Which Is The Best Health Insurance Company In India
Published On Jun 20, 2022 10:00 AM By InsuranceDekho
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However, it is not possible to figure out which is the best health insurance company in India as different people have different health needs and a single insurer cannot fulfil the needs of all the people. Nonetheless, we have listed some of the best health insurance providers in India. You can check their incurred claim ratio, number of network hospitals, and other features while selecting the best health insurance provider. You should also compare the various health insurance companies based on coverage benefits and features before making a choice.
Top Health Insurance Companies
1. Bajaj Allianz Health Insurance
Bajaj Allianz General Insurance Company has some health products that are very beneficial for customers from a particular age group. Bajaj Allianz Insurance Company was the first to provide captive TPA services with certain additional benefits. Its Incurred Claim Ratio is 85% for the fiscal year 2018-19. Below are some of the features of Bajaj Allianz Medical Insurance plans:
- Once can select from 3 major health insurance products namely- Health Guard, Silver Health, and Star Package.
- The insurer offers health coverage to individuals, families, as well as senior citizens
- Also, Bajaj Allianz's health insurance has designed specific health plans that cover life-threatening illnesses like strokes, tumors, cancer, etc.
- Additionally, the insurer makes cashless claim settlement facility available in more than 6500 hospitals
- For international coverage, the insurer offers Global personal guard health plan
- Moreover, the insurer is known to settle cashless claims within 60 minutes
2. Bharti AXA Health Insurance
Commenced in August 2008, the company works in collaboration between Bharti Enterprises with 74% share and AXA with the remaining 26% share. Bharti enterprise is one of the renowned business corporations in India. Bharti AXA is a global financial and wealth management company. Below are some of the benefits of buying Bharti AXA health insurance plans:
- In most of the Bharti AXA health plans, there is no requirement of co-payment
- Certain plans provide unlimited hospital room rent
- You can avail cashless hospitalization in more than 4500 network hospitals throughout India
- There is the flexibility to choose the plan and you can avail comprehensive medical cover up to Rs. 1 Crore
- Lifelong policy renewal facility is offered in all the Bharti AXA health insurance policies
- You can avail tax-saving benefits up to Rs. 55,000 under Section 80D
3. Care Health Insurance (Formerly known as Religare Health Insurance)
Care Health Insurance Limited (Formerly known as Religare Health Insurance Company Limited) has shown tremendous growth in a short period of time, thereby setting a benchmark in the insurance market of India. It had an Incurred Claim Ratio of 93% for the financial year 2018-19. It is being regularly appreciated and promoted by the Fortis Hospitals. Here are some of the key features of Care Health Plans (Formerly known as Religare Health Insurance):
- There is a plan to meet everyone’s requirement namely- individual & family floater plan, health insurance plan for diabetes and hypertension, senior citizen plan, and top-up plans
- The insurer offers cashless claim approval within 2-hours in most of the cases
- Most of the plans offer Annual-health check facility to the insured members
- For pre-existing health ailments and annual cardiac check-ups, Care Health Care Heart plan is available
4. Cholamandalam Health Insurance
Based on the T3 motto- ‘Trust, Technology and Transparency’ Cholamandalam GI Co. Ltd. was founded in the year 2001. In a very short span of time, the company has spread its business across the country and now it has 109 branches across the country. In the year 2011, it was awarded the Financial Insights Innovation Award at the Asian insurance Congress for its innovativeness. Cholamandalam health insurance offers health coverage with attractive features and benefits at an affordable cost. The company offers user-friendly plans with extensive coverage. Cholamandalam medical insurance plans are undoubtedly a safe bet for the following reasons:
- Cholamandalam health insurance company has more than 136 branches across India
- Both critical illnesses as well as an accidental cover is available (in selected health plans)
- The insurer offers lifelong renewability to protect you and your loved ones from the financial burden caused by a medical exigency
- Most of the medical insurance plans cover pre-hospitalization expenses for 30 days and post-hospitalization expenses for 60 days
- Some health plans also offer annual health check-up facilities
- The insurer provides one of the most extensive family health plans, individual health plans, top-up plans, and critical illness insurance plans
5. Digit Health Insurance
Digit General Insurance Company is headed by Mr. Kamesh Goyal, who is the CEO. In the last year only, the insurer has issued more than 10 lakh policies. The company also has a record of settling 87% of the claims in just one day. The insurance provider has also been felicitated with Asia’s General Insurance Company of the Year Award 2019. Let’s check out what makes its suitable choice for buying health insurance:
- The sum assured options range from as low as Rs. 2 lakhs to a higher of Rs. 25 lakhs
- The insured can avail cashless hospitalization cover in close to 5900 hospitals PAN India
- Digit health insurance plans are online and digital-friendly and can be purchase without much of paperwork
- Moreover, there are no sub-limits on the hospital room rents
According to a study backed by researchers, there are about 57 health insurance companies in India. And, it’s totally worth it to add health insurance to your personal finance planning.
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