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15 min read
Updated on Feb 15, 2024
The Indian health insurance market has more than a dozen general insurance companies. Many of general insurers offer different types of health plans. As such, when you set out to buy insurance for your healthcare needs, you find so many plans from so many different companies that you get confused. To solve this confusion, here is a compilation of the best health insurance companies in India which promise you the best health plans.
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Over the years there has been a rise in the number of health insurance companies in India offering the policyholder a plethora of health insurance plans and products to choose from. These plans cater to most of the important healthcare needs of the policyholder depending on their budget and requirements. Most insurance companies also offer good discounts and deals to the policyholder, especially for online plan purchases.
All these wide selections and interesting features and benefits make it difficult to choose the best health insurance company while planning to buy a health plan. Moreover, different policyholders have different requirements as per their health conditions and those of their family members. Hence, deciding on one particular policy as the best one is a difficult choice.
A single insurance company may not fulfill the healthcare needs and the features that every policyholder is looking for. Thus, depending on your need and requirement for health insurance, you may choose the best policy that matches your expectations in terms of benefits and budget.
With a wide variety of health insurance companies offering a range of policies to cater to your needs, it is not an easy task to compare and choose the best one without getting confused. Many aspects are taken into consideration while selecting the best health insurance plan to suit your requirements. But the most important among them are the claim settlement ratio and network hospitals for cashless treatment. These two variables are generally considered by every policyholder while comparing and buying health insurance policies.
There are a number of health insurance companies in India that offer a wide range of health insurance plans to meet the medical needs of all age groups. Health insurance providers uniquely and carefully design their health insurance plans so that they can offer the right coverage to all their customers. Every health insurance company aims to provide its customers with a variety of features and benefits through its varied products. We also understand that finding a health insurance company that can meet all your needs can become difficult at times.
So, below, we have listed some of the leading health insurance companies in India. It is imperative to check the Incurred claim ratio (ICR), a number of network hospitals, types of plans offered, etc, while comparing these health insurance providers in order to make an informed decision.
Sr. No | List of Best Insurance Company | *Incurred Claims Ratio for 2022-23 | Claim Settlement Ratio FY 21-22 | Network Hospitals** |
1 | Acko General Insurance Company | 83.88% | 96% | 7100+ |
2 | Aditya Birla Insurance Company | 64.68% | 94% | 10051+ |
3 | Bajaj Allianz General Insurance Company | 74.27% | 97% | 8000+ |
4 | Care Health Insurance Company | 53.82% | 100% | 10000+ |
5 | Cholamandalam MS General Insurance Company | 67.88% | 88% | 10900+ |
6 | Digit General Insurance Company | 71.87% | 85% | 16000+ |
7 | Zuno General Insurance Company | 89.59% | 91% | 6000+ |
8 | Future Generali India Insurance Company | 79.18% | 96% | 8400+ |
9 | HDFC ERGO General Insurance Company | 79.04% | 95% | 12000+ |
10 | ICICI Lombard Insurance Company | 77.33% | 97% | 6700+ |
11 | IFFCO Tokio General Insurance Company | 111.18% | 94% | 7500+ |
12 | Kotak Mahindra Health Insurance Company | 56.01% | 97% | 7000+ |
13 | Liberty Insurance Company | 74.17% | 91% | 5000+ |
14 | Magma HDI General Insurance Company | 72.10% | 92% | 7800+ |
15 | Manipal Cigna Insurance Company | 64.66% | 100% | 8500+ |
16 | Niva Bupa (earlier Max Bupa) Insurance Company | 54.05% | 90% | 10000+ |
17 | National Insurance Company | 102.35% | 86% | 3000+ |
18 | Navi General Insurance Company | 59.28% | 100% | 10000+ |
19 | New India Assurance Company | 103.33 % | 98% | 3000+ |
20 | Oriental Insurance Company | 130.09% | 90% | 3500+ |
21 | Raheja QBE General Insurance Company | 138.67% | 96% | 5000+ |
22 | Reliance General Insurance Company | 86.31% | 95% | 9500+ |
23 | Royal Sundaram Alliance Insurance Company | 83.36% | 96% | 10000+ |
24 | SBI General Insurance Company | 73.92% | 88% | 16000+ |
25 | Star Health and Allied Insurance Company | 65.00% | 99% | 14000+ |
26 | Tata AIG General Insurance Company | 78.33% | 94% | 10000+ |
27 | Universal Sompo Insurance Company | 82.84% | 88% | 4000+ |
28 | United India Health Insurance | 89.57% | 95% | 6500+ |
*Incurred Claim Ratio data sourced from IRDAI Annual Report 2022-2023
**Network Hospitals data sourced from the official websites of respective companies
ICICI Lombard is a leading name in the general insurance industry with attractive products. ICICI Lombard’s health insurance plans are designed keeping in mind the needs of every individual. Whether it is a comprehensive plan or a top-up one, the company provides both types of insurance plans. Claim settlement is also easy with the company’s tie-up with more than 4500 hospitals across India. The company boasts of settling four claims every minute which is evident from its claim settlement ratio of 99.7% in the financial year 2022.
Key features of ICICI Lombard:
Royal Sundaram also offers different types of health insurance plans. While Royal Sundaram health insurance’s lifeline plan has no limits on room rents or other treatments, Family Plus plan covers up to 19 different relations. You can avail cashless claim across more than 3000 hospitals and the company’s claim process is ISO certified.
Key Features of Royal Sundaram:
Care is a standalone health insurance company that specializes in health insurance plans. The company has a tie-up with more than 5420 hospitals which facilitates easy cashless claim settlements. The health insurance at Religare handles the claims in-house. Its Care plan is a unique plan which offers sum insured levels up to Rs. 6 crores.
Key features of Care:
A part of the leading Future Group, Future Generali has a vast network in the country with tie-ups with more than 5000 hospitals and a branch presence across 125 locations. The company’s Health Total plan is an all-inclusive health plan which boasts of attractive benefits and sum insured levels up to Rs. 1 crore.
Key features of Future Generali:
Also Read: Star Health Insurance Company provides Renewal Online
Apollo Munich is another standalone health insurance company which focuses on the health insurance segment. The company offers a multitude of health plans from indemnity plans to disease specific plans. Its Dengue Care plan is a standalone health plan for dengue. There is also a specialised plan covering OPD expenses which are usually excluded from the coverage of normal health plans. Moreover, the company launched a new plan called Health Wallet which offers carrying forward of unused coverage benefits.
Key Features of HDFC Ergo:
Also Read: Top Insurance Brokers in India
Max Bupa is a leading name in the health insurance industry with its popular plans. The health insurance max bupa offers hospitalisation plans, critical illness plans and also personal accident insurance plans. The company’s claim settlement ratio stands at 96% and it is awarded the Superbrand for two consecutive years.
Key features of Niva Bupa:
Health plans offered by HDFC Ergo are also popular because of the benefits they provide. Every plan is curated with the healthcare needs of individuals in mind. The HDFC Ergo health insurance has a network of over 6000 hospitals for cashless claim settlements and offers you a 24*7 service for any queries or complaints.
Key Features of HDFC Ergo:
Cigna TTK also deals only in health plans and offers uniquely designed plans for your needs. You can read tips to buy health plans on easy EMIs, a facility offered only by Cigna. When a company offers any health plan, there are no limits on room rents. Moreover, the company promotes cashless claim settlements.
Key features of Cigna TTK:
Another leading standalone health insurers, Star Health offers health plans with an in-house claim settlement team. The company has the largest network of more than 8400 tied-up hospitals. Moreover, the company has settled 87% of its cashless claims within 2 hours. In terms of health insurance plans, you can find comprehensive indemnity, top-up and super top-up, disease specific, critical illness as well as senior citizen health insurance plans. Thus, the company offers a health plan for each health need.
Key Features of Star Health & Allied:
New India Assurance General Insurance company is not only has its branches in India, it has an international presence across 28 countries as well. The company is a leading name in the public sector general insurance companies. The New India Assurance Health Insurance offers six different types of products. Each product promises comprehensive coverage at affordable rates of premiums. You can choose a policy either for self or for your entire family. Moreover, a top-up policy is also available which increases your health coverage at minimal premium outgoes.
Key features of New India Assurance:
While opting for the top 10 health insurance companies in India, the below criteria can be looked into:
Having health insurance coverage is crucial for everyone. We may not realize the need for insurance when we are young and healthy. But as we age and become prone to diseases, we feel the importance of having all-encompassing health coverage. However, you may note that buying insurance at a young age is more cost-effective as compared to when you are old. Below are some points to prove the importance of health coverage:
There are certain things to consider before choosing a health insurance plan. Most insurance policies and insurers differ in terms of the benefits offered as well as the features present. A single insurer/insurance plan cannot suit everyone alike. Thus, it is good to consider various aspects of an insurance plan and compare them with your needs and requirements to buy the policy that suits you best.
Below are some parameters to take note of while buying an insurance plan to suit your needs best.
Buying health insurance online is utterly simple. You can purchase health insurance by visiting the official portal of your insurer. Alternatively, you can also buy from Paybima insurance brokers to avail exclusive policies at attractive prices.
Online health insurance allows the customer to avail of a wide array of discounts and offers to lower premiums and save on agent fees. Besides, you can expect zero paperwork with online buying, which again saves time.
Here are the steps to buy a health insurance policy online:
So, these are the list of health insurance company in India. When buying health insurance plans, select a plan from these health insurance companies in India and you would be surprised with the coverage you get and the ease of claim settlement.
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Following are top & best health insurance companies in India:
#1. ICICI Lombard General Insurance Company
#2. Royal Sundaram
#3. Religare Health Insurance
#4. Future Generali General Insurance Company
#5. Apollo Munich Health Insurance
Following are some of the top and best health insurance companies in India:
#1. ICICI Lombard
#2. Royal Sundaram
#3. Religare Health Insurance
#4. Future Generali
#5. Apollo Munich
#6. Max Bupa
#7. HDFC Ergo
#8. Cigna TTK
#9. Star Health & Allied Insurance
#10. The New India Assurance
Yes, you can port a policy from one insurer to another health insurance provider for better coverage without losing the accumulated benefits. This is the right given to policyholders by IRDA.
Yes, there are some health insurance companies that provide dental coverage. For instance, the Cholamandalam Healthline insurance plan, Bajaj Health Guard insurance plan, and Star Comprehensive Health insurance are some such policies offering dental coverage.
Yes, there are many health insurance policies that provide coverage for OPD expenses. Although most health insurance plans cover only hospitalization costs, there are other benefits that are offered by most plans like OPD coverage. However, it depends on the policy purchased.
~ Check if the company is approved by the IRDAI
~ Check for details like ICR or Incurred Claim Ratio, CSR or claim settlement ratio, etc., on the IRDA site through the annual reports to ensure their reliability.
Yes. The New India Assurance Co. Ltd., Oriental Insurance Co. Ltd., National Insurance Co. Ltd., and United India Insurance Co. Ltd., are the 4 public health insurance companies in India.
1. Star Health Insurance
2. Care Health Insurance
3. Acko General Insurance
4. Navi General Insurance
5. Manipal Cigna Health Insurance
There are over 30 health insurance providers in India at present.
Yes, policyholders can port their health plan from one insurer to another by following the porting process. You need to inform the companies associated with the porting and complete the procedure to port your policy.
It varies from insurer to insurer or policy to policy. Generally, a period of 2-4 years of waiting is there before the insured can avail of treatments under PED or pre-existing diseases waiting period.
Here’s a list of health insurance companies in India in the public sector domain:
1. National Health Insurance
2. New India Assurance
3. Oriental Health Insurance
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