Health Insurance Companies August 2021

There are currently 30 insurance companies in India that offer reliable health insurance plans. Out of these, 25 are general insurance companies and 5 are standalone health insurance companies. All these companies have unique features of their own and cater to different requirements of customers.

Started in 1986 in India, the health insurance industry has seen exponential growth in the country. As of now, there are 30 insurance companies in the country that offer health insurance products.

Out of these, 25 are General Insurance Companies in India offering health insurance plans and 5 are Standalone Health Insurance companies. A general insurance company deals in various insurance products such as travel insurance, motor insurance, health insurance, rural insurance, etc. except life insurance, whereas a standalone health insurance company deals only in health insurance.

Best Health Insurance Companies in India

Below is the list of top health insurance companies in India along with their claim settlement ratio as per FY 2019-2020.

Rank

Health Insurance Company

Health Claim Settlement Ratio FY20

Network Hospitals

1.

IFFCO Tokio General Insurance

96.33%

5,000+

2

Care Health Insurance

95.47%

7,400+

3

Magma HDI Health Insurance

95.17%

4,300+

4

The Oriental Insurance Company

93.96%

4,300+

5

New India General Insurance

92.68%

1,500+

6

Bajaj Allianz General Insurance

92.24%

6,500+

7

Max Bupa Health Insurance

89.46%

4,500+

8

Navi General Insurance

86.98%

5,100+

9

HDFC ERGO General Insurance

86.52%

10,000+

10

Manipal Cigna Health Insurance

85.72%

6,500+

11

Edelweiss General Insurance

85.57%

2,500+

12

National Insurance Company

83.78%

6,000+

13

Future Generali General Insurance

82.96%

5,100+

14

Royal Sundaram General Insurance

81.50%

5,000+

15

Liberty General Insurance

81.03%

5,000+

16

ICICI Lombard General Insurance

78.67%

5,000+

17

Star Health Insurance

78.62%

9,900+

18

United India Insurance Company

78.03%

7,000+

19

Reliance General Insurance

76.43%

7,300+

20

Tata AIG General Insurance

76.04%

3,000+

21

Bharti AXA General Insurance

76.01%

4,500+

22

Kotak Mahindra General Insurance

75.45%

4,000+

23

Acko General Insurance

74.09%

5,000+

24

Aditya Birla Health Insurance

70.81%

6,000+

25

Universal Sompo General Insurance

70.75%

4,000+

26

SBI General Insurance

66.08%

6,000+

27

Go Digit General Insurance

63.56%

5,900+

28

Cholamandalam MS General Insurance

56.25%

8,000+

(Source: IBAI’s General Insurance Claim Insights Handbook - 5th Edition.)

How To Choose The Best Health Insurance Company In India?

Every health insurance company in India has unique features that set it apart from other companies. Also, there is no insurance company that suits everyone.

The definition of the best health insurance company varies from individual to individual depending on their requirements and health goals. For instance, some individuals may find one insurance company best for them due to the wide network of its partner hospitals offering cashless claim facilities, while some others may give more weightage to the quality of services offered or the availability of customer support.

Following are the factors which you must consider while comparing different top health insurance companies in India that meet your requirements:

1. Availability of Health Insurance Plans

One of the primary factors of comparison of different health insurance companies is the types of health plans offered by insurance companies. While some insurance companies offer only generic health insurance plans like the individual health insurance plan and the family floater health insurance plan, some insurance companies offer plans specifically designed for certain categories like for women, children, senior citizens. Choose the insurance company which offers the plan matching your requirements.

2. Cashless Network Hospital

Every health insurance company partners with a number of hospitals at which it allows cashless claim facilities. While choosing a health insurance company, it is wise to know the strength of a cashless network hospital of an insurer. The wider the network, the better it so that you can initiate a cashless claim in a nearby hospital.

3. Claim Settlement Ratio

The claim settlement ratio of a health insurance company tells the percentage of claims settled by it out of the total number of claims received during a financial year. The higher the claim settlement ratio, the better it is.

4. Customer Support Service

Another important factor to consider while choosing a health insurance company is the availability and quality of the customer support service offered by it. It is always good to choose a company which offers 24*7 customer support so that you can anytime get your queries resolved.

5. Business Volume

Business volume means the total number of policies that an insurance company has sold and collected the premium. An insurance company that has sold more policies indicates that it has a larger market share and hence can be trusted by the people. Business volume can be considered as a parameter to judge health insurance companies where higher volume means greater trust among the customers.

6. Claim Settlement Process

Choosing an insurance company that offers a smooth claim settlement process is very important. This is because no one would want to get involved in time taking or complicated processes at the time of emergency. So, it is recommended to go for an insurance company that has lesser claim formalities so that you can save time and effort.

7. Reviews And Ratings

Knowing reviews from the existing policyholders about a health insurance company helps you make an informed decision. For this, you can read customer reviews for different insurance companies at InsuranceDekho and go for the company that has positive feedback. Also, consider star ratings of the insurance companies which again you can find on InsuranceDekho’s website. You can also do some research in order to choose the best insurance company.

8. Awards and Accolades

On the website of every insurance company, you will find a section of awards and accolades. There you can check how many recognitions a particular insurance company has won. A higher number of awards and recognitions indicate the greater credibility of the company. So, when choosing an insurance company, go with the one that has consistently won several awards and accolades that makes them an all-rounder.

9. Customer Support

A good insurance company has a great customer support team. So, you must choose an insurer who is available 24*7. They must have a helpline number where you can call and get your grievances addressed. Not only call, but you should also be able to reach out to them via email, chat, etc. It makes it easy for you to face several doubts related to health insurance coverage when the insurer is helpful and easily approachable.

10. Digital Presence

Nowadays, the majority of insurance-related work takes place online. This means you are no longer required to visit the insurer’s office, chase insurance agents and pay a lot of bucks as brokerage, or submit a pile of documents to get health insurance coverage. You can simply do all of it by logging in and availing of health insurance services or any related information on the official website of the insurer. So, it is imperative to choose an insurance company that has a good and strong digital presence so that you can purchase and maintain a health insurance policy with the utmost ease.

How To Buy Best Health Insurance Policy Online in India With InsuranceDekho

InsuranceDekho offers a quick, transparent, and paperless process to buy health insurance. All you need to do is follow the simple steps given below and you can own the policy within a few minutes.

Step 1: Visit InsuranceDekho and click on the tab for ‘health’.

Step 2: Select your Gender. Enter your Name and Mobile Number. You will receive an OTP on the provided mobile number, enter that.

Step 3: Tell us when you plan to buy the insurance policy. Click on ‘View Instant Quotes’ to proceed.

Step 4: Select the family members you want to include in the policy along with yourself. Click on ‘Continue’.

Step 5: Select the age of the selected family members. Click ‘Continue’.

Step 6: Enter your Email ID and City and click on the ‘Submit and View Quotes’ button. Quotes customized as per your details will appear on your screen. Choose the one which best suits your requirements.

Step 7: Choose the tenure of the selected health insurance plan, enter the required details, and proceed with the payment.

After successful payment of the health insurance premium, you will receive the policy documents via mail within the stipulated time.

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FAQ About

  • Which health insurance companies in India offer cashless hospitalisation facilities to the insured?

    Care Health Insurance, Aditya Birla Health Insurance Co. Ltd., Star Health  and Allied Insurance Co. Ltd., Future Generali India Insurance Co. Ltd., Cholamandalam MS General Insurance Co. Ltd., Tata AIG General Insurance Co. Ltd., The New India Assurance Co. Ltd, Oriental Insurance Co. Ltd. are some insurance companies that offer cashless hospitalisation facility to the insured. Health insurance plans offered by all of these insurers can be purchased online at InsuranceDekho. 

  • Which are the top 5 health insurance companies on the basis of Claim Settlement Ratio (CSR)?

    Best health insurance companies in India on the basis of claim settlement ratio (CSR) for the financial year 2017-2018 are listed below:

    • IFFCO Tokio General Insurance Co. Ltd. (CSR of 96.57%)
    • Magma HDI General Insurance Co. Ltd. (CSR of 96.41%)
    • The New India Assurance Co. Ltd (CSR of 95.92%)
    • Oriental Insurance Co. Ltd. (CSR of 94.28%)
    • Bajaj Allianz General Insurance Co. Ltd (93.68%)
  • Is there any health insurance company in India that offers cover to kidney transplant patients?

    Yes. There are several health insurance companies that offer organ donor cover as an add-on cover or in-built feature under their health insurance plans. These plans cover the hospitalisation expenses of the donor. Before deciding which policy to buy, you must check for the inclusions and exclusions under a policy in order to make an informed decision.  

  • Why do health insurance companies offer cover only for hospitalisation expenses in India?

    It is a misconception that health insurance companies only cover the insured for hospitalisation expenses in India. Instead, there are several health insurance plans offered by reliable health insurance companies that cover treatment expenses based on some factors. Other benefits that the health insurance companies offer include cover for daycare procedures, domiciliary treatment, organ donor expenses, ambulance expenses, OPD expenses, and so on.  

  • Can I port my health insurance policy from one health insurance company to another?

    Yes, you can. If the insurer offers portability benefits, then you can port your existing health insurance policy from one insurer to another. Portability benefit is availed often when the insured is not satisfied with the insurance company or is getting better benefits with another insurance company. For this, you will be required to contact the respective company in which you wish to port your health insurance policy. Note that the portability benefit can only be availed at the time of renewal. 

  • Is there any health insurance company in India that covers me for insulin expenses?

    Yes. There are several health insurance companies that cover you for healthcare expenses related to diabetes. Some of them include Star Health  and Allied Insurance Co. Ltd., Care Health Insurance, HDFC Ergo General Insurance. To buy these health insurance plans, you can get in touch with the customer care executives at InsuranceDekho.  

  • How many health insurance companies are there in India?

    Currently, there are 30 insurance companies in India that offer health insurance products. Out of these, 25 are general insurance companies and 5 are standalone health insurance companies.

  • Which is the best health insurance company in India?

    There are various factors which make a health insurance company the best among all insurance providers. In the financial year 2018-19, IFFCO Tokio General Insurance featured the highest Claim Settlement Ratio of 96.57%.

  • Which are the standalone health insurance companies in India?

    Following are the standalone health insurance companies in India:

    • Max Bupa Health Insurance 
    • Care Health Insurance 
    • Star Health and Allied Insurance 
    • Manipal Cigna Health Insurance 
    • Aditya Birla Health Insurance
  • Which are the public insurance companies that offer health insurance to the customers?

    In India, there are 4 public insurance companies that offer health insurance to the customers namely New India Assurance Company, Oriental Insurance Company, National Insurance and United India Insurance.

  • How many private companies are there in India that offer health insurance?

    In India, there are 26 private insurance companies that offer health insurance plans to the customers.

  • Name the top 3 health insurance companies in India in the year 2019 as per Claim Settlement Ratio, released by IBAI.

    As per the Claim Settlement Ratio (CSR) released by Insurance Brokers Association of India (IBAI), the top 3 health insurance companies are IFFCO Tokio General Insurance with CSR of 96.57%, Magma HDI with CSR of 96.41%, and New india Assurance with CSR of 95.92%.

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