Health Insurance Companies
Health Insurance companies are the ones which help people to bear the expenses incurred on their health by covering them against different medical emergencies with a plethora of health insurance policies. These companies make it affordable for people to tend to their health issues without the worry of losing all their savings.
Good health is the greatest wealth that anyone can have. However, numerous factors like sedentary lifestyle, pollution, bad habits like smoking and drinking alcohol etc., impacts our health by causing different diseases. Thus, having a health insurance cover as offered by the numerous reputed health insurance companies in India is very important. However, it is equally important to choose the best insurance policy and the best insurer to safeguard your money against the rising medical expenses.
When it comes to buying an insurance policy from the best health insurance company in India, some important factors are needed to be evaluated. The claim settlement ratio offered by the insurance company, list of hospitals offered in the network of insurers, and the process of making claims are some of the top features that are considered while purchasing a policy.
Health Insurance Companies in India
There are a plethora of best health insurance companies in India offering some of the most cost-effective policies to take care of your complete health. In fact, many such companies present an impressive number of health plans all-encompassing the different needs of people. These customer centric insurance companies provide many attractive plans every year to attract customers year after year.
However, the availability of several insurers make it difficult for the common people to select the one best insurance company in India from the wide list of policy providers. Thus, it becomes a task for the common people to compare and analyze the different plans so that they can select a particular option suiting their requirements completely. Of course, it is not possible for a single insurer to fulfill the needs of everyone. Thus, it depends on individuals to check the various benefits of plans and the personal needs of the insured before selecting the best suitable policy.
Here we have listed down some of the top health insurance companies in India and their details to help you make your decision easy.
|No||Health Insurance Companies||Network Hospitals||Incurred Claim Ratio|
|01||Bajaj Allianz Health Insurance||6500+||85%|
|02||Aditya Birla Health Insurance||6000+||59%|
|03||Bharti AXA Health Insurance||4500+||89%|
|04||Care Health Insurance||7400+||55%|
|05||Cholamandalam Health Insurance||7240+||35%|
|06||Digit Health Insurance||5900+||11%|
|07||Kotak Mahindra Health Insurance||4800+||47%|
|08||Niva Bupa Health Insurance||4500+||54%|
|09||New India Assurance Health Insurance||3000+||103.74%|
|10||Star Health Insurance||9900+||63%|
How to Choose the Best Health Insurance Company in India
Different health insurance plans differ in terms of their merits and features. As no two policies are perfectly same so it is not necessary that policies offered by one insurance company will suit the requirements of different individuals. Hence, it is necessary to choose the policy depending on individual health requirements and other related aspects.
Below are some parameters to choose the best medical insurance company in India and the best plans:
Benefits of Medical Insurance
In India, there is an abundance of insurance companies providing a plethora of policies with a wealth of benefits. When it comes to choosing the best plan, the first thing that we consider is the benefits that can be availed with a particular plan. Here is a list of the common benefits that best health insurance companies in India offer as mentioned below:
- Help Manage Medical Costs - Health insurance providers serve as a solution to manage the rising costs of medical treatment and services for common people.
- Financial Security - Health Insurance companies permit financial security to the insured by protecting you from the expenses pertaining to medical treatment, health check-ups, in-patient hospitalization, and much more.
- Tax Benefits - Further, health insurances allow tax relief on the amount of premium paid under Section 80D of Income Tax.
- Domiciliary Expenses - Health insurance companies in India also support the insurer from domiciliary expenses, if the patient has to undergo treatment at home under the observation of specialists.
- Speedy Recovery - Also, these insurance plans cover you against ambulance charges, pre, post hospital charges etc., to ensure your speedy recovery.
- Critical Illness - Health insurance companies also cover the insured against several critical illnesses such as stroke, kidney malfunction, organ transplant, loss of limbs, etc.
Top Health Insurance Companies in India
Below are details of 5 top health insurance companies in India:
Niva Bupa Health Insurance (earlier known as Max Bupa Health Insurance )
Among the top health insurance companies in India, Niva Bupa Health Insurance features as the best standalone company catering to health insurance needs in the country. With plenty of policies in different categories, this is one of the trusted insurers that most people like to buy insurance in India from. They cover both individual as well as family floater plans at reasonable premium prices. Some popular plans include: Health Premia, Health Companion, ReAssure, and MoneySaver Policy.
Bajaj Allianz General Insurance
In India, Bajaj Allianz General Insurance is a name that features as one of the trusted names in the field of health insurance. They have gained the trust of people over the years with their remarkable ratio of claim settlement. This best insurance company in India is known as one of the largest conglomerates in the country with offices in 11 Indian cities. They offer a plethora of products in health and medical insurance and have an extensive association of 6,500 hospitals in their network for cashless hospitalization. They cover many plans such as, family floater health insurance, individual health insurance, senior citizen health insurance, maternity insurance etc.
New India General Insurance
With its headquarter in Mumbai and having extensive operations in over 28 countries, New India General Insurance is another conglomerate in the field of insurance in India. The list of products offered by this insurer is wide-ranging and include various types of health and medical insurance. They offer over 250 products allowing affordability and benefits to consumers. This is another top health insurance company in India offering an extensive network of hospitals for cashless treatment and affordable premiums.
Care Health Insurance
Care Health Insurance is the new name of the health insurance company that was earlier called Religare Health Insurance. This is another standalone insurer providing a broad range of health policies to cater to requirements of policy owners. They offer coverage in the form of family floater health plans, individual health plans, critical illness health plans, maternity health plans, senior citizen health plans and so on. With all-inclusive coverage and affordable premiums, this insurance company ranks at one of the top insurers in India. Care Freedom, Care, and Care Senior Policy are some common insurance plans offered by this company.
HDFC Ergo General Insurance
When it comes to the trustworthy names in the field of insurance, you cannot avoid HDFC Ergo general Insurance, which is regarded as one of the best health insurance companies in India. They also rank high with a wide array of health policies to cater to the common people. They cover the insured with numerous plans such as family floater plans, senior citizen plans, individual plans, maternity plans, children’s health plans and so on. They also have a large association of hospitals offering hassle-free cashless treatment. Further, they have a 24*7 customer support to solve customer queries and grievances.
Frequently Asked Question
There are many reputed health insurance companies in India offer cashless hospitalization facilities to the insured, including:
- Niva Buapa Health Insurance company.
- Apollo Munich Health Insurance company.
- Reliance Health Insurance company.
- ICICI Lombard Health Insurance company
- Star (earlier Religare) Health Insurance company
- Bajaj Allianz General Insurance
The top health insurance companies on the basis of Claim Settlement Ratio (CSR) are:
- Aditya Birla Health Insurance
- Bajaj Allianz Health Insurance
- Tata AIG Health Insurance
- Bharti AXA Health Insurance
- Care Health Insurance
- United India Health Insurance
- Universal Sompo Health Insurance
- SBI Health Insurance
Being a critical illness, kidney transplant is covered under health insurance plans offering coverage against critical illnesses. Some insurers covering kidney transplant cost are: Bajaj Allianz health insurance, SBI critical illness plan, Tata AIG Health Insurance, and Universal Sompo critical illness policy etc.
A general misunderstanding among people is that health insurance companies cover only hospitalization costs. However, the fact is, many health insurance plans are there in the market that cover treatment expenses as well. Further, they offer other coverage like daycare procedures, organ donation, domiciliary expenses, ambulance charges, OPD charges etc.
Yes, it is possible to port health insurance policy from one health insurance company to another in case the insurer avails the facility of portability. So, you must ensure at the time of buying a policy if the facility is available with your policy or not. However, you can port to another insurer only during renewal of policy.
Yes, there are many health insurance companies in India covering insulin expenses as well as other costs associated with diabetes. Star Health and Allied Insurance Co. Ltd., Care Health Insurance, HDFC Ergo General Insurance are some such plans that you can buy from Paybima.com.
In India, at present there are over 30 insurance companies catering to products on health insurance. 5 of them are standalone health insurance companies, while the remaining 25 are general insurance companies serving in India.
Judging a health insurance company as best would depend on various factors. Some of the best health insurance companies in India are IFFCO Tokio General Insurance, Care Health Insurance, Magma HDI Health Insurance, and The Oriental Insurance Company among others.
The standalone health insurance companies in India include:
- Max Bupa Health Insurance
- Care Health Insurance
- Star Health and Allied Insurance
- Manipal Cigna Health Insurance
- Aditya Birla Health Insurance
Public insurance companies in India are: New India Assurance Company, Oriental Insurance Company, National Insurance and United India Insurance.
26 private insurance companies are providing health insurance plans in India
IBAI or Insurance Brokers Association of India names the following 3 health insurance companies among the top in India in the year 2022 in terms of Claim Settlement Ratio:
IFFCO Tokio General Insurance (96.57%) Magma HDI (96.41%) and New India Assurance (95.92%)
(Source - IBAI Claims Insight Handbook 5th Addition)