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Top 10 Best Health Insurance Companies in India

Updated on December 1, 2021 , 244558 views

Initially, when thinking of buying health insurance, the first thing people look for are the health Insurance companies. These are the companies offering various health insurance plans that provide a medical cover to people for their doctor visits, hospitalisation expenses, surgery fees, medicine cost, nursing allowance, hospital room rent etc. One small accident can make you realise the importance of medical insurance.

Top 10 health insurance companies

But do you want to wait for it to happen? No, right? Therefore, having a health insurance policy from a reputed health insurance company is essential for all, rich as well as poor, young as well as old, male as well as female. It keeps you protected from financial burden when diagnosed with an illness. You can easily file a health insurance claim and get reimbursed for your medical expenses.

Medical Insurance - Things to Consider

Top-Health-Insurance-Companies

There are various types of health insurance policies available in the market. For each one of them the health quote, co-payment, limits of coverage and illnesses covered varies. So, when you choose a medical insurance plan, it is advised to consider the health insurance companies list. For your convenience, we have listed top 10 health insurance companies in India.

Top 10 Best Health Insurance Companies in India

Want to buy health insurance? Take a look at some of the best health insurance companies in India.

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1. Apollo Munich Health Insurance Company Limited

HDFC ERGO Health Insurance Company was previously known as Apollo Munich Health Insurance. It is a joint venture of HDFC Limited and ERGO International AG. The company has an exceptional record of incurred claim ratio of 62% and it has brought additional benefits such as lifelong renewability options and portability in the insurance plans.

2. Star Health & Allied Insurance Company Limited

Started in 2006, Star Health is the India’s first standalone health insurance provider. The company has an excellent service with innovative products, which caters individual, families and corporates. Star Health company provides sterling services in the personal accident and overseas Travel Insurance.

It is predominantly into Bancassurance, and has a well-established relationship with various banks. The insurer has an incurred claim ratio of 63%. Currently, the company has 11000+ employees and 550+ branches across the country.

3. Max Bupa Health Insurance Company Limited

Max Bupa Health Insurance Company is a joint venture between Max India Limited and Bupa Group. The company has smart top-up options to boost your coverage. With 4000 Max Bupa network hospitals, you can avail the offer of cashless treatment. Max Bupa has an incurred claim ratio of 54%.

4. ICICI Lombard General Insurance Company Limited

The company came into the limelight after the collaboration with ICICI Bank Limited and Fairfax Financial Holdings Limited. The insurance company offers a robust product portfolio that includes health, motor, car, travel and Home insurance.

ICICI general insurance secures against unexpected events in life. Therefore, you can avail protection solutions for business, personal and project liabilities in rural as well as urban areas across the country.

5. Religare Health Insurance Company Limited

Religare is a joint venture between Religare Enterprise Limited, Union Bank of India and Corporation Bank. It is a specialised health insurer offering health insurance services to employees of corporate and individual customers.

The company offers products such as health insurance, critical illness, personal accident, International Travel Insurance along with group health insurance and group personal accident insurance for corporate. The company has tremendous growth and has an incurred claim ratio of 55%.

6. Cigna TTK Health Insurance Company Limited

The company focuses to improve health, well-being and peace of mind. It makes health more affordable by partnering with providers that offer quality and cost-effective care.

The main motto of Cigna TTK is to provide comprehensive health care coverage and serve customer, client, patient and the community.

7. Bajaj Allianz General Insurance Company Limited

Bajaj Allianz General Insurance Company is a joint venture of Bajaj Finserv Limited and Allianz SE. With Health-Guard, Silver Health and Star Package, the company was the first to provide TPA services with additional benefits.

The company makes a cashless claim settlement Facility in more than 6500 hospitals. It has an incurred claim ratio of 85% and it settles cashless claims within 1 hour.

8. New India Assurance Company Limited

New India Assurance Company Limited is a multinational general insurance company owned by the Government of India. It offers a unique feature for the health insurance policy and is famous for its mediclaim policy.

The insurance company is operating in 28 countries and deals with non-life businesses. It has 1200+ cashless hospitals with an incurred claim ratio of 95.39%.

9. Oriental Insurance Company Limited

It is a government-owned general insurance company offering health insurance products in India. Anyone above the age of 60 years doesn’t have to provide a medical test. Oriental Insurance Company has tie-ups with more than 4300 network hospitals which provides cashless treatment. The company has an incurred claim ratio of 108.80%.

10. National Insurance Company Limited

National Insurance Company is a government entity serving for more than 100 years. It offers free health check-up benefit up to 1% of the sum insured after the completion of four claim years. With 1730+ offices and more than 13000+ skilled employees, the company has a strong presence in India and Nepal.

National Insurance has an incurred claim ratio of 109.94% and it covers up the losses with other insurance products.

Conclusion

So, these are the top 10 health insurance companies that you must consider before buying medical insurance. Usually, the best medical insurance companies offer various policies with different terms and conditions. It is advised to choose a medical insurance plan that is best suited for you and your family (consider family floater Plans if buying for family). Therefore, don’t wait for any misfortune to happen. Compare health insurance plans, choose the best-suited plan from a reputed health insurance company and live insured!

FAQs

1. Why should you purchase a health insurance plan?

A: A health insurance plan is a protective measure that prevents you from using your savings in a medical emergency. When faced with a medical emergency, you will have to use your funds from your savings to cover the expenses, unless you are insured. However, with a health insurance policy, you can claim coverage up to the sum insured.

2. Do different companies offer different insurance policies?

A: Yes, they do. Some of the policies are designed to provide individual coverage, while others are family health insurance policies. Similarly, depending upon the premium paid, the health condition of the person or persons being insured, the policy will differ. Thus, depending on the type of policy you are purchasing and the insurance company you are purchasing from, you will be provided a particular healthcare policy.

3. What are the parameters to purchase a health insurance?

A: When you purchase a health insurance policy, you should check the coverage provides, i.e., whether the insurance policy covers medical bills, hospitalization expenses, ambulance charges, medical expenses due to severe illnesses, and domiciliary hospitalization charges. Similarly, the insurance company you are purchasing the policy should be associated with the leading hospitals in your area. Other than that, it should also have a network of hospitals across the country. This will assure you that the policy you purchase is acceptable anywhere in India.

4. Should claims be a factor while comparing health policies?

A: Yes, you should check the claims records of the insurance company when purchasing a health insurance policy. For example, Star Health Insurance has incurred a claim ratio of 63%. Apollo Munich Health Insurance, a joint venture of HDFC Limited and ERGO International AG, has posted a claim ratio of 62%. Both of these are higher than Religare Enterprise Limited, which has incurred a claim ratio of 55%. Hence, if you are thinking of purchasing health insurance from a company with a higher ratio of claim settlement, you can opt for Star Health Insurance or Apollo Munich Health Insurance.

5. Why should you purchase health insurance from Oriental Insurance Company Limited?

A: Oriental Insurance Company Limited has numerous insurance-related products. The company has been providing clients with numerous healthcare policies for many years. Additionally, people above the age of sixty do not have to undergo a rigorous medical check-up to purchase an insurance policy. The company also has a network with more than 4300 hospitals across the country. It has incurred a claim ratio of 108.8%.

6. What are the benefits of purchasing a healthcare policy from National Insurance Company Limited?

A: National Insurance Company Limited has been providing clients with various types of insurance policies for nearly one hundred years. If you think of purchasing a health insurance policy from a reputed firm, you should purchase a health insurance policy from National Insurance Company Limited. The company also offers free health check-up and has recorded a claim ratio of 109.94%.

7. What is a cashless benefit?

A: Some insurance companies allow the insured to enjoy cashless hospitalization. Here the insurance company will settle the hospitalization expenses directly, and you will not have to make any upfront payments. As a policyholder, you will not have to make any payment during the hospitalization.

8. Is there any government-run insurance company?

A: Yes, New India Assurance Company is a multinational general insurance company owned by the government. The company was the first to offer what is known as the Mediclaim policy. The company has a strong presence in India but twenty-eight other countries across the world. The company has recorded a claim ratio of 95.39%.

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Avs durga prasad, posted on 18 Nov 20 6:42 PM

Nice information

Aman Handa, posted on 17 Nov 20 11:20 AM

Great Knowledge Towards Customers

v. kumar, posted on 19 Aug 20 7:52 PM

very useful information sir.

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