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A Standalone Health Insurance Company is an insurance company that purely focuses on providing health-insurance products. In total, there are 7 standalone health insurance companies registered with the Insurance Regulatory and Development Authority of India (IRDAI). All of them solely provide health-insurance products to their customers.
A stand alone health-insurance company, also known as a stand alone health insurer, is a specialized standalone insurance company that exclusively offers health insurance products, including individual health plans, family floater policies, critical illness covers, plans, personal accident and travel insurance.
It is different from a general insurance company, which offers a complete line of insurance products like motor insurance, property insurance, marine insurance, fire insurance and health insurance.
A stand alone health insurer often collaborates with IRDAI-registered insurance brokers to distribute their products and increase their market reach. It cannot deal in non-health insurance products as IRDAI permits it to operate only within the health-insurance segment.
Standalone health insurers typically provide the following services/products :-
These are plans that provide coverage to a single individual for their medical/healthcare related expenses.
These plans allow you to cover all family members under a single policy. They do away with the need of having multiple policies, one for each family member.
It covers critical illness as specified by the insurer in the insurance policy. Generally, critical illnesses covered in the policy are serious, life-threatening diseases, such as cancer, heart attack, stroke, kidney failure or paralysis.
It provides financial compensation and protection against unforeseen events resulting from an accident like injury, partial/complete disability or death.
It is specially designed for the senior citizens.
These plans are designed with the goal of managing the financial risks associated with being diagnosed with any type of cancer.
They are designed with the goal of managing the financial risks associated with being diagnosed with diabetes.
These plans are created with the goal of managing the financial risks associated with being diagnosed with health-related health conditions.
Many insurers tend to offer cashless hospitalization services that allow policyholders to get medical treatment without paying directly to the hospital. Instead, the insurer settles the bills directly with the hospital, provided it is part of the insurer’s network.
These programmes are intended to empower individuals to maintain health, avoid diseases and detect potential health issues at early stages.
These plans allow the policyholders to increase their insurance coverage beyond their existing base policy’s limit.
The no. of stand alone health insurers in India is quite limited. There are a total of 7 IRDAI-registered stand alone health-insurance companies in the country. They are as follows:
The above-mentioned companies exclusively deal in health-insurance products. All of them are quite popular in the country.
Also Read: Top 10 Health Insurance Companies in India
There are currently only 7 stand alone health insurers in India. As a result, customers have limited options when it comes to choosing a dedicated health insurance provider. For individuals looking to enter the health-insurance sector without wanting to touch other general insurance segments, starting a stand alone health-insurance company can be a great option due to the limited number of competitors. With that being said, they must remember that numerous general insurance companies also offer health-insurance products.
Do you want to set up a standalone health-insurance company in India? If yes, then you can connect with our experienced IRDAI consultants at Registrationwala for assistance. We will help you fill out and submit the prescribed IRDAI application form accurately, making it easier for you to get registered with the authority and obtain an IRDAI license.
Q1. Who is a standalone health insurer?
A. A standalone health insurer is an insurer that specializes solely in health insurance products. They cannot deal with other insurance products such as house insurance, motor insurance, fire insurance, life insurance, etc.
Q2. Is health insurance a type of general insurance?
A. Yes, health insurance is a type of general insurance. It provides coverage for medical and healthcare-related expenses. It does not provide life-linked benefits.
Q3. How many standalone health insurers are registered with IRDAI?
A. A total of 7 standalone health insurers are registered with IRDAI, namely, (i) Aditya Birla Health-Insurance Co. Ltd., (ii) Care Health-Insurance Ltd., (iii) Galaxy Health-Insurance Co. Ltd., (iv) ManipalCigna Health-Insurance Co. Ltd., (v) Star Health & Allied Insurance Co. Ltd. (vi) Narayana Health-Insurance Ltd and (vii) Niva Bupa Health-Insurance Company Ltd.
Q4. Is IRDAI approval mandatory to start a standalone insurance company?
A. Yes, IRDAI approval is mandatory to start a standalone insurance company in India.
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Hey there, I'm Dushyant Sharma. With the extensive knowledge I've gained in past 8 years, I have been creating content on various subjects such as banking, insurance, telecom, and all the important registration and licensing processes for various companies. I'm here to help everyone with my expertise in these areas through my articles.
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