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Health insurance companies in India provide various health plans to cater to the different needs of the masses. From covering all major medical expenses to offering additional benefits such as free health check-up, wellness programs, etc., every health insurance company in India design mediclaim policies with different features for customers. Needless to say, unprecedented times like the current pandemic have increased the importance of having medical insurance for everyone to deal with unavoidable healthcare expenses.
With more than 28 IRDAI-approved health insurance providers in India, choosing the ideal one for you can be a task. Thus, for your convenience, we at PolicyX.com, have provided a list of all the health insurance companies in India along with the factors which will help you in selecting a suitable insurance company for yourself. Read along and then make a choice accordingly.
A crucial aspect to evaluate a company as reliable. It defines the claim settling ability of an insurance company. An insurance company's claim settlement ratio reflects the proportion of claims settled by it against the total claims raised. Thus, always opting for the insurance company with a higher ratio means that there are higher chances of getting your claim approved in the time of need.
Insurance companies have tie-up with many hospitals where an insured can avail of cashless treatment and the insurer settles the medical bills directly with the hospital. It is very important to check the list of network hospitals to locate the ones you prefer in your area. Ideally, a good insurance company should carry a long list of network hospitals.
Solvency ratio
It helps in assessing whether an insurance company has sufficient assets to pay off claims and meet its long-term financial obligations. As mandated by IRDAI, every health insurance company has to maintain a minimum solvency ratio of 1.5. A higher solvency ratio means that the insurers have a higher proportion of asset holdings. It will be good news for customers as in the case of bulk claims, the company will have enough resources to pay off the claims to the customers.
Annual premium
Annual premium volume is the number of premiums earned by a health insurance company in a year. It gives an idea of the number of policies that a company sells annually.
Variety of Plans
Buying a product/service with minimal research will make you want more. That's why it is important to explore all options before zeroing in on the plan. Health providers offer different plans to target/satisfy the different needs of their customers. Choose the one that makes you happy.
Customer Testimonials
It is important to ensure that the insurance company you select holds a good reputation in the market. And the best way to determine the trustworthiness of any insurance company is to study the customer reviews and ratings of that company. It is a fact that the insurance company, which has a wider customer base and collection of good reviews is more trustworthy and likely to have a sufficient amount of resources required to pay for claims.
The below table is showing the list of 28 health insurance companies in India with their current claim support and solvency ratio.
*Annual Premium and CSR data sourced from IRDAI Annual Report 2019-2020
**Network Hospitals data sourced from the official websites of respective companies
***Disclaimer: The sequence of the companies in the table does not define their ranks.
Planning to buy a health insurance policy? Choose plans offered by top health insurance companies.
Planning to buy a best health insurance policy? Choose plans from the 10 best health insurance companies in India. PolicyX has narrowed down your search for the best health insurance company by recommending you a list of the 10 best health insurance companies in India.. These companies have been chosen based on a combination of high claim settlement ratio, vast network hospital list, above-mandate solvency ratio, and high annualized premium volume.
India’s first Standalone Health insurer, Star Health & Allied Insurance Co. Ltd. is based in Chennai. This year, the company filed for its initial public offering (IPO).
USPs
Formerly known as Religare Health Insurance Company Limited, it is a part of the Religare Group and a direct subsidiary of Religare Enterprises Limited.
USPs
A joint venture between Max India Limited and Bupa (a UK-based global healthcare group). Rebranded to Niva Bupa Health Insurance from Max Bupa Health Insurance.
USPs
A partnership between HDFC and ERGO International AG, one of the insurance subsidiaries of the Munich Re Group of Germany.
USPs
A co-partnership between Bajaj Finserv Limited and Allianz SE, German multinational financial services company. It has completed 20 years in the insurance industry this year.
USPs
A co-partnership between the Tata Group and American International Group (AIG). The company has completed 20 years as one of the leading insurance providers in India.
USPs
A subsidiary of Aditya Birla Capital LTD, and a joint venture between Aditya Birla Group and MMI Holdings. It recently announced its bancassurance partnership with Federal Bank.
USPs
A joint venture between the State Bank of India and an Australian Company. The company branches are situated in 110+ cities in PAN India.
USPs
Reliance Health Insurance Company is a subsidiary of Reliance Capital. It received the license to conduct general insurance business in India from IRDAI in 2000.
USPs
A co-partnership between ICICI Bank Limited and Fairfax Financial Holdings Limited. In 2021, ICICI Lombard took over the Bharti AXA General Insurance.
USPs
A quick glance at top health insurers based on key factors.
Claim Support Ratio
100%
99.90%
99.91%
Network Hospitals
16500+
13000+
11000+
Compare Plans from Top Companies | |||
Plan | Sum Insured | Sample Premium | |
Star Comprehensive | 5L - 1Cr | INR 10,420 | Get Quotes |
Niva Bupa Reassure | 3L - 1Cr | INR 11,409 | Get Quotes |
HDFC ERGO Optima Restore | 3L - 50L | INR 15,065 | Get Quotes |
Care Freedom | 3L - 10L | INR 12,346 | Get Quotes |
*Sample Premium is calculated for 1A | 30 Yrs | 5Lacs
Choose Health Insurance Coverage of Your Choice
Before purchasing a mediclaim, consider the below-mentioned aspects to choose the best health insurance company in India out of all 28 options and co-relate them with your specific needs and preferences.
Purchasing a health plan from the best health insurer makes a huge difference to your overall experience such as:
Higher chances of claim settlement | Best offerings & wide coverage | Quick grievance redressal |
Value for money paid | Premium payment flexibility | Ease of purchase, portability, renewal |
There are a total of 28 health insurance companies in India. So, choosing the best one becomes difficult for anybody. You can do some research or you can talk to our customer service team and choose the one that suits you best for your requirements. Mentioned below are some of the factors that you can consider while selecting the best medical insurance company:
Choosing one of the Best Health Insurance companies solely depends on your personal healthcare needs. At times it is possible that the top health insurance companies suggested by us may not fulfill your requirement criteria or may not fit into your budget.
Thus, you can always take a hint from the above-mentioned factors and can choose the ideal health insurance company as per your needs and requirements.
There are 24 insurers in India providing the best-customized health care solutions. The best health Insurance companies will offer wide medical coverage, such as doctor visits, hospitalization expenses, surgery fees, medicinal costs, nursing allowance, hospital room rent, cashless treatment, maternity plan, etc.
The following are the top health insurance companies in India based on claim settlement ratio (CSR) for the financial year 2020-21:
Keep these factors in mind, as they set the best Health Insurance Companies apart:
There are multiple ways to contact an insurance company. You can either call at its customer service number, write an email, or visit the nearest branch of the company. Contacting details of the insurance company can be found from its respective website.
PolicyX.com has created a list of the top 5 health insurance providers in India based on their market share, cashless network, and claims settled according to (IRDA reports 2020-21). Companies that ranked in the top 5 positions are:
There are only 5 standalone health insurance companies in India:
Yes. Several health insurance companies offer insurance plans that cover expenses related to diabetes. Some of them include Care Health Insurance, HDFC Ergo General Insurance, Star Health Insurance.
The following are the top health insurance companies in India based on claim settlement ratio (CSR) for the financial year 2019-2020:
New India Assurance Company, Oriental Insurance Company, National Insurance, and United India Insurance are the four public insurance companies in India that provide health insurance to customers.
There are 26 private insurance companies in India that offer health insurance to customers.
No, transferring a policy from one insurer to another will not result in the loss of renewal benefits.
Yes, many health insurance companies in India provide dental coverage such as Bajaj health guard insurance plan, Cholamandalam Healthline insurance plan, Star comprehensive health insurance, etc.
We, at PolicyX.com, believe in transparency. Our insurance experts are directed to share complete data with an individual. When you decide to select an insurance provider, our experts walk side by side with you and give you all the information you need to make the correct decision. Call 1800-4200-269 to get the desired assistance.
Vidya
Jaipur
June 15, 2022
Underrated company in my opinion people should buy their insurance plans and avail their quick services and affordable plans
Varsha
Dehradun
June 15, 2022
Trustworthy insurance plans and quick claim settlement process! I appreciate the customer care team of Bharti AXA for their efficient response
Rajan Narela
Jaipur
June 13, 2022
I am totally in love with the health plans offered by the Edelweiss Health Insurance company. If you want a health plan, you should go for this company.
Vidya Bhan
Bhopal
June 13, 2022
Very nice company with a range of health products. I have bought one plan for myself and my husband, and one for my aged in-laws. Happy with both the plans
Priya Sharma
Hyderabad
June 9, 2022
I will rate this company good because I purchased a health policy that has good coverage and less premium. I pay my premium online and I am convenient with the payment options.
Ritika
Kanpur
June 9, 2022
I purchased an insurance plan from oriental insurance and I am happy to be a part of this organization.
priya
Pune
June 7, 2022
Best buy and reliable. I recently got a life insurance for myself from SBI. Also, my purchasing experience was made easy and swift, apart from the best deal given by PolicyX.
Saksham
Ahmedabad
June 7, 2022
I got the sbi general term insurance plan last year as I am concerned about my family. Such great plans. Great work.
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