571 |
| Grand Total | 10880466 | 288665 |
This was stated by Jayant Sinha, Minister of State for Finance, in a written reply to a question in Rajya Sabha yesterday.
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