Health Insurance comparison
ICICI Lombard vs Galaxy Health
Galaxy Health is too new for us to score, so we do not call an overall winner. Compare the IRDAI figures below instead.
IRDAI figures side by side
| Measure | ICICI Lombard | Galaxy Health |
|---|---|---|
| Claim settlement ratio (latest year)Claims paid out of claims decided, by number. 95% or more is strong; below 90% is a flag. | 85.43% in FY 2024-25 | 79.37% in FY 2024-25 (small sample) |
| Claims counted in that yearBelow 1,000 claims, the ratio swings too much to compare. Each insurer's review names the exact IRDAI table used. | 12,50,322 reported, 10,67,192 paid | 75 reported, 50 paid |
| Three-year average claim settlement ratioShown only when all three years are available. | Not available | Not available |
| Incurred claims ratioClaims incurred as a share of premium earned, from IRDAI's Annual Report. | 85.53% in FY 2024-25 | 8.33% in FY 2024-25 |
| Complaints to IRDAIGrievances reported, from IRDAI's Handbook. | 7,782 in FY 2024-25, 23.8 per 10,000 claims | Not available |
| Solvency ratioIRDAI's minimum is 1.50. | 2.69 at 31 Mar 2025 | 4.70 at 31 Mar 2025 |
Sources: IRDAI Handbook on Indian Insurance Statistics 2024-25, IRDAI Annual Report 2024-25 and insurers' NL-37 public disclosures. Each insurer's review lists the exact table and link. See how we calculate these.
ICICI Lombard
7.9/10Large-brand option with a broad network, but it settled 85.4% of health claims by number in FY 2024-25, below our 90% flag line.
Pros
- Strong app experience
- Large network presence
Cons
- Price can trend high
- Feature depth varies by plan
- Health claim settlement ratio of 85.4% in FY 2024-25 (Form NL-37)
Galaxy Health
Not scored yetA new standalone health insurer (IRDAI registration no. 167). Its first year, FY 2024-25, is too small to judge: 75 claims reported and 50 paid. We have not scored it yet.
Pros
- Solvency ratio of 4.70 at 31 March 2025, well above IRDAI's 1.50 minimum (IRDAI Annual Report 2024-25)
Cons
- Only 75 claims reported in FY 2024-25, too few for a meaningful claim settlement ratio
- We could not find FY 2024-25 grievance figures for it in IRDAI's Handbook, so there is no complaints record yet
The verdict
We have not scored Galaxy Health yet: there are too few claims on record to judge. Use the IRDAI figures above, check the network hospitals near you and read the policy wording before buying.