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Top 10 Health Insurance Companies in India 2018

top 10 health insurance companies in india

Healthcare costs are constantly increasing in India and IRDAI reports reveal that every year there is 15% of medical inflation in our country. With such figures coming out light, it has become essential to buy a health insurance plan to meet up the skyrocketing cost of medical treatment in our country.

With increasing risk of critical illnesses, lifestyle diseases, cancer and rising health problems in women, buying health insurance plans has become the need of the hour. Moreover, it offers health security and financial support to your to their family during a medical emergency.

Selecting the best health insurance company among so many options can be a daunting task. However, we can help you to ascertain different health insurance companies in a simplified manner-

List of Top 10 Health Insurance Companies

  1. Star Health and Allied Insurance Company Ltd.
  2. Religare Health Insurance Company Ltd.
  3. Oriental Health Insurance Company Ltd.
  4. HDFC ERGO Health Insurance Company Ltd.
  5. Bajaj Allianz General Insurance Company Ltd.
  6. ICICI Lombard General Insurance Company Ltd.
  7. TATA-AIG General Insurance Company Ltd.
  8. Max Bupa Health Insurance Company Ltd.
  9. Reliance General Insurance Company Ltd.
  10. Bharti AXA General Insurance Company Ltd.
Health Insurance Company Claim Settlement  Ratio (ICR) in % Network Hospitals Plans Available Waiting Period for Pre-Existing Diseases
Star Health and Allied Insurance 60.51% 8000+ Individual/Family Floater 4 years
National  Insurance 97.25% 6000+ Individual/Family Floater 4 years
Bajaj Allianz General Insurance 70.41% 5700+ Individual/Family Floater 4 years
HDFC ERGO General Insurance 76.90% 4800+ Individual/Family Floater 4 years
Religare Health Insurance 50.52% 4700+ Individual/Family Floater 4 years
Bharti AXA General Insurance 86.84% 4300+ Individual/Family Floater 4 years
Oriental Health Insurance 112.11% 4300+ Individual/Family Floater 4 years
ICICI Lombard General Insurance 80.38% 3600+ Individual/Family Floater 4 years
Max Bupa Health Insurance 51.96% 3500+ Individual/Family Floater 4 years
TATA-AIG General Insurance 72.32% 3000+ Individual/Family Floater 4 years

Top 10 Health Insurance Companies Features Explained

We all want to give our loved ones a life full of health and happiness. In order to get adequate health insurance cover, it is important to select the best health insurance company. However, to find the best one, there are certain parameters that you need to consider.

It is suggested that you make the decision based on the Incurred claim ratio of the company, the list of network hospitals, and the waiting period clause.

Also take into consideration the co-payment clause, policy variants, discounts offered, coverage and limitations among other features, as per the IRDA guidelines( Insurance  Regulatory and Development Authority regulates the insurance and reinsurance sector in India).

Here’s a quick overview of the top 10  health insurance companies in India to help you understand better and then make an informed decision-

  1. Star Health and Allied Insurance Company LimitedStar Health Insurance Company commenced its operations in 2006 to provide health insurance solutions to its customers at an affordable price. It offers an in-house settlement of claims without the involvement of TPA. There are a number of medical insurance schemes and personal accident cover plans that are provided for individuals and families.

Here are some key highlights about the insurer:

  • The incurred claim ratio of the company is 60.51%
  • Cashless hospitalization is available in more than 8000 hospitals
  • Star Health Insurance offers lifetime renewability of plans
  • Coverage for pre-existing diseases is provided after 4 years
  1. Religare Health Insurance Company Limited – Religare Health Insurance Company offers specialized insurance plans for individuals, corporates, and groups. The list of promoters comprises of the founders of SRL Diagnostics, Fortis hospitals, and Religare Wellness.

Here are some key highlights about the insurer:

  • The Incurred Claim Ratio of the company is 50.52%
  • Coverage for pre-existing diseases is provided after 4 years
  • There is a provision for lifetime renewability of plans
  • Cashless hospitalization is available in more than 4700 hospitals
  1. Oriental Insurance Company Limited – Oriental Health Insurance is one of the oldest health insurance companies in India. The company has evolved its insurance model to meet the needs of its growing audience. Apart from India the insurance company has a stronghold in Dubai, Nepal, and Kuwait.

Here are some key highlights about the insurer:

  • The Incurred Claim Ratio of the company is 112.22%
  • Cashless hospitalization is available in more than 4300 hospitals
  • Oriental health insurance plans cover pre-existing diseases after 4 years
  • The insurer provides an option to renew the health insurance plans for lifetime
  1. TATA-AIG General Insurance Company Limited – It is a joint venture between the American International Group Inc. and the Tata Group.Tata AIG is one of the most popular names when it comes to health insurance in India. TATA AIG Health Insurance plans will take the burden off your shoulders and you will be able to provide your family with the best medical treatment possible.

Here are some key highlights about the insurer:

  • The Incurred Claim Ratio of the company is 72.32%
  • TATA AIG has collaboration with more than 3000 hospitals PAN India
  • Lifelong renewability of health insurance plans
  • Coverage for pre-existing health ailments is provided after 4 years of policy term
  • Insurance for both corporates and individuals
  1. ICICI Lombard General Insurance Company – It is one of the most renowned insurance companies in India. ICICI Bank and Fairfax Financial Holdings started this general insurance company as a joint enterprise. The principal features of ICICI Lombard health insurance plan include cashless claim approval within 4 hours, and coverage for medical treatment, permanent disabilities, and accidental death. You can easily purchase and renew the policies online. 

Here are some key highlights about the insurer:

  • Cashless claim settlement is possible in more than 3600 hospitals across India
  • The Incurred Claim Ratio of the company is 80.38%
  • Most of the plans come with Lifelong renewability options
  • Pre-existing health ailments to be covered after completion of 4 consecutive policy years
  1. Max Bupa Health Insurance Company – The insurer has a strong presence in the health insurance industry since 6 decades and a base of 29 million customers in more than 190 countries across the world. Max Bupa brings together local and global expertise in both insurance and health industry including clinical research, hospitals, and life insurance. Max Bupa health insurance plans are designed to provide comprehensive coverage to its customers against all the health issues in a hassle-free manner.

Here are some key highlights about the insurer:

  • Cashless hospitalization is available in more than 3500 hospitals
  • The Incurred Claim Ratio of the insurance provider is 51.96%
  • Waiting Period for pre-existing diseases is 4 years
  • East lifetime renewability of medical insurance plans
  1. Bharti AXA Health Insurance Company – The Company works as a joint stake between the AXA group and Bharti Enterprises. With 59 corporate offices across India, Bharti AXA health insurance has emerged as one of the most trusted and emerging health insurance companies. It is known for its seamless settlement procedure, timely payment in case of an emergency and hassle-free assistance to its customers.

 Here are some key highlights about the insurer:

  • The company’s Incurred Claim Ratio reflects positively at 86.84%
  • Comprehensive medical insurance cover up to 1 Crore rupees
  • Cashless treatment is provided in more than 4300 registered hospitals Pan India
  • 5% NCB Discount is also provided on policy renewal
  1. Bajaj Allianz Health Insurance Company – Both Bajaj Finserv Ltd. and Allianz SE started Bajaj Allianz GI Co. as a joint venture. Bajaj Allianz mediclaim policies are designed to provide your affordable cover against medical treatment and hospitalization costs. The company has been accredited with iAAA rating from ICRA for the 11th consecutive year, which reflects positively on the company’s claims-paying ability. Moreover, the insurer holds a fundamentally strong position in the health insurance industry.

Here are some key highlights about the insurer:

  • The company’s Incurred Claim Ratio is 78.50%
  • Cashless treatment is provided in more than 5700 hospitals
  • Avail tax benefits under Section 80D
  • Bajaj Allianz Insurance Wallet App has Health CDC (Claim by Direct Click) feature that enables you to raise claim requests up to Rs. 20000.
  1. HDFC ERGO General Insurance Company – HDFC ERGO General Insurance Co. Ltd. is the 3rd largest GI company in the private sector. It is also the most admired health insurance companies in India with a base of more than 75 lakhs dedicated customers. HDFC Ergo health insurance also provides a host of benefits in its mediclaim policies to meet the diversified needs of its clientele. For its highest claim paying abilities, the company has also been accredited with iAAA’ rating by ICRA.

Here are some key highlights about the insurer:

  • The company’s Incurred Claim Ratio is 76.90%
  • Cashless hospitalization is available in more than 4800 hospitals
  • The plans come with a lifetime renewability option
  • Pre-existing diseases are covered after a waiting period of 4 years
  1. National Health Insurance Company- National Insurance Company Ltd. is one of the oldest GI Company in India. The company has 1998 offices PAN India including insurance operations in Nepal. It is a merger of 11 Indian companies and 21 foreign companies and 4 Govt. subsidiaries.

Here are some key highlights about the insurer:

  • The company’s Incurred Claim Ratio is 97.25%
  • You can avail cashless hospitalization in more than 6000 hospitals that are registered with the company
  • Most of the plans come with Lifelong renewability options
  • Pre-existing diseases are covered after a waiting period of 4 years

Now that you are aware of the top 10 health insurance companies in India and some of their best features, it is easier to make an informed decision. Just go through the above guideline regarding the network hospitals, Incurred claim ratio, coverage, renewability, and the likes. Once you have gained this handy information, you can compare the different top health insurance companies and select the most adequate one. And without much delay, you should be able to find the best health insurance policy for you and your family, now!

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