Company Snapshot
Care Health Insurance Ltd is a large standalone health insurer in India, with strong financials, a wide product suite, and national reach. It has earned industry recognition, though it faces mixed customer feedback and some regulatory scrutiny recently.
Overview & Background
Originally established in 2007 in New Delhi as Religare Health Insurance Company Ltd, it was rebranded to Care Health Insurance Limited (CHIL) in August 2020.
It operates nationally in India and is a subsidiary of Religare Enterprises Limited
Products & Services
- Individual & family health insurance, including maternity, top-up, personal accident, critical illness, and AYUSH (Ayurveda, Yoga, Unani, Siddha, Homeopathy) plans.
- International travel insurance and group coverage (health and accident) for corporate clients.
- Micro insurance products for rural markets and a suite of wellness services.)
Scale & Reach
- Over 9 crore lives covered since inception, with more than 4.8 million claims settled so far.
- A network of 19,000–24,800+ hospitals offering cashless facilities nationwide.
- Presence in 1,700+ locations and 158 branches across India, with over 8,500 employees.
Innovation & Recognition
- Focus on digital-first experience, value-based services, and wellness programs
- Innovative features:
- Premium payback
- No-claim bonuses
- Customizable health plans
- Awards:
- Claims Service Leader of the Year (India Insurance Summit & Awards 2024)
- Best Health Insurer – Rural Sector (2024)
- Smart Insurer & Sales Champion (ET Now, 2024)
- Best Health Insurance Plan – Care Plus (Global Financial Planner’s Summit 2024)
Industry Outlook
Market Size & Growth
- The Indian health insurance industry’s Gross Written Premiums (GWP) are projected to grow from ₹1.3 lakh crore in 2024 to ₹2.0 lakh crore by 2028, implying a CAGR of ~12.8%.
- As of FY 2024–25, standalone health insurers (SAHIs)> collected around ₹38,400 crore in premiums, up nearly 16% year-on-year. Their share of non life GWP now exceeds 12.5%.
- In FY 2023–24, the SAHI segment premium rose by 26.2%, from ₹26,243 crore to ₹33,115 crore, while overall non-life grew ~13% to ₹2.9 lakh crore.
- Industry data suggests SAHIs grew roughly 2× faster than general insurance firms in premium growth.
- For FY 2026, SAHIs aim for ~20% growth, backed by ongoing momentum in retail health and rising premium ticket sizes (₹ crore policies).
Key Growth Drivers
- Medical inflation is estimated at ~13–14% p.a., pushing up premium renewal rates and plan limits. Many users report renewal hikes of 20–40%, particularly post age 60.
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- IRDAI reforms effective April 2024—lifting the 65-year entry cap and mandating coverage for severe illnesses (e.g. cancer, heart or renal failure)—are expanding the insured base, especially older and high-risk individuals. Insurers can adjust premiums for such cases.
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- Government schemes (Ayushman Bharat/PM JAY and several state-level programs) now provide coverage of up to ₹5 lakh (some states higher), complementing retail health growth in the ₹10–20 lakh+ coverage bracket.
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- Digital platforms (PolicyBazaar, UPI-based payments, telemedical features) and AI/ML-led claim automation are compressing costs and enabling tailored high-ticket insurance offerings.
Summary:
Health insurance in India is firmly on an expansion trajectory in ₹ terms, with SAHIs consistently outpacing the broader non-life industry—driven by regulatory reforms, digital maturation, inflation dynamics, and rising health awareness. Continued innovation in digital and preventive insurance could unlock untapped markets, especially in rural and older population segments.
Latest Shareholding Pattern
Shareholder |
No. of Shares |
% Holding |
Promoters (chiefly Religare Enterprises Ltd.) |
81,77,31,392 |
83.94% |
Others / Public |
15,64,53,068 |
16.06% |
Total |
97,41,84,460 |
100% |