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Health Insurance Companies

Amid the increasing health issues in our country, medical insurance has become an inevitable part of our lives. According to a recent survey, almost 27% of the Indians have some or the other type of health insurance policy. The increasing health ailments and the exorbitant hospitalization expenses are the thought behind selecting a health insurance plan from the best health insurance company.

There is no second thought about health insurance being an absolute necessity. Private hospitals are an expensive affair when it comes to hospital rooms, medication, doctor consultation, operation fees, and post-hospitalization treatment, due to their infrastructure and quality service. Not all of us have liquid cash or a good bank balance to meet these emergencies. Therefore, a health insurance policy can only save you from the stress, anxiety and financial burden that come from these medical emergencies.

To help you to make an informed decision; we have elucidated below some of the best health insurance companies in India.

Best Health Insurance Companies in India

In order to select the best health insurance company to get an adequate medical cover, there are certain factors that you need to take into the consideration. Merely buying a health insurance policy doesn’t suffice. The right approach is to compare health insurance online and then buy an adequate mediclaim policy.

The cost of premium should not be the sole criterion to buy a health plan. However, it is suggested that you make the decision based on the company’s incurred claim ratio, the list of network hospitals, co-payment clause, and loading, type of health insurance coverage, limitations, and discounts among other features.

Here’s is a quick rundown of the top medical insurance companies in India-

  1. HDFC ERGO Health Insurance
  2. Star Health & Allied Insurance
  3. ICICI Lombard Health Insurance
  4. Bajaj Allianz Health Insurance
  5. Religare Health Insurance
  6. Bharti AXA Health Insurance
  7. SBI Health Insurance
  8. Reliance Health Insurance
  9. Tata AIG Health Insurance
  10. Oriental Health Insurance

List of Health Insurance Companies with Claim Ratio in 2018:

Whether you want to buy an individual plan, family or senior citizen plan? This is an important step!

To select the ideal insurer, you must check all the coverages that it is offering you. Also, go through the exclusions as well as add-on covers.

Furthermore, you need to check the list of hospitals that are under the panel of your insurer. At these network hospitals, you get the benefit of a cashless facility, as it saves you from last minute financial chaos.

Last, but not least, you should check the Incurred claim ratio of the top health insurance companies in India and then find a suitable plan. It is suggested to not to go with a company having higher ICR or lower ICR instead opt for an organization that falls in between.

The formula to calculate the same is: ICR = (Total Value of Claims Paid / Total Premiums Collected)*100

Enlisted are some of the medical insurance companies with their incurred claim ratio (and features):

Health Insurance Company Incurred Claim Ratio (ICR) in % Pre and Post Hospitalization Cover Coverage Pre-Existing Disease Cover
Apollo Munich Health Insurance 54.99% 60 days and 90 days 2 Adults and 4 Children After 3 years
Bharti AXA General Insurance 86.84% 30 days and 60 days 2 Adults and 2 Children After 4 years
Bajaj Allianz General Insurance 70.41% 60 days and 90 days 2 Adults and 4 Children After 4 years
Cholamandalam MS General Insurance 72.91% 60 days and 90 days 2 Adults and 3 Children After 4 years
Future Generali Health Insurance 77.31% 60 days and 90 days 2 Adults and 2 Children After 4 years
Cigna TTK Health Insurance 48.14% 60 days and 90 days 2 Adults and 2 Children After 4 years
HDFC ERGO General Insurance 76.90% 60 days and 90 days 2 Adults and 2 Children After 4 years
IFFCO Tokio General Insurance 81.96% 60 days and 60 days 2 Adults and 3 Children After 3 years
ICICI Lombard General Insurance 80.38% 30 days and 60 days 2 Adults and 2 Children After 4 years
Max Bupa Health Insurance 51.96% 30 days and 60 days 2 Adults and 2 Children After 4 years
Liberty General Insurance 79.14% 60 days and 90 days 2 Adults and 2 Children After 4 years
National Health Insurance 97.25% 30 days and 60 days Up to 6 family members After 4 years
Religare Health Insurance 50.52% 30 days and 60 days Up to 6 family members (up to 2 adults) After 4 years
Reliance General Insurance 92.23% 30 days and 60 days 2 Adults and 2 Children After 4 years
Royal Sundaram General Insurance 78.13% 30 days and 60 days Up to 5 family members After 3 years
Star Health and Allied Insurance 60.51% 30 days and 60 days 2 Adults 2 Children After 4 years
SBI General Insurance 75.01% 30 days and 60 days 2 Adults and 2 Children After 4 years
TATA-AIG General Insurance 72.32% 30 days and 60 days 2 Adults and 3 Children After 4 years
Oriental Health Insurance 112.11% 30 days and 60 days Up to 7 family members including 4 adults After 4 years
New India Assurance Health Insurance 91.26% 30 days and 60 days 2 Adults and 4 Children After 4 years
United India Insurance 107.06% 30 days and 60 days 2 Adults and 2 Children After 4 years
Universal Sompo General Insurance 70.91% 30 days 60 days 2 Adults and 2 Children After 4 years

Apollo Munich Health Insurance Company Ltd

Apollo Hospitals and Munich Health started this GIC as a joint venture. The company offers various healthcare products to cater to the needs of the different customer base. With its 4000+ network hospitals across India, the company is providing cashless treatment to its large customer base. Approximately 90% of cases get authorization within 2 hours of intimation of the claim. In this way, Apollo is considered a very good name in the healthcare industry.

Apollo Munich Health Insurance Features:

  • The family floater health insurance plan of Apollo Munich provides coverage for 6 people, 2 adults, and 4 children.
  • The waiting period for pre-existing illnesses is 3 years.
  • The company provides 60 days of pre-hospitalization and 90 days of post-hospitalization medical expenses.

Bharti AXA Health Insurance Company Ltd

Another best health insurance company in India is Bharti AXA. This company is a joint venture between Indian company Bharti Enterprises and European financial protection leader AXA group. The company currently has 59 branches across India and is the first company in the general insurance sector that provides dual certification of ISO 9001:2008 and ISO 27001:2005 within one year of its operation.

Bharti AXA Health Insurance Features:

  • The family floater plans of Bharti AXA provide coverage for a maximum of 4 people, 2 adults, and 2 children.
  • The waiting period of pre-existing illnesses is 4 years.
  • The health insurance policies of Bharti AXA provide 30 days of pre-hospitalization and 60-days of post-hospitalization.

Bajaj Allianz Health Insurance Company Ltd

It is again a joint venture between Bajaj Finserv Limited and Allianz SE. In this collaboration, Bajaj holds 76% shares whereas Allianz holds 26%. This health insurance company has 3700 network hospitals.

Bajaj Allianz Health Insurance Features:

  • The family floater plans of Bajaj Allianz provide coverage for 6 family members, 2 adults, and up to 4 children.
  • The health insurance policies of Bajaj offer 60 days of pre-hospitalization and 90 days of post-hospitalization.
  • The waiting period for pre-existing diseases is 4 years.
  • The insurance provider starts covering health checkup after completion of 4 claimless years.

Star Health and Allied Insurance Company Ltd

Star Health and Allied Insurance are one of the biggest standalone insurance companies of India founded in the year 2006. The company covers a wide network of hospitals in its list, which approximately is 7000. In the year 2014, this company has won the award of ‘Claim Service Company of the Year 2014’ and in the year 2015, it has won the award of ‘Best Health Insurance Company of the Year’ in the Indian Insurance Award.

Star Health and Allied Insurance Features:

  • The family floater plan of this policy covers 4 family members, 2 adults, and 2 children.
  • The waiting period for the pre-existing disease is 4 years.
  • The policy provides 30 days of pre-hospitalization and 60 days of post-hospitalization.

HDFC ERGO Health Insurance Company

HDFC ERGO is a joint venture between ERGO International AG and HDFC Ltd. On one hand where HDFC Limited is India’s leading Housing and Financial Institution, ERGO International is the insurance company of Munich Re Group on the other hand. With its more than 4800 hospitals across the globe, this company is providing a vast variety of healthcare products to its customers.

HDFC ERGO Health Insurance Features:

  • The family health insurance plan of HDFC ERGO Insurance provides coverage for 4 people, 2 adults, and 2 children.
  • HDFC Ergo health insurance policies recompense the expenses incurred 60 days prior to the hospitalization and 90 days after the hospitalization.
  • The waiting period for pre-existing illness is 4 years.

SBI Health Insurance Company Ltd

SBI GIC has its presence across 56 cities in India. It started as a joint venture between the State Bank of India and the Insurance Australia Group. Their insurance products are tailor-made to cater to a vast segment of customers. And the SBI health insurance plans are designed to offer you and your family the best possible medical treatment at the time of need.

SBI Health Insurance Features:

  • Both individual and family floater plans are available
  • Moreover, you can avail cashless treatment in more than 300 network hospitals
  • The health plans cover 142 daycare procedures

ICICI Lombard Health Insurance Company Ltd

ICICI Lombard is one of the most popular general insurance companies India, in the private sector. For its seamless claim settlement services, the company was accredited with iAAA rating from IRDA.

ICICI Lombard Health Insurance Features:

  • The medical insurance plans cover pre and post treatment/hospitalization expenses
  • Lifetime health insurance renewal
  • Cashless hospitalization is available at any of the network hospitals.

TATA-AIG Health Insurance Company Ltd

TATA AIG General Insurance Company provides non-life insurance products to groups, individuals, and corporate houses. TATA Sons in collaboration with American General International Group Inc. (AIG) founded this company in the year 2001. In this joint venture, TATA holds 74% stake whereas AIG holds the remaining 26%.

TATA AIG Health Insurance Features:

  • The company offers comprehensive health insurance plans for individuals and families.
  • Few plans cover 11 pre-defines critical illnesses.
  • The health insurance plans also cover pre and post-hospitalization expenses.

Max Bupa Health insurance Company Ltd

Max Bupa GIC is a joint venture between two companies i.e. Max India Ltd. and Bupa Finance PLC, UK. The company was founded in the year 2010 and within a span of 8 years it has 3500+ network hospitals across India.

Max Bupa Medical Insurance Features:

  • In its family floater health insurance plan, it covers a maximum of 4 people, 2 adults, and 2 children.
  • The health insurance plans of Max Bupa provide free health checkup after every second year.
  • The policies of this insurance company provide30 days of pre-hospitalization and 60 days of post-hospitalization.
  • The waiting period for covering pre-existing illnesses starts after 2 years.

Religare Health Insurance Company Ltd

Religare Health Insurance is a joint venture among three companies – Religare enterprise Ltd, Union Bank of India, and Corporation Bank. In a short span of time, Religare has become one of the top health insurance providers of India. Current this company has 4500 hospitals in it network list.

Religare Health Insurance Features:

  • The family floater plan of this insurance company covers 6 members, 2 adults, and 4 children.
  • The company offers annual health checkup for all the insured members.
  • The pre-hospitalization of 30 days and post-hospitalization of 60 days are provided by this insurance provider.
  • The health insurance plans of this company start covering pre-existing illness after 4 years.

IFFCO Tokio Health Insurance Company Ltd

It is a joint venture between Tokio Marine and Nichido Fire Group and Indian Farmers Fertilizer Co-operative, Japan. The company laid its foundation in the year 2000 and since then it is providing some of the best insurance products.

IFFCO Tokio Health Insurance Features:

  • In the family floater plans of IFFCO Tokio, there is no limit on the family members. Apart from yourself, you can cover your dependent parents, spouse, dependent children, parents-in-law, etc.
  • The health insurance policies of IFFCO Tokio offers a wide range of sum assured ranging from Rs.1, 50, 000 to Rs.5, 00, 000.
  • You do not need to go for pre-policy medical checkups up to 55 years.
  • The company provides a free-look period of 15 days.

Reliance Health Insurance Company Ltd

Reliance General Insurance is a part of India’s largest business group Reliance. The company has a network of more than 4000 hospitals across India.

Reliance Health Insurance Features:

  • The family health insurance plans of Reliance cover 4 members, 2 adults, and 2 children.
  • The pre-existing diseases are covered after 3 years.
  • The health insurance company provides health checkup after completion of 4 claimless years.

Cigna TTK Health Insurance Company Ltd

Cigna TTK is a joint venture between Cigna, a global organization and TTK, an Indian conglomerate. The company started its operations in India in the year 2012 for offering an extensive range of health insurance products.

Cigna TTK Health Insurance Features:

  • The health insurance provider offers hassle-free healthcare services in more than 10, 00, 000 hospitals worldwide.
  • The policies provide in-patient and daycare treatments as well.
  • The health insurance plans of this company provide 60 days of pre-hospitalization and post-hospitalization of up to 180 days.

Future Generali Health Insurance Company Ltd

Future Generali Health Insurance is a joint venture between Future Group and Generali Group. The Future Group operates various popular retail chains in India, whereas Generali is a leading insurance and financial company of Italy. The company has 132 branches across India and provides some of the very useful health insurance policies.

Future Generali Health Insurance Features:

  • The company provides health insurance plans for both individuals and families.
  • The health insurance provider provides 60 days of pre-hospitalization and 90 days of post-hospitalization.
  • There are 130 daycare procedures are offered in its various health insurance plans.

Cholamandalam Health Insurance Company Ltd

A joint venture of Murugappa Group of India and the Mitsui Sumitomo Insurance Company of Japan, Cholamandalam MS General Insurance Company is a fastest growing general insurance company of India. The company currently has 100+ branches across India.

Cholamandalam Health Insurance Features:

  • The policies of this health insurance company cover pre and post hospitalization expenses.
  • The company provides you the facility of cashless treatment in more than 6500 network hospitals across India.
  • Apart from in-patient, pre and post hospitalization expenses, the plans of this health insurance provider also cover 140+ day care procedures.

Royal Sundaram Health Insurance Company Ltd

Royal Sundaram General Insurance Company Limited is a subsidiary of Sundaram Finance. The company is the first private general insurance company in India that has got a license in October 2000 by the Insurance Regulatory and Development Authority of India (IRDAI). The company is very well known for providing health insurance products for individuals, families, and groups.

Royal Sundaram Health Insurance Features:

  • The company provides health insurance policies for both families and individuals.
  • It offers pre and post hospitalization expenses coverage.
  • Few family floater plans under health insurance segment of the company cover up to 19 family members.

Universal Sompo Health Insurance Company Ltd

It is a joint venture between the Sompo Japan Insurance Company and the Indian Overseas Bank, Karnataka Bank, Allahabad Bank, and the Dabur Investment Cooperation. The insurance provider is known to offer some of the best and world-class insurance products to its customers. They have nearly 86 branches across India with 137 IRDA approved products.

Universal Sompo Health Insurance Features:

  • The company offers both individual, family floater and group medical insurance plans
  • The plans are extendable to cover critical illnesses
  • Any pre-existing illness can be claimed after 4 years of the policy term

Liberty Health Insurance Company Ltd

Liberty India GIC Ltd. commenced its operations in the year 2013. It is one of the most insurance providers in the retail, commercial and industrial sector. Special insurance plans are there to cater to business and individual needs. The insurer has its presence across 58 cities and 23 states across the country. Its partner network consists of more than 5000 hospitals.

Liberty Health Insurance Features:

  • The insurer offers 5 unique medical insurance plans to meet the different requirements of its customers
  • Liberty health insurance has tie-ups with 3000 network hospitals across India where you can avail cashless treatment
  • Health insurance plans are available for both individual and families

Some Government Health Insurance Companies in India

Above mentioned health insurance companies are some of the best private health insurance providers, however; there are some government health insurance companies also available in India. Enlisted are few:

The New India Assurance Health Insurance Co Ltd.

It is one of the prime public insurance companies of India that operates in 22 nations of the World. The company started its operations in 1919 and today it has approximately 2097 offices across India. The company is known for providing affordable insurance products. In the healthcare domain, the company is offering its cashless services in more than 2000 hospitals.

The New India Assurance Mediclaim Features:

  • The family floater plans of this company provide coverage for a maximum of 6 people, 2 adults, and 4 children.
  • The medical insurance provided by this company offers 30 days of pre-hospitalization and 60 days of post-hospitalization.
  • The health insurance plans also provide reimbursement of healthcare checkups after you complete 3 claimless years with the organization.
  • The health insurance plans start covering pre-existing diseases after 4 years.

National Insurance Company Limited

It is a public general insurance company that has a network of 6000 hospitals. The company offers an extensive variety of health insurance products.

National Health Insurance Features:

  • The family floater plans of this insurance company provide coverage for 6 people, 2 adults, and 4 children.
  • The pre-hospitalization of 30 days and post-hospitalization of 60 days are covered.
  • The policies start covering pre-existing diseases after 4 years.

The Oriental Insurance Company Limited

The company was founded in the year 1947 with the intention to provide insurance products to customers. The company has its headquarters in New Delhi and serves several healthcare products to cater to the needs of customers of different needs. The company is a central government undertaking company and operates in Kuwait, Nepal, and Dubai.

Oriental Health Insurance Features:

  • With health insurance plans for individuals, the company also provides health insurance for groups and families.
  • The health insurance plans of Oriental Insurance also cover pre and post-hospitalization expenses.
  • The company also provides overseas health insurance policy.

United India Insurance Company Limited

This is again a government health insurance company that provides multiple products in the healthcare domain. The health insurance plans provided by this company offer wide coverage and to do that company has built a strong network of hospitals where the insured can get cashless healthcare services.

United India Health Insurance Features:

  • With individual health insurance policy, the company also offers plans for families.
  • Apart from in-patient hospitalization expenses, the company also covers daycare treatments.
  • There is a feature to top-up your existing health care plan to get additional coverage.

Conclusion

It is rightly said that ‘it is simpler to compare apples to apples if we do a side-by-side comparison’. Hope the afore-mentioned list of the health insurance companies will help you in deciding the best health insurer for yourself.

We have given you an overview of all the health insurance providers in India. You can refer to the above-mentioned dynamics to find an insurer that caters to all your medical concerns. After assessing your personal and medical needs you would be in a position to make an informed decision.