List of Best Health Insurance Companies in India
There are several health insurance companies in India that provide excellent plans. Some of them include Star Health Insurance, ICICI Lombard Health Insurance, Apollo Munich Health Insurance, Bharti AXA Health Insurance, etc.
Health insurance is very important in today's world where medical costs are rising. With numerous health insurance companies operating in India, choosing the right one can be overwhelming.
Each company offers unique benefits, ensuring you find a plan to fit your needs and budget. Choosing the right health insurance company and plan is crucial, because It not only offers financial protection but also ensures peace of mind in times of medical emergencies.
By choosing the right plan, you can avail cashless hospitalization, reimbursement for medical expenses, and tax benefits. Moreover, most insurance companies offer additional benefits such as health check-ups, free teleconsultations, and discounts on gym memberships, making it a cost-effective investment in your health and well-being. So, it's essential to do your research and choose a plan that caters to your specific needs and fits your budget.
Best Health Insurance Companies in India
Claim settlement ratio of health insurance companies is a crucial factor to consider when choosing a health insurance plan in India. It indicates the proportion of claims that are settled by the insurer in a given year. A higher claim settlement ratio implies that the insurance company has a better track record of settling claims The Insurance Regulatory and Development Authority of India (IRDAI) releases the claim settlement ratio of health insurance companies on an annual basis.
Here is a table format for the best health insurance companies in India along with their claim settlement ratio:
Health Insurance Company | Health Claim Settlement Ratio |
94% | |
92.24% | |
95.22% | |
56.25% | |
93% | |
85.57% | |
95% | |
100% | |
93.10% | |
75.45% | |
Liberty Health Insurance | 81.03% |
Magma HDI Health Insurance | 95.17% |
93.53% | |
83.78% | |
92.68% | |
91.20% | |
93.96% | |
100% | |
82% | |
66.08% | |
85.47% | |
70.75% |
Please note that the claim settlement ratio is not the only factor to consider when choosing a health insurance company. It's important to assess the coverage provided, network of hospitals, premium rates, exclusions, and other relevant factors before making a decision.
Which are the Top 10 Health Insurance Companies in India?
Here are the top 10 health insurance companies in India, along with the bank names they are associated with and a brief explanation of each:
Health Insurance Company | Bank Name | Description |
ICICI Lombard Health Insurance | ICICI Bank |
|
HDFC Ergo Health Insurance | HDFC Bank |
|
Niva Bupa Health Insurance | Niva India Limited |
|
SBI General Health Insurance | State Bank of India |
|
Bajaj Allianz Health Insurance | Bajaj Finserv Limited |
|
Reliance Health Insurance | Reliance Capital |
|
Kotak Mahindra Health Insurance | Kotak Mahindra Bank |
|
Axis Bank Health Insurance | Axis Bank |
|
Bank of Baroda Health Insurance | Bank of Baroda |
|
Punjab National Bank Health Insurance | Punjab National Bank |
|
Top 10 Health Insurance Companies in India
- Niva Bupa Health Insurance Company Limited - It is a leading standalone health insurance company in India, with an impressive ICR of 56.09% for the fiscal year 2020-2021. They provide health insurance policies to individuals of all age groups, with a range of benefits. These benefits include cashless hospitalisation across +7600 network hospitals pan India, cashless claim authorization within 30 minutes, and coverage for life-threatening illnesses under their Criticare health insurance plan. It is a prominent standalone health insurance company in India, boasting an impressive ICR of 56.09% for 2020-2021. The company offers health insurance policies for all age groups, featuring benefits such as cashless hospitalization at over 7,600 network hospitals across India, rapid cashless claim authorization within 30 minutes, and coverage for life-threatening illnesses under their Criticare plan.
- Star Health & Allied Insurance Company - It offers comprehensive medical plans for individuals and families with coverage up to 2 crores. Benefits include in-house claim settlement for cashless hospitalization, coverage for Diabetes and HIV+, access to over 13,000 hospitals, lifetime renewability for most plans, and customizable top-up options.
- Tata AIG General Insurance Company Ltd - Tata AIG is a joint venture between American International Group and TATA Group. It offers health insurance plans for individuals, families, senior citizens, critical illnesses, and medical emergencies. Plans come with lifelong renewability, coverage for medical treatment taken at home, and reimbursement for alternative treatments.
- Manipal Cigna Health Insurance Company - It is a relatively new entrant in the Indian insurance market, having been launched in 2014. For the fiscal year 2020-2021, its Incurred Claim Ratio stood at 61.13%. Customers can choose from a range of health plans, including top-up health plans, critical illness plans, accidental care plans, and lifestyle plans.The sum insured for various plans ranges from Rs. 0.25 lakh to up to 10 crores. In most medical plans, the insurer provides 100% sum restoration of the sum insured. Customers can easily track health insurance claims online. Most health plans are customizable to meet customers' individual needs and preferences. The insurer offers one of the most comprehensive critical illness plans, covering nearly 30 major illnesses.
- Bajaj Allianz General Insurance Company - It is a well-known player in the Indian insurance market with health insurance products that cater to specific age groups. The company was the first to provide captive TPA services with additional benefits. The insurer offers three major health insurance products, namely Health Guard, Silver Health, and Star Package, with coverage for individuals, families, and senior citizens. Bajaj Allianz health insurance plans are designed to cover life-threatening illnesses like strokes, tumors, and cancer. The company has a reputation for settling cashless claims within 60 minutes, making it a popular choice among customers.
- IFFCO Tokio General Insurance - Established in 2000, is a collaborative enterprise between Indian Farmers Fertiliser Cooperative Limited (IFFCO) and Tokio Marine Group, one of Japan's most prominent insurance groups. The company specializes in general insurance, providing a range of health insurance plans, car insurance plans, bike insurance plans, travel insurance plans, home insurance plans, and corporate policies such as property insurance and liability insurance. IFFCO Tokio General Insurance offers various health insurance plans, including individual health insurance plans, family floater health insurance plans, and senior citizen health insurance plans.
- Navi Health Insurance - It is a recently established online insurance company that offers various health insurance plans to cater to the diverse health insurance requirements of individuals. The company began operations in 2017 and is a subsidiary of Navi Technologies. Its mission is to provide straightforward, affordable, and easily accessible health insurance to the people of India. Navi Health Insurance is categorized as a general insurance company and, in addition to health insurance, it offers a wide range of plans including car insurance, bike insurance, property insurance, gadget insurance, and commercial insurance.
- Care Health Insurance - It formerly known as Religare Health Insurance, is a standalone health insurance company that is a joint venture between Reliance Enterprises Limited, Union Bank of India, and Corporation Bank. The company offers a wide range of health insurance plans to cater to the diverse healthcare needs of individuals. These plans include individual health insurance plans, maternity health insurance plans, family floater health insurance plans, senior citizen health insurance plans, and critical illness health insurance plans.
- The Oriental Insurance Company - It is established in 1947, is a provider of various health insurance products to its policyholders. Its head office is located in New Delhi, with over 29 regional offices and approximately 1,800 offices spread across the nation. Additionally, the company conducts operations in Nepal, Dubai, and Kuwait. The health insurance plans offered by the insurer cater to both urban and rural populations. A wide network of hospitals is available for cashless treatment. The company's health insurance plans are budget-friendly, making it a preferred choice among policyholders.
- New India General Insurance - It is a general insurance company that has a global presence with operations in 28 countries, and is based in Mumbai, India. The company provides an extensive range of insurance products, including various health insurance plans, catering to the specific needs of different sections of society. The health insurance plans offered by the company are priced affordably, and provide coverage for a range of healthcare expenses, such as in-patient hospitalisation expenses, pre- and post-hospitalisation expenses, daycare expenses, organ donor expenses, road ambulance expenses, and more.
List of Network Hospitals from Top Health Insurance Companies in India
Network Hospital | Insurance Partners |
Fortis Healthcare | HDFC Ergo, Max Bupa, Bajaj Allianz |
Apollo Hospitals | ICICI Lombard, SBI General Insurance, Reliance General Insurance |
Max Healthcare | HDFC Ergo, ICICI Lombard, Bajaj Allianz |
Manipal Hospitals | Bajaj Allianz, HDFC Ergo, Star Health Insurance |
Columbia Asia Hospitals | ICICI Lombard, HDFC Ergo |
Narayana Health | Religare Health Insurance, HDFC Ergo, Bajaj Allianz |
Medanta - The Medicity | ICICI Lombard, HDFC Ergo, Religare Health Insurance |
Wockhardt Hospitals | ICICI Lombard, HDFC Ergo, Bajaj Allianz |
Aster DM Healthcare | HDFC Ergo, ICICI Lombard, Religare Health Insurance |
Hiranandani Hospitals | HDFC Ergo, ICICI Lombard, Bajaj Allianz |
How to Choose the Best Health Insurance Company in India?
Choosing the best health insurance company is a crucial decision because it affects both your health and your financial security. Here are some steps that will support you in making an informed decision:
- Determine your Requirements: Begin by assessing your requirements and budget. Take into account your family's medical history, your age, your current health condition, and any specific health concerns you may have. Once you've determined your needs, look into various health insurance companies in India. You can get information from online reviews, customer feedback, and ratings, as well as friends and family who have purchased health insurance.
- Check the Network of Hospitals: The size and quality of a health insurance company's hospital network are frequently used to determine its quality. Verify that the insurance company has a network of hospitals with which you are familiar, and which are easily accessible to you.
- Compare Policies: Examine the policies provided by various insurance companies. Look for co-payments, waiting periods, sub-limits, and exclusions. Choose a policy that meets your needs and fits your budget.
- Analyze the Claim Settlement Ratio: The claim settlement ratio is the percentage of claims settled by an insurance company in a given year. Look for an insurance company with a high claim settlement ratio because it indicates the company's dependability and trustworthiness.
- Consult an Expert: If you're still unsure about which insurance company to go with, talk to a professional who can walk you through the process and help you make an informed decision.
- Customer Care: Finally, look into the customer service provided by the company. Ascertain that they have a customer support team that is available 24 hours a day, 7 days a week to assist you with any questions or issues regarding your policy.
Benefits of Health Insurance
- Provides financial protection against unexpected medical expenses
- Covers pre and post-hospitalization expenses
- Allows access to quality healthcare services without worrying about the costs
- Offers cashless hospitalization facility
- Provides coverage for critical illnesses
- Offers tax benefits under section 80D of the Income Tax Act
- Encourages regular health check-ups and preventive care
- Offers coverage for ambulance charges and domiciliary hospitalization expenses
- Provides coverage for alternative treatments such as Ayurveda, Yoga, and Naturopathy (as per plan terms and conditions)
FAQs on Best Health Insurance Companies in India
- What are the steps to consider while choosing a health insurance company in India?
The steps to consider while choosing a health insurance company in India include determining your requirements, checking the network of hospitals, comparing policies, analyzing the claim settlement ratio, and consulting an expert.
- How can one determine their requirements while choosing a health insurance company in India?
One can determine their requirements while choosing a health insurance company in India by assessing their requirements and budget, taking into account their family's medical history, age, current health condition, and any specific health concerns they may have.
- Why is it important to check the network of hospitals of a health insurance company while choosing one in India?
It is important to check the network of hospitals of a health insurance company while choosing one in India as the size and quality of a health insurance company's hospital network are frequently used to determine its quality. It's important to verify that the insurance company has a network of hospitals with which you are familiar, and which are easily accessible to you.
- What should one look for while comparing policies of health insurance companies in India?
While comparing policies of health insurance companies in India, one should look for co-payments, waiting periods, sub-limits, and exclusions. They should choose a policy that meets their needs and fits their budget.
- What factors should one consider while choosing a health insurance company in India other than the claim settlement ratio?
Other factors that one should consider while choosing a health insurance company in India include coverage, premium, network hospitals, and customer service.
- If I were to visit a non-network hospital, would the health insurance provider offer cashless settlement?
No, cashless settlement is only available at network hospitals. However, you may receive reimbursement for your expenses in accordance with the terms of your policy at a later time.
- What factors should I consider when choosing a health insurance company?
Factors to consider when choosing a health insurance company include the company's reputation, the range of plans and coverage options offered, the claim settlement process, the network of hospitals and healthcare providers, and the overall customer service experience
- What are some benefits of choosing a reputable health insurance company?
Choosing a reputable health insurance company can offer peace of mind knowing that your healthcare needs will be covered. Reputable companies often have strong financial stability and customer service, which can lead to faster and easier claim processing and a wider network of hospitals and healthcare providers.
- What types of health insurance plans are offered by these companies?
Health insurance companies in India offer a variety of plans including individual plans, family plans, senior citizen plans, critical illness plans, and personal accident plans.
- How do I compare health insurance plans offered by different companies?
You can compare health insurance plans offered by different companies by looking at the coverage, exclusions, premiums, and benefits offered by each plan. Online comparison tools and independent insurance agents can also provide assistance with comparing plans.
- How important is the claim settlement process?
The claim settlement process is very important because it determines how quickly and easily you will receive reimbursement for medical expenses. Look for a company with a simple and efficient claim settlement process, with clear communication and transparency throughout the process.
- How can I ensure that I am getting the best value for my money?
To ensure that you are getting the best value for your money, compare plans from multiple companies, consider the level of coverage and benefits offered, and look for any discounts or promotional offers that may be available.
- Are there any additional benefits or features that I should look for?
Some additional benefits or features to look for include cashless hospitalization, online policy management, coverage for alternative treatments like Ayurveda and homeopathy, and coverage for international medical treatments.
- What should I do if I have any questions or concerns about my health insurance policy?
If you have any questions or concerns about your health insurance policy, contact your insurance company's customer service department for assistance. It's important to stay informed and understand the details of your policy to ensure that you are getting the most out of your coverage.
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