Health Insurance Companies December 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.
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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.
Top 10 Health Insurance Companies in India Based on CSR
The details of top 10 health insurance companies as per the Claim Settlement ratio, as tabulated below, are as follows:
1. IFFCO Tokio General Insurance: Founded in the year 2000, IFFCO Tokio General Insurance is a joint venture between Indian Farmers Fertiliser Cooperative Limited (IFFCO) and Tokio Marine Group. The former is the world's largest fertilizer manufacturer and the latter is one of the largest insurance groups in Japan. IFFCO holds 51% in the company whereas the remaining 49% is held by the Tokio Marine Group. It is a general insurance company that apart from health insurance plans, sells car insurance plans, bike insurance plans, travel insurance plans, home insurance plans, and corporate policies like property insurance and liability insurance. The insurer offers a wide range of health insurance plans including individual health insurance plans, family floater health insurance plans, and senior citizen health insurance plans.
2. Care Health Insurance: Care Health Insurance, earlier known as Religare Health Insurance, is a joint venture of Reliance Enterprises Limited, Union Bank of India, and Corporation Bank. The company is a standalone health insurance company that offers a wide range of health insurance plans to cater to varied requirements of the policy buyers. These include individual health insurance plans, maternity health insurance plans, family floater health insurance plans, senior citizen health insurance plans, and critical illness health insurance plans. Some of the popular health insurance plans offered by the insurer include Care Freedom, Care, and Care Senior Policy. These plans come with different features and coverage benefits that suit different requirements of individuals at affordable premiums.
3. Magma HDI Insurance: Magma HDI General Insurance Co. Ltd. is a joint venture of Magma Fincorp Limited, and HDI Global SE Company, and is a popular insurance company in India. It has an impressive claim settlement ratio and offers a wide range of health insurance plans to fulfil different requirements of people. Apart from health insurance plans, it also offers other insurance products like fire insurance plans, marine insurance, motor insurance, etc. The insurer has a pan India presence with more than 135 offices in different states. Under its health insurance plans, the insurer offers wide coverage against various major healthcare expenses such as in-patient hospitalisation expenses, pre-hospitalisation and post-hospitalisation expenses, daycare expenses, etc.
4. The Oriental Insurance Company: Founded in 1947, the Oriental Insurance Company offers multiple health insurance products to its customers. The insurer has its head office in New Delhi and more than 29 regional offices and around 1,800 offices in different cities of the country. The insurer also conducts overseas operations in Nepal, Dubai, and Kuwait. Health insurance plans offered by the insurer are suitable for people living in rural areas, as well in urban areas. The insurer has a wide network of hospitals where you can avail cashless treatment without paying anything for the treatments covered under the policy. The insurer offers affordable health insurance plans and is hence preferred by many.
5. New India General Insurance: New India General Insurance is a multinational general insurance company that is headquartered in Mumbai, India and operates in 28 countries. The insurance company has more than 250 products including different types of health insurance plans for different sections of the society. The plans are affordable and cover you for several healthcare expenses such as in-patient hospitalisation expenses, pre-hospitalisation and post-hospitalisation expenses, daycare expenses, organ donor expenses,road ambulance expenses, etc. The policies are available at affordable premiums and you can avail cashless treatment under them, at the network hospitals.
6. Bajaj Allianz General Insurance: Bajaj Allianz General Insurance is another popular insurance company with an impressive claim settlement ratio. It is a joint venture of Allianz SE, and Bajaj Finserv Limited. One of the largest private insurers in the industry, Bajaj Allianz has its offices in more than 11 cities and towns. The insurer offers a wide range of insurance products, of which health insurance is one. With more than 6,500 network hospitals, the insurer offers cashless treatment to the insured under its health insurance plans. One can avail individual health insurance plans, family floater health insurance plans, senior citizen health insurance plans, maternity health insurance plans, etc. Over the years, the insurer has won several awards and accolades, which prove that the insurer offers reliable products to its customers.
7. Max Bupa Health Insurance: Max Bupa Health Insurance is one of the most popular standalone health insurance companies in India. People choose this insurer to buy health insurance plans that cover them as well as their families at affordable premiums. The Insurance company has multiple health insurance plans that cater to different requirements of individuals and families at affordable premiums. The plans come with different features and coverage benefits that you can choose as per your budget and other requirements. Some popular health insurance plans offered by the insurer are Health Premia, Health Companion, ReAssure, and MoneySaver Policy. These come with different sum insured options, that you can choose as per your requirement.
8. Navi Health Insurance: Navi Health Insurance is a new age online insurance company that offers different types of health insurance plans to fulfil varied health insurance needs of people. Started operating in 2017, the insurance company is a wholly owned subsidiary of Navi Technologies. It aims to make health insurance simple, affordable, and accessible to Indians. It is a general insurance company that apart from health insurance, also offers car insurance plans, bike insurance plans, property insurance plans, gadget insurance plans, and commercial insurance plans. It has more than 10,000 network hospitals where you can avail cashless treatment without any hassle. The insurance company has a hassle claim settlement process and hence many people look up to this insurer for their health insurance needs.
9. HDFC Ergo General Insurance: HDFC Ergo general Insurance is a trustworthy insurance company that offers a wide range of health insurance plans. These include individual health insurance plans, family floater health insurance plans, senior citizen health insurance plans, maternity insurance plans, health insurance for children, etc. The insurance company has a wide network of hospitals where the insured can avail cashless treatment without any hassle. The insurer has a helpful customer support team that solves the customers grievances.
10. ManipalCigna Health Insurance: A standalone health insurance company, ManipalCigna Health Insurance that was corporated in the year 2014. The insurance company offers a wide range of health insurance plans offering comprehensive coverage to the insured that cater to varied requirements of individuals. It is a trusted insurance company that provides varied insurance solutions such as personal accident plans, top-up health insurance plans, individual health insurance plans, daily cash plans, etc.
Best Health Insurance Companies in India
FAQ About Health Insurance Companies
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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