Top 5 Health Insurance Companies
Updated On Sep 24, 2021
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Health insurance plans have gained immense importance over the past few years due to the ongoing pandemic and its spread all over the world. Health insurance providers have rolled out plans that cover the COVID-19 related medical expenses for the policyholders. Health insurance plans are contracts abiding to which the health insurance provider compensates for the medical dues of the policyholders. Health insurance plans come with benefits like pre and post hospital costs, domiciliary expenses, room rents, ambulance charges, and much more. It provides the policyholders who are also taxpayers with tax reduction benefits under the Section 80D of the Income Tax Act.
Before investing in a particular health insurance plan, you must analyze your requirements and consider certain factors like your age, number of family members to be insured, financial budget, medical history, and much more. After having considered all the necessary factors, you must compare several plans to make sure that the features of your desired plan meet your requirements at an affordable price. The health insurance company that you choose to buy your insurance plan must have a good track record of the claim settlement process, so that you do not face any inconvenience at the time of a medical emergency.
Top 5 Health Insurance Companies In India
Let us look at some of the popular and well-known health insurance companies in India that provide comprehensive and affordable health insurance plans to the customers:
1. Aditya Birla Health Insurance
This health insurance company has a global image for its quality services in the health insurance market. It has a huge network of 6000+ linked hospitals around the country that provide cashless claim treatments to the customers and it includes the medical costs of AYUSH treatments along with the other forms of treatments. It provides its policyholders some perks like access to over 800 fitness gyms and yoga centres encouraging a healthy way of living.
Must Read: Tax Benefits In Health Insurance
2. Bajaj Allianz Health Insurance
This health insurance company has exclusive insurance plans for all age groups of people. It has an expanded network of 6,500+ hospitals that ensure cashless claims and the company incurred a claim settlement ratio of 92.24% in the FY 2019-20. The policies by Bajaj Allianz health insurance are of different types like for the individuals, family, senior citizens, etc. A Global Personal Guard health plan is available for international coverage of the individuals. Also, it settles the claim in around 60 minutes for the customers.
3. Bharti AXA Health Insurance
It is one of the well-known companies in India and is a trusted emerging insurance firm. In most of its health insurance policy products, there is no need for co-payments and it offers an open choice to the policyholders to choose a plan with sum assured up to Rs. 1 Crore. Alongwith the tax saving perks under Section 80D of the Income Tax Act, the policyholders get the benefit of lifelong renewability of the policies. The company has a network of 4,500+ linked hospitals for ensuring cashless claim benefits and it incurred a claim settlement ratio of 76.01% in the FY 2019-20.
4. Care Health Insurance
It is one of the rapidly growing insurance companies in the subcontinent and is prominently known for its comprehensive health insurance policies. The company incurred a claim settlement ratio of 95.47% in the FY 2019-20 and has a network of 7,400+ hospitals for providing cashless claims to its policyholders. It approves the claim request in around 2 hours and offers facilities like annual health check-up, cardiac check-ups, etc.
5. IFFCO Tokio Health Insurance
This is one of the prominent health insurance providers in the market, as it provides a wide range of health insurance products in the market and it also ensures the quality services of the policyholders at the private hospitals in network with the insurer. The company has a good track record of claim settlement ratios and the plans offered by IFFCO Tokio are both comprehensive and cost-effective for all the groups of the society.
Apart from the above mentioned health insurance plans there are several other plans that are available in the insurance market by different health insurance providers. You must carefully go through the policy terms to make sure that necessary inclusions and exclusion have been made by the insurer.
Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.