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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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 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.

With numerous health insurance providers in India, it can sometimes be daunting to choose the right insurance company. Hence, it is best to look for the one that has a good claim settlement ratio, a wide network of hospitals, and wide sum insured options. The factors help you choose the best health insurance company and hence the best health insurance plan for yourself and your loved ones.

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Disclaimer : Actual Coverage might vary basis your location, age and number of members

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.

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

Below is the list of top health insurance companies in India along with their claim settlement ratio as per FY 2019-2020.
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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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*Standard T&C Apply. All savings/offers are provided by the Insurers, which are subject to modification .For more details on risk factors, terms and conditions, please read the sales brochure of respective insurers carefully before concluding a sale. Tax benefits are subject to changes in applicable tax laws. Girnar Insurance Brokers Private Limited, (CIN: U66010RJ2016PTC054811, Regd .Off: Girnar 21, Govind Marg, Moti Doongari Road, Dharam Singh Circle, Jaipur, Rajasthan- 302004; Corp. Off: 11th Floor, Tower B, Emaar Digital Greens, Golf Course Extension Road, Sector-61, Gurugram-122102, Haryana. IRDAI License no 588. Direct Broker (Life & General) valid till 19th March 2023. Email - support@insurancedekho.com ; Helpline number: 7551196989.
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