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