Standalone Health Insurance Companies

In the Indian insurance market, there are plenty of Standalone Health Insurance Companies. Therefore, picking the right one can become a daunting task that leaves you with a bucket full of stress. However, a sudden surge in the cost of healthcare facilities after the pandemic has made health insurance necessary for everyone.

When it comes to health insurance companies, insurers do everything by offering the best health plans with better coverage and services to fulfill the needs of prospective policyholders. It is hard to compare all the companies individually and determine the best health insurer because requirements may vary depending on the people.

Even a single insurance provider cannot fulfill the needs of everyone. But you can consider a few factors while picking the best health insurer, such as incurred claim ratio, number of network hospitals, and other features.

IRDAI Approved List of Best Standalone Health Insurance Providers

With several standalone health insurance providers in India, we've curated a list of some of the IRDAI-approved best Standalone Health Insurance Companies in India. Before making final decisions, make sure to check and compare the health insurance providers' claim ratio incurred, hospital network, claim process, pre/post hospitalizations, coverage benefits, etc. Here are some of the best standalone health insurance providers mentioned below based on the annual report of IRDAI with the given Incurred Claim Ratio (ICR).

What Aspects Should Be Considered When Choosing a Standalone Health Insurance Company?

When it comes to selecting the right standalone health insurance requires a thorough study of a few factors to make sure that the insurer is fulfilling your needs and providing adequate coverage. Please note that individual insurers cannot fulfill the needs of everyone because the requirements may vary depending on the person. Check out the pointers below to choose the insurance company that best fits your needs.

Key Features of Standalone Health Insurance Providers

1. Aditya Birla Health Insurance

   Aditya Birla Health Insurance is a well-known standalone health insurance provider and a subsidiary of Aditya Birla Group. Since its establishment, the company has earned several awards and accolades over the past few years. For instance, ABHICL rewarded Aditya Birla Health Insurance as the best insurance company in 2019.

   Here are some key features and benefits associated with Aditya Birla Health Insurance Policy-

   • The policyholders can earn up to 100% premium return as health returns. However, the company also provides policyholders access to gyms, wellness centers, and diagnostics centers to keep motivating policyholders toward health and wellness.
   • Aditya Birla Health Insurance plans typically cover various medical expenses, such as hospitalizations, doctor's fees, diagnostic tests, surgeries, Etc.
   • The insurer has an 11000+ hospital network pan India and aims to provide convenient cashless hospitalization facilities. Even it includes several reputed hospitals and healthcare facilities.
   • Aditya Birla Health Insurance Plans often offer a no-claim bonus. Let's assume you may missed to claim during a policy year. In that case, you'll get a bonus through increased coverage or reduced premiums during the subsequent year.

2. Niva Bupa Health Insurance

   Niva Bupa Health Insurance is known for its wide range of health insurance plans, with an ICR of 54.05% for the fiscal year 2023. However, it is one of the trustworthy standalone insurers that aims to make the claim process hassle-free.

   Here are some key features and benefits associated with Niva Bupa Health Insurance-

   • The insurer has a 10000+ hospital network pan India so that policyholders can avail of cashless hospitalization facilities at their convenience. It allows you to get medical treatment without paying cash upfront.
   • Niva Bupa Health Insurance some plans may provide coverage for daycare treatments that don't require 24-hour hospitalization.
   • The insurance company might provide a no-claim bonus for every claim-free year, increasing the sum insured or reducing the premium.
   • Generally, health insurance plans from Niva Bupa offer lifetime renewability, ensuring that you can continue to have coverage as long as you renew the policy on time.

3. Care Health Insurance

   Care Health Insurance is a specialized health insurer in India known for its products in the retail segment for insurance policies. Since its establishment, Care Health Insurance has shown remarkable change, setting a benchmark in the insurance market. Even it has been rewarded as a 'Smart Insurer of the Year' in 2021. It is the most preferred health insurance provider offering cost-effective, innovative, and tailor-made plans.

   Here are some key features and benefits associated with Care Health Insurance-

   • Generally, insurance plans from Care Health Insurance are designed to meet everyone's requirements, such as individual & family floater plans, health insurance plans for diabetes & hypertension, senior citizen plans, and top-up plans.
   • Policyholders can often avail of cashless hospitalization at a network of hospitals. Please note that the insurer usually provides cashless claim approval within 2-hours.
   • Even certain plans may provide maternity coverage, which includes expenses related to pregnancy, childbirth, and postnatal care.
   • Care Health Insurance might offer plans covering critical illnesses, providing a lump sum payout upon diagnosis of a critical illness.

4. Star Health Insurance

   Since its establishment in 2006, Star Health & Allied Insurance Company has gained prestige as a dedicated health insurance provider, offering a range of health insurance plans to individuals, families, and businesses. However, standalone health insurers like Star Health Insurance focus exclusively on health insurance products and services, distinguishing them from general insurance companies.

   Here are some key features and benefits associated with Star Health Insurance-

   • Star Health focuses exclusively on health insurance, offering specialized coverage for medical expenses and treatments.
   • Offers a network of hospitals where policyholders can avail of the cashless treatment, making the claims process more convenient.
   • Even the insurer covers a range of conditions covering Diabetes and HIV+ patients.
   • Boasts an in-house claim settlement process, ensuring faster and smoother claim processing for policyholders.

5. ManipalCigna Health Insurance

   ManipalCigna Health Insurance is a joint alliance between the Manipal Group and the well-known Cigna Corporation. In a partnership, they've more than 200 years of expertise in the healthcare sector. Its incurred claim ratio is 64.66% and ties up with more than 8751+ hospitals pan India.

   Here are some key features and benefits associated with ManipalCigna Health Insurance

   • The insurer provides tailor-made health plans to cater for the needs and preferences of each customer.
   • The insurance provider also provides one of the best plans for critical illness covering nearly 30 major diseases.

Conclusion

Hopefully, the article's details above will help you choose the right Standalone health insurance company. We've curated a list of the IRDAI-approved top health insurance providers in India based on ICR rate, number of hospital networks, and coverage benefits. Their well-known health insurance providers set a benchmark in the insurance market.

Standalone Health Insurance Companies: FAQ's