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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).

Health Insurance Providers

Number of Network Hospitals

Incurred Claim Ratio (2023)

Aditya Birla Health Insurance11000+64.68
Niva Bupa Health Insurance10000+54.05
Star Health and Allied Insurance14000+65
Care Health Insurance9747+53.82
ManipalCigna Health Insurance8751+64.66

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.

  • Plan Types

    Some health insurer providers provide their customers only basic insurance plans such as individual health insurance and family floater health. Even some of them offer specific plans for children, women, or senior citizens with an extra set of benefits. Remember that each plan has its own features and limitations, make sure that plan aligns with your healthcare preferences.
  • Network of Healthcare providers

    Check the provider's network of hospitals, clinics, doctors, specialists, and healthcare facilities. Ensure that the number of hospital networks is extensive for better connectivity during an emergency. However, the more extensive a hospital network, the more conveniently you can file a cashless claim.
  • Coverage and Benefits

    Check out the insurance providers' claim settlement ratio for the past 2 to 4 years. However, CSR between 75% and 90% is considered good. Make sure that the policy covers various medical assistance such as hospitalization, doctor visits, prescription drugs & medicines, preventive care, and specialist consultation.
  • Renewal and Underwriting Policies

    Understand the company's policies regarding policy renewals, premium increases, and underwriting practices. Some companies have more lenient underwriting criteria, making it easier to renew your policy or switch plans in the future.

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.

Health Insurance Companies

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

1. Where can I check about the Standalone health insurer market reputation?

Before making final decisions, check if the health insurance provider is approved by the IRDAI. You can visit their website for details such as ICR rate, number of hospital networks, or coverage benefits.

2. Can I transfer my health insurance policy to another insurance provider?

According to IRDAI, you can port your existing insurance policy to another provider without any deduction. Please note that portability is only available at the time of renewal of an existing policy.

3. Do all standalone health insurance providers in India provide cashless hospitalization?

Standalone health insurance providers have a tie-up with the number of hospitals so passengers can more conveniently file a cashless claim. Even at present, most insurance companies provide cashless treatment facilities.

4. How do I pick the right standalone health insurance company?

To select the right health insurance company for your health plan requires a specific analysis of a few factors to ensure that the insurer fulfills your needs and provides adequate coverage.

What Our Customers Have to Say

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Sahil Singh Kathait

Written By: Sahil Singh Kathait

Sahil is a passionate content writer with over two years of expertise in the insurance domain. He uses his knowledge in the field to create engaging content that the customer can relate to and understand. His passion lies in simplifying insurance terminology, ensuring a hassle-free understanding for potential policyholders. With his outstanding collaborative efforts with people, he understands different perspectives and keeps readers' viewpoints at the forefront of his content writing approach.