Top Health Insurance Companies in India and their Benefits
Updated On Apr 08, 2021
The health insurance industry in India has seen an exponential growth in a market that’s potentially worth billions. Insurance companies are committed to providing the best health plans to meet the needs of people.
There is no doubt that insurers have touched the seventh sky with new discoveries. They are playing a vital role at a time when changes in the lifestyle of a normal human being make us prone to fatigue and illnesses. This leads us to critical health diseases that cost high and burn a big hole in our pocket.
How to Select the Best Health Insurance Company for yourself?
With the various health insurance plans from different insurance companies available in the market, it might get a little difficult to choose the best plan depending upon your individual needs and budget. Highlighted below are some of the important factors to consider while choosing health plan for yourself:
- Types of Plans Offered
The medical requirement of all individuals varies depending upon their need. Other than getting a health insurance plan covering hospitalisation expenses, there is also a need for other plans offering all round protection like critical illness plan, senior citizen plan, disease specific plan etc. Therefore, it is recommended to choose a health insurance company offering various plans in order to meet all your needs.
- Network Hospitals
While buying a health insurance plan, you should look for an insurance company that has a wide network of cashless hospitals all over India. This is because if your insurance provider has a wide network, then during the time of medical emergency, it would become easier for you to find a network hospital, where you can easily enjoy a cashless claim settlement option.
- Premium Rates
Pricing policy of a health insurance company is one of the important factors that you should consider while buying a health insurance plan. For a health insurance plan to be considered as the best plan, it is necessary that it should offer sufficient coverage at an affordable premium rate.
Top Health Insurance Companies in India
With these top Health Insurance Companies in India, you can buy the best health plans that offer a wide coverage within your budget. Following are top insurance providers in the country. Keep reading to know them.
1.HDFC Ergo General Insurance Company
HDFC Ergo is one of the highly reputable health insurance companies in India. With an outstanding record of Incurred Claim Ratio of 54.99% for the fiscal year 2016-17, the company has brought some extra benefits such as lifelong renewability, portability and much more in its insurance plans.
Why Choose HDFC Ergo
Aiming to become a trusted leader in the health insurance industry, HDFC Ergo provides simple and innovative solutions when it comes to health insurance. The company has a variety of plans, designed to meet the needs of individuals, family, senior citizens, and corporate houses as well. The benefits of choosing Apollo Munich:
- A wide range of sum insured options available at affordable premiums, starting from one lakh to fifteen lakh.
- Branches everywhere in the country for cashless services top multi-speciality hospitals.
- A record of 98% of successful claim settlement. The company’s specialized doctor’s handle and take care of the claims.
- A claim is settled in fifteen days.
- The option of portability. This enables customers to port their plans from other health insurance companies to Apollo Munich.
- Accumulated benefits are all integrated and carried forward without any hassles.
- Tax benefits under section 80D of the Income Tax Act.
- Coverage for pre and post hospitalization and lifelong insurance renewal option
- 50% increase in basic sum insured in the claim-free year
- 100% increase in basic sum insured in case of a second, subsequent no-claim year
- Restore benefits in case you or your family exhausts the sum insured during the year
- Restoration of the full amount at no extra cost or charges if the insured is diagnosed with a different illness.
2. Star Health Insurance
Founded and approved by IRDA, Star Health and Allied Insurance Company Limited is a joint venture between M/s. ICICI Ventures Funds Management, M/s. Tata Capital Growth Fund, M/s. Oman Insurance Company, UAE, M/s. Sequoia Capital, and M/s. Alpha TC Holdings Pte Ltd, Singapore. It is the first standalone insurance company in India.
Why Choose Star Health?
Being an award-winning health insurance company in India, Star Health Insurance provides you with many benefits:
- More than 8000 network hospital
- 60.51% ratio of claim incurred during 2016-17
- A direct in-house settlement. No need a third party for claim settlements
- Fast, easy and hassle-free health insurance claim settlements.
- Immediate access to cashless hospitalization and reimbursement facility in more than 8000 network hospitals
- Over 6000 branch offices across the country
- Personalized doctor visit for all customers getting hospitalized
- Life-long Renewability and cover for an entire lifetime
- Coverage for any pre-existing diseases after a waiting tenure of 4 years
- Room rent expense at 2 per cent of the sum assured. Maximum of Rs. 4000 every day.
- No third-party administrator. It means direct in-home claim settlement
- Pre-hospitalisation costs, usually up to 30 days
- Post hospitalization costs, usually up to 60 days
Star Health also provides coverage for the anaesthetist, room rent, nursing, boarding, surgery, medical practitioner, consultants, specialists, dialysis, x-ray, diagnostic materials, drugs, medicines, etc.
3. Max Bupa Health Insurance
Max Bupa is a prominent health insurance company, formed by a tie-up between the UK-headquartered Healthcare service expert, Bupa and Max India Limited. Having its Claim Ratio of 51.96% for the fiscal year 2016-17, Max Bupa has introduced several health insurance policies for all age groups.
Why Choose Max Bupa
The company offers an array of health insurance plans under three major Categories - Individual, Family/Extended Family, and Fixed Benefit. Benefits of Max Bupa health insurance policies are as follows:
- Direct claim settlement
- Pre hospitalisation - usually 30 days
- Post hospitalisation expenses - usually 60 days
- Cover up to 1crore
- Coverage for all kinds of hospital expenses, including room rent charges without any capping of the charges
- Reimbursement for expenses incurred due to illness
- 12.5% discount on a 2-year premium on taking 2-year policy
- Cashless hospitalization facility at network hospitals across India
- Coverage for medical charges if the insured family members are hospitalized
- All kinds of hospital expenses, including room rent charges. No capping of the charges
- Coverage for all daycare treatments. However, the procedure should not be in the outpatient department of the hospital
These are the common benefits of Max Bupa health policies. Every specific health plan of the company provides different benefits. For example, in a case of critical illness, personal accident, the plans of Max Bupa provide some more benefits.
5. Care Health Insurance
Ranking among top insurance companies, Care Health Insurance Company is one of the fastest-growing health insurance providers in India. With an Incurred Claim Ratio of 50.52% (2016-17), the company specializes in distributing a range of health insurance products. It is regularly promoted by India's leading super-speciality hospital, Fortis Healthcare Ltd.
Why Choose Care Health Insurance?
The advantages of choosing Care include a bag full of mixed features. Key benefits include:
- A strong healthcare legacy, backed by Fortis Healthcare Limited, SRL Diagnostics, and Religare Wellness.
- An option to get treatment at home or an ultra-wide hospital network.
- No additional overhead or third-party involvement.
- Facility to avail treatment globally and regular health checkups
- For every claim-free year, 50% (up to a maximum 100%) increase of your sum insured.
- Everyday daycare that includes 1% of your Sum Insured for doctor consultation and diagnostic tests each.
- Unlimited re-instalment of your sum assured every time it exhausts.
- Proper coverage for Air ambulance expenses where treatments are not available in your city.
- Accidental Death and Permanent Total Disability cover for up to 10 times of the Sum Insured
- Cashless cover at network hospitals across the globe
- More than 4500 hospitals with the cashless facility in the country
- Free annual health checkups for the family
- Pre-hospitalization for up to 30 days
- Post-hospitalization for up to 60 days
- No cap on vital expenses
6. ManipalCigna Health Insurance
ManipalCigna Health Insurance Company is another well-known company in India. It is a new firm in the country. Its Incurred Claim Ratio as per the fiscal year 2014-15 is 64.32%. The company is committed to meeting the copious needs of customers who want to protect their health-related expenses.
Why Choose ManipalCigna?
It has several different health insurance plans for people. Common benefits ManipalCigna's health insurance policies include:
- Pre Hospitalization medical expense: up to 60 days before the date of hospitalisation.
- Post Hospitalization expenses - up to 90 days post-discharge of the patient.
- Medical treatment taken at home is also covered only in case hospital transfer is not possible or a hospital bed is not available.
- Charges for Pre and Post Hospitalization at Home are covered up to 30 days.
- Expenses towards emergency ambulance service. The applicable amount is up to Rs. 2000 /-per hospitalization event.
- Cashless treatment in network hospitals across India
- Family discount of 25% for covering 2 and more family members depending on the policy you have chosen
- Grace Period of 30 days on renewal with all continuation benefit
- Tax benefit under section 80D, Income Tax Act 1961
- Contact Toll-free Helpline Number available
Besides these, ManipalCigna Health Insurance Company offers many more benefits depending on the health policies you buy.
7. SBI Health Insurance
Started in the year 2010, SBI Health Insurance Co. Ltd is a joint venture between State Bank of India and Insurance Australia Group (IAG). The company is committed to offering different types of health insurance.
Being one of the leading health insurance companies in India, SBI holds a 74% stake and IAG 26%. The Incurred Claim Ratio of SBI Health Insurance Co. Ltd for the fiscal year 2016-17 was 75.01%. As of now, the company has established over 23000 official branches of State Bank Group worldwide.
Moreover, the company has a presence in more than 110 cities pan India with another 350+ locations through satellite resources. Common benefits and coverage of health policies of SBI Health Insurance Co. Ltd includes:
Why Choose SBI Health Insurance?
- No medical test for people with no medical history (Depending on the policy you’re holding)
- Coverage for Pre and post hospitalization expenses
- Free Medical checkup for every 4 claim-free years up to a maximum limit of Rs.2500 subject to the policy you hold.
- Cashless facility across SBI’s network hospitals
- Tax benefit under section 80D, Income Tax Act 1961
- 1 year waiting for specified disease depending on the SBI’s health plan you have
- Coverage for daycare surgery where less than 24 hours of hospitalization is required.
- Ambulance charges of a 1% of Sum Insured subject to a maximum of Rs. 1,500
- Room boarding and nursing charges are covered.
There are many more benefits of choosing health policies of SBI Health Insurance Co. Ltd.
8. Bajaj Allianz General Insurance
Bajaj Allianz General Insurance Company is a joint venture between Bajaj Finserv Limited and Allianz SE. Both these companies are highly reputable, known for stability, expertise and strength. Finserv Limited holds a 74% stake and the remaining 26% stake is held by Allianz, SE.
Bajaj Allianz received the IRDA certificate of Registration on 2nd May 2001 to conduct several businesses, including health insurance business in India. Today, it offers a wide range of health products for people of a specific age group. The 3 popular health insurance products are Health Guard, Silver Health, and Star Package. The Incurred Claim Ratio of the company is 70.41% for the fiscal year 2016-17.
Why Choose Bajaj Allianz?
- Policies for people of all ages, ranging from 3 months.
- Different types of health policies available
- The claims presented to the company are approved within 1 hour in case of Cashless claims.
- 4000+ network hospitals and 1200+ diagnostic clinics around the country
- A facility of 24*7 call assistance for settlement of claims
- Value-Added Services which enable savings of up to 30% on medicines, OPD expenses, etc.
- OPD discounts, Pathology discounts, radiology, pharmacy, wellness tests
- Attractive health-related offers at select outlets
- The cumulative no-claim bonus of 10% up to a maximum of 50%.
- Coverage for medical expenses in case of hospitalization
- Pre and post hospitalization cover
- Availability of an in-house Health Administration Team
- Lifelong renewability
- Coverage for emergency ambulance charges
- No medical tests required until 55 years of age
Bajaj Allianz General Insurance Company has many more offers and benefits for its policyholders.
9. Oriental Insurance
The Oriental Insurance Company Ltd. Is a government-owned general insurance company. Established in 1947, the company offers different types of health insurance products in India. The good thing about this insurance company is that it does not ask for a pre-medical test up to the age of 60. In other insurance companies, the mandatory requirement of the pre-medical check-up is 45 years. The incurred claim ratio of the insurer is 112.11% for the fiscal year 2016-17.
The Oriental Insurance Company is committed to providing insurance coverage to a range of projects, which include chemicals, power plants, steel, and petrochemical plants. The company has different insurance options to deliver to the rural and urban population of the country.
Why Choose Oriental Insurance?
- Wide presence across India
- 31 regional offices and 1800 plus operating offices
- Claim Settlement Ratio (CSR) for the financial year 2015-16 was 83.71 per cent
- Financial cushion in case of planned or a sudden hospitalization
- Many health plans to choose that fulfils your insurance expectations
- Cashless Treatment in the Network-Listed Hospitals
- No Initial Screening up to 55 Years old Individuals
- Comprehensive Health Coverage to fulfill your insurance expectations
- Daily Cash Allowance on hospitalisation as per the sum assured
- The maximum sum insured to its insurance buyers
- Attractive Discounts on Premium
- The quick and hassle-free claim settlement process
- Lifelong insurance benefits
Oriental Insurance Company offers many more benefits. Before choosing any plan, know all the benefits and features.
10. New India Assurance
Founded by Sir Dorabji Tata in 1919, New India Assurance is a Multinational General Insurance Company. It’s a fully-government-owned company, operating in 28 countries. Headquartered in Mumbai, the company is widely known for its mediclaim policy. It is the only direct insurance company in India rated A - (Excellent) by AM BEST Company since 2007.
Moreover, New India Assurance has been rated AAA/Stable by CRISIL since 2014.
Why Choose New India Assurance?
Some of the common benefits that you can reap from the health policies of New India Assurance are as follows:
- Different ratings for major metros.
- Incurred Claim Ratio of 91.26% for the fiscal year 2016-17.
- New Born Cover under Family Floater Mediclaim Insurance Policy
- Inpatient Hospitalization expenses
- ICU charges: Up to 2% of Sum Insured per day under the same policy
- Room and Nursing Charge
- Specialists Fee, Surgeon Fee, Consultants Fee, Medical Practitioner Fee, and Anesthetist fees.
- Coverage for Organ Donor hospitalization expenses under Asha Kiran Health Insurance Policy
- 11 critical illnesses as specified 10% of the sum insured under Asha Kiran Health Insurance Policy
New India Assurance also covers the expenses incurred in Oxygen, Medicines, and Drugs, Blood, Artificial Limbs, Surgical Appliances, Anesthesia, Chemotherapy, OT Charges, Radiotherapy, Cost of Prosthetic devices implanted during surgical operation like a pacemaker, X-Ray, related test, and other expenses.
11. National Insurance
National Insurance Company Limited, India's oldest general insurance company, was inspired by the Swaraj movement and was established on 05 December 1906. After years of its establishment, it was formed with the company of 21 foreign and 11 domestic companies. It is fully owned by the government and serves its customers for more than a century. Its Incurred Claim Ratio is 97.25% for the fiscal year 2016-2017. Varishtha Mediclaim is the health product of National General Insurance Company that offers coverage to senior citizens.
Why Choose National Insurance Company?
Some of the common benefits of the company’s health products are:
- 30 days pre-hospitalisation and up to 60 days post-hospitalisation respectively
- 140 Plus daycare treatments. No need for 24 hrs hospitalization under some of its plans
- Expenses for Organ Donor hospitalization
- Ayurvedic/ Homoeopathy treatments are payable under this plan
- Hospital cash benefit per insured person
There are many other benefits of choosing the National Insurance Company. Before choosing any policy, make the eligibility criteria and go through the policy wordings.
These are the top ten health insurance companies in India. As the Incurred Claim Ratio of every company is good, you can buy the policy of any of these companies. The higher the ICR, the better for you.