Health Insurance Regulations

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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 per cent 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 Annexure – 1.

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.

    Annexure-1
     
Health Insurance (excluding Travel -Domestic/Overseas and Personal Accident) – No. of Policies and Number of 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

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