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Top 10 Health Insurance Companies in India 2024

The question of the hour is, "Are you looking for the best health insurance companies?" If yes, then you are at the right place as we are here to provide you with valid answers to all your important questions.

Defining the top 10 health insurance companies in India does not depend on a singular factor. However, there are multiple criteria defining the same. Claim Settlement ratio, customer reviews, efficient customer support, benefits, and features are a few to be named.

Health insurance is one of the crucial components of financial planning. It offers financial security and peace of mind during the hard times of medical emergencies. In India alone, there are loads of health insurance companies that provide a range of medical policies to their customers. Mostly, they promise quick customer support, easy buying procedures, affordable premiums, great features & benefits, and efficient claim processes.

But, it is a confusing task to choose the best policy for us out of so many policies readily available today. To solve this problem, we have a compilation of the best health insurance companies in India that offer and promise you the best health plans.

Explore the Top 10 health insurance companies in India to make a suitable purchase decision for yourself and your loved ones.

List of 10 Best Health Insurance Companies in India 2024

Insurance Company
Claim Settlement Ratio for FY 2021-22
Network Hospitals
Solvency Ratio
Incurred Claims Ratio 2023
ACKO Health Insurance Company 97.20% 14300+ 4.3 83.88
Star Health and Allied Health Insurance Company 99.06% 14000+ 2.0 65
Kotak Mahindra Health Insurance Company 96.90% 9000+ 2.2 56.01
HDFC ERGO Health Insurance 98.49% 12000+ 1.7 79.04
IFFCO Tokio Health Insurance Company 89.38% 7000+ 1.7 111.18
ICICI Lombard Health Insurance 97.07% 7500+ 2.5 77.33
BAJAJ Allianz Health Insurance Company 96.59% 18400+ 3.6 74.27
Care Health Insurance Company 100% 9747+ 1.8 53.82
National Insurance Company 86.28% 3000+ 0.3 102.35
Reliance General Health Insurance Company 98.65% 9100 1.5 86.31
What is Insurance Company?

Any company that sells an insurance policy is the insurance provider. A good insurance company has a high CSR, solvency ratio, good customer reviews, a vast product portfolio, and transparency towards its customers.

What is Claim Settlement Ratio?

Claim Settlement Ratio is the percentage of claims settled by an insurer compared to the total claims received in a financial year. A good CSR lies somewhere between 95 to 99 percent.

What is Network Hospitals?

All the hospitals that have a tie-up with an insurance company where the policyholders of that company can get cashless treatments are known as the network hospitals.

What is Solvency Ratio?

Solvency ratio denotes the insurer's ability to settle its long term debts by comparing the company's available capital to its total liabilities.

What is Incurred Claim Ratio?

The ratio of the entire claim amount paid by the insurer to the total premium collected in one financial year is called the incurred claim ratio (ICR).

Best Health Insurance Companies- At a Glance

Acko Health Insurance

Established in 2016, Acko Health Insurance has rapidly emerged as a prominent company in the Indian healthcare insurance world. They offer a range of innovative and customer-centric insurance products. With a mission to make insurance accessible and hassle-free, Acko has brought digital platforms to streamline the insurance processes, from purchasing policies to claim processing. Their commitment to simplicity, transparency, and customer satisfaction has helped them gain a strong foothold in the industry.

  • The company provides complete online services. You can buy, renew and claim from the tip of your fingers, anywhere-anytime.
  • They offer up to Rs 1 Crore of Sum Insured.
  • You can opt between various types of Acko Health Insurance plans, such as individual plans, family floater plans, senior citizens plans, and much more.
  • The best part is that you can directly buy your plan from the company.

Star Health and Allied Insurance Company

One of the leading standalone health insurance companies, Star Health has amassed a vast customer base and has helped its customers by providing them with comfort and financial security during the hard times. Star Health Insurance has various products of health insurance featuring AYUSH treatment, 14000+ network hospitals for the best Medicare along with domiciliary hospitalization, day-care treatment, and much more.

  • India's one of the top standalone health insurance companies.
  • You can get a 360-degree wellness system if you purchase your health insurance from Star Health Insurance.
  • You can avail of a cashless claim settlement within 2 hours.
  • You can get the benefit of AYUSH treatment as well along with other benefits.

Kotak Mahindra Health Insurance Company

Kotak Mahindra Health Insurance, a subsidiary of Kotak Mahindra Bank, entered the market in 2015 after receiving its license from IRDAI. While Kotak Mahindra itself has a longstanding presence in the financial sectors, Kotak Mahindra is also expanding its offerings to cover the health insurance sector. They are providing extensive products of health insurance which is not only affordable but also has comprehensive coverage options.

  • The most award-winning company in the market.
  • Their annual premium number is 742 Cr.
  • They offer various health insurance plans covering individuals, families, senior citizens, and kids.
  • With Kotak Mahindra Health Insurance, you will get a 10% cumulative bonus for every claim-free year.

HDFC ERGO Health Insurance

HDFC ERGO Insurance Company is a joint venture of HDFC Limited and ERGO International AG. It has become a prominent insurance company that offers a wide range of healthcare coverage solutions. HDFC ERGO is known for its commitment to providing comprehensive and customer-centric health insurance plans. The company has a network of more than 12000+ branches spread across 170+ places. Their dedication to innovation, transparency, and customer satisfaction sets them apart in the insurance sector.

  • With HDFC ERGO health insurance, you can get 100% of your coverage restored instantly after your first claim.
  • You can get a free health check-up within 60 days of renewal of the policy.
  • The company provides comprehensive coverage related to any medical expenses.
  • You will get a 100% restoration benefit on the base coverage if you claim in the same policy period.

IFFCO TOKIO Health Insurance Company

IFFCO TOKIO Health Insurance Company is one of the prominent companies offering a wide array of health insurance solutions. Established in 2000, this company is a joint venture between the IFFCO and Tokio Marine Group, a leading Japanese company. Over the years, it has carved itself as the most comprehensive and affordable health insurance option for everyone. The aim of the company is to offer quality insurance.

  • You can avail of cashless claims across all the network hospitals of IFFCO TOKIO Health Insurance Company.
  • They have been serving their policyholders for 23 years.
  • The customer rating of the company is 4.8 out of 5.
  • You can seek help at any time of the day, customer care is available 24x7.

ICICI Lombard Health Insurance

ICICI Lombard Health Insurance company has created a prominent niche for itself in the Indian Insurance sector. It is a joint venture of ICICI Bank Limited from India and Fairfax Financial Holdings Limited from Canada. The company offers a wide range of health insurance that covers the expenses of hospitalization, daycare procedures, ambulance charges, and domiciliary hospitalization.

  • They offer comprehensive health insurance plans.
  • With the family floater plan of ICICI Lombard Health Insurance, you can cover up to 5 members of your family.
  • You can get the super top-up plan that can give additional coverage to you and your family.
  • The company has insured more than 32.7 million policyholders by now.

BAJAJ Allianz Health Insurance Company

One of the leading health insurance providers, BAJAJ Allianz is serving people across the country. The company founded in 2001 is a joint venture between BAJAJ Allianz SE, the world's leading insurer, and BAJAJ Finserv Limited and they have gained a firm foothold in the insurance sector with over 10 crore customers, 9000 employees, 80k agents, and 240 bank partners. Headquartered in Pune, Maharashtra, BAJAJ Allianz health insurance company has empowered millions of lives with its insurance products in the last 2 decades of its existence.

  • You will get a cashless claim benefit with every network hospital.
  • You can choose between various types of plans for individuals, families, senior citizens and kids.
  • Free annual health checkup for the policyholder above 60 years, so that you can diagnose any health problem at an early age.
  • BAJAJ Allianz has shown its existence in the market for more than 2 decades.
  • They have partnered with more than 18400+ specialized hospitals in the country.

Care Health Insurance Company

Care Health Insurance formerly known as Religare Health Insurance is a specialized standalone company in India. With a history dating back to its establishment in 2012, Care Health aims to make quality healthcare accessible to every citizen. They offer very innovative health insurance products that cater to the diverse healthcare needs of individuals and families. With a strong emphasis on customer satisfaction and ethical business practices, Care Health Insurance has established itself as a reliable and reputable entity in the Indian Insurance industry.

  • Earlier Care Health Insurance was known as Religare Health Insurance.
  • Care is one of the top health insurance companies having a 100% claim settlement ratio.
  • You can get the best health insurance as well as micro-insurance products for rural and urban areas.
  • You can avail of health care services at any of the network hospitals. And they have networked with more than 9747+ hospitals in India.

National Insurance Company

National Insurance Company Limited (NICL) is a fully owned general insurance company by the Government of India. Founded in 1906, this company is one of the oldest General Insurance Companies in India. They offer plans that can be renewed throughout the lifetime of the policyholders. They have the products of health insurance that offers a wide range of customizations for the needs of an individual, a family, a group, senior citizens, and more. National Health Insurance policy comes with access to wide hospital networks, add-on covers, cashless claims, protection from COVID-19, and many more features.

  • A government-owned health insurance company.
  • One of the oldest health insurance companies in India, founded in December 1906.
  • They offer a range of simplified health plans that can be helpful in case of emergency.
  • They have a range of 300 products in the market.

Reliance General Health Insurance Company

Reliance General Health Insurance Company is a subsidiary of Reliance Capital and a part of the Reliance Anil Dhirubai Ambani Group. Established in the year 2000, the company now has 139 offices and more than 28900 intermediaries across the country. They offer a wide range of health insurance products for the customers to choose from such as individual plans, family floater plans, critical illness plans, and group mediclaim health insurance policies to meet their healthcare needs.

  • Reliance General Health Insurance offers a range of health insurance products for individuals, families, and senior citizens.
  • With their super top-up plan, you can opt for coverage for alternative treatments such as gender change treatment costs, cosmetic treatments and others.
  • The company offers multiple wellness benefits, all you need to do is stay fit.
  • Enjoy tax benefits under Section 80D on buying a health insurance policy.

How To Identify Top 10 Health Insurance Companies In India

Look for the following factors to determine the top 10 health insurance companies:

  • High CSR

    A claim settlement ratio is the hallmark of trust and reliability for any health insurance provider. A high CSR indicates the number of claims settled by the insurer in a financial year as compared to the number of claims filed.
  • Vast Product Portfolio

    The top 10 health insurance companies are the ones that offer a wide range of health insurance products. Opt for health insurance providers with various health plans like individual, family, critical illness, senior citizen, etc to suit your every need.
  • Brand Legacy

    Opt for legacy brands that have been around and built customer trust over the years. Such companies are part of the top health insurance companies in the Indian market due to their long-standing service towards the customers with health plans, customer service, and claim settlements.
  • Efficiency

    The top 10 health insurance companies are the ones that offer prompt and efficient customer support not only during claim settlements but also during queries. Making customers feel supported leads any health insurance company to be a trusted brand.
  • Minimal Limitations

    A common USP of health insurance companies in India is designing health insurance plans with minimal limitations. Such as no room-rent limits, no disease-specific sub-limits, etc.
    Such health plans offer peace of mind and satisfaction to the insured individual.

How to choose the best Health Insurance Company?

Choosing the best health Insurance Company requires careful consideration of several factors. Here are some points to remember before choosing a health insurance company.

  • Understand Your Needs

    Determine what coverage is suitable for your needs and how much you can afford to pay in premiums.
  • Research Your Options

    Look for health insurance companies and check for their reviews and CSR reports.
  • Compare Plans

    Gather the information on the plans offered by different insurance companies. Pay your attention to the coverage details, including in-network and out-network providers. Also, compare the premiums, deductibles, co-pays, and out-of-pocket maximums.
  • Check Provider Networks

    Make sure that your preferred doctors, specialists, hospitals, and healthcare facilities are in the network of the insurance company.
  • Read the reviews and ratings

    Check the customer reviews or ratings of the insurance companies you are considering. Pay attention to the satisfaction of the customers and claim processing.
  • Check the Financial Stability

    Research the financial stability of the insurance company by reviewing its ratings and financial statements.
  • Understand Exclusions and Limitations

    Carefully review the policy documents and understand the coverage, exclusions, and limitations.
  • Customer Service

    Try talking to the customer care of the selected company by asking questions and evaluating their response, how they are helping you, and their willingness to assist you.
  • Check for Additional Benefits

    Some insurance plans offer a few additional benefits like wellness programs, telehealth services, and much more. Consider whether these extras are valuable to you.
  • Seek Professional Advice

    Consider consulting with the expert for your doubts and queries.

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Conclusion

Health insurance is a significant final decision that can be taken very peculiarly. So take your time to research and choose the plan that suitably meets your healthcare needs and budget. It is also important to periodically review your coverage to make sure it continues to meet your needs. Also, having a reliable health insurance policy is essential for safeguarding your financial well-being in case of unexpected medical expenses. The top 10 health insurance companies listed here can serve as a starting point for your research, but it is essential for you to dig deeper before selecting the insurance policy for yourself.

Top Health Insurance Company: FAQs

1. Top 5 health insurance companies in India based on claim settlement ratio.

The following are the top 5 health insurance companies in India based on the latest claim settlement ratio (CSR) for the year 2021-22:

  • Acko General Insurance
  • Care Health Insurance
  • Navi General Insurance
  • Niva Bupa Health Insurance
  • ManipalCigna Health Insurance

2. Which is the most popular type of health insurance?

Preferred Provider Organization (PPO) Plans.

3. Which health insurance company has the highest claim settlement ratio in India?

As per IRDAI's 2021-2022 data, Care Health Insurance Company has the highest claim settlement ratio which is 100%.

4. How many health insurance companies are there in India?

There are a total of 30 companies that provide health insurance in India.

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

Yes, you can port your health insurance policy from one company to another. You need to follow the process of porting. You can discuss your query with the company and fill out the form for the porting process.

6. Is there any health insurance company in India that covers insulin expenses?

Yes, insulin charges will be covered under diabetes health insurance. Plans from Star Health Insurance, Care Health Insurance, Aditya Birla Health Insurance, HDFC ERGO Health Insurance and many more will cover insulin charges.

7. What are the benefits of a health insurance policy?

Health insurance policy covers pre and post-hospitalisation expenses. It covers you from high and unexpected medical expenses.

8. What is the waiting period in health insurance policy?

Waiting period in health insurance plans is the period for which you need to wait before getting the insurance benefits. It starts from the date of policy commencements and the insured cannot claim health insurance benefits during that time.

9. What are the top 10 health insurance companies in India according to CSR?

The top 10 health insurance companies as per the claim settlement ratio (CSR) are:

  • Care Health Insurance
  • Star Health Insurance
  • Reliance General Health Insurance
  • HDFC Ergo Health Insurance
  • Acko Health Insurance
  • ICICI Lombard Health Insurance
  • Kotak Mahindra Health Insurance
  • Bajaj Allianz Health Insurance
  • IFFCO Tokio Health Insurance
  • National Insurance

10. How to select the top 10 health insurance companies in India?

When looking to purchase a health plan from the top 10 health insurance companies in India consider the following factors:

  • High Claim Settlement Ratio
  • Vast Product Portfolio
  • Brand Legacy
  • Minimal Limitations
  • Efficiency

11. Which standalone company is a part of the top 10 health insurance companies in India?

Stand-alone companies like Care Health Insurance (100%) and Star Health Insurance (99.06%) are among the top 10 health insurance companies in India. You can opt for a wide range of health insurance products when opting for these stand-alone health insurers.

12. Which is the best public sector health insurer among the top 10 health insurance companies in India?

National Health Insurance company is among the top health insurance companies in India and is an ideal insurer to protect yourself and your loved ones.

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Simran Saxena

Written By: Simran Saxena

An explorer and a curious person, Simran has worked in the field of insurance for more than 3 years. Traveling and writing is her only passion and hobby. Her main agenda is to transform insurance information into a piece that is easy to understand and solves the reader’s query seamlessly.