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Currently, In India, there are 30 health insurance companies registered with IRDAI. Wherein, there are 19 private companies, 5 public companies, and 6 stand-alone health insurance companies. There are multiple deciding factors for top health insurance companies in India. When purchasing any health insurance plan from a health insurance provider some of the factors that you must evaluate are
In this article, we discuss the best health insurance companies in India, how you can identify them, factors to keep in mind before selecting them, and how they affect your health insurance experience. Before we dive into the understanding of how these factors affect top health insurance companies. Let us understand these terms individually and why they are so important.
29 Best Health Insurance Companies Review
24 Best Health Insurance Companies in India
Best Health Insurance Company in India
Before we get to know the top health insurance companies, let us understand the deciding parameters of the same. There is no fixed listing of any health insurance company being the best as every individual has different insurance needs.
Claim Settlement Ratio | |
What Does It Mean? | The % (percentage) of claims that a health insurance provider settles in one financial year out of all the total claims received |
Why You Should Consider It? | Providing a hassle-free and smooth claim settlement is the goal for any individual or family purchasing a health insurance plan. A company that offers a higher CSR percentage indicates that your claims will be settled without any hiccups. |
How Is It Calculated? | CSR=Total Number of claims settled in a year/ Total Number of Claims in a year) X 100 |
What Are The Types Of Claims? | Cashless Claims and Reimbursement Claims |
Customization Options | |
Customization Features | How Does It Affect? |
Health Insurance Sum Insured | Opting for adequate health insurance sum insured is necessary when a medical necessity arises. Top health insurance companies launch health plans with various sum-insured options for customers in order to provide them with the sum-insured options of their needs and requirements. |
Add-On Covers/Riders | Different individuals have different needs from their health insurance plans. Some individuals may need protection from critical illnesses while some want personal accident cover. |
Health Insurance Entry Age | Many people need to be made aware of health insurance benefits. They may feel that it is too late to purchase a health plan. However, most top health insurance companies have the flexibility to purchase a health insurance plan till 60 years of age. |
Premium Payment Flexibility | Top health insurance companies offer multiple premium payment options to customers. You can opt for monthly, quarterly, semi-annual, or annual premium payments when purchasing a health insurance plan | Network Hospitals |
What Does It Mean? | Network hospitals in health insurance are those that a policyholder has quick access to and can avail of any kind of treatment as these hospitals have a tie-up with top health insurance companies. |
Why You Should Consider It? | If you purchase a health insurance policy that does not have many network hospitals within 2 to 5 km it can be quite challenging in medical emergencies as a network hospital ensures cashless hospitalization. | Ratings And Reviews |
What Does It Mean? | Ratings and reviews are the customer feedback given to health insurers all year round on the basis of which different health insurance aggregators can understand the performance of an insurance company. |
Why You Should Consider It? | As a buyer, nothing is more helpful than listening to the experience of an existing customer. Surf the internet or talk to people who have been associated with a health insurance provider in order to identify the best-customized health insurance companies in India. | Product Portfolio |
What Does It Mean? | Product portfolio means the variety of health insurance plans provided by a health insurance company. |
Why You Should Consider It? | A vast range of health insurance products ensures that customers have the flexibility to opt for the best health insurance plans as per their needs and requirements. The product portfolio of a health insurance company must be considered before a plan purchase. |
With a long list of health insurance companies in India and a multitude of health insurance plans available, customers are bound to need clarification and need to navigate the best health insurance plans for themselves. We have listed below all of the health insurance companies registered with IRDAI.
Health Insurance Companies | Health Insurance Plans | CSR (2021-22) | Founding Year | Cashless Network Hospitals |
---|---|---|---|---|
Acko General Insurance | Acko Health Insurance Acko 1 Crore Super Top-up Health Insurance | 100% | 2016 | 14,300+ |
Bajaj Allianz Health Insurance | Health-Guard Health Infinity | 96.59% | 2000 | 8,000+ |
Cholamandalam MS General Insurance | Health Flexi Plan Healthline Plan | 93.23% | 2001 | 11000+ |
Zuno Health Insurance (Previously Edelweiss) | Health Top-up Arogya Sanjeevani Plan | 99.20% | 1995 | 3200+ |
Future Generali Health Insurance | Advantage Top-up Health Total Policy | 96.01% | 2006 | 8000+ |
Go Digit Health Insurance | Super Top-up Arogya Sanjeevani | 96.09% | 2016 | 16400+ |
HDFC ERGO Health Insurance | Optima Secure Policy My health suraksha | 98.49% | 2002 | 12000+ |
ICICI Lombard Health Insurance | Health AdvantEdge Max Protect Plan | 97.07% | 2000 | 7500+ |
IFFCO Tokio General Insurance | Family Floater Plan Personal Accident Insurance | 96.9% | 2015 | 7,700+ |
Liberty General Insurance | Janta Personal Accident Policy Health Connect Supra | 97.3% | 2013 | 5,000+ |
Magma HDI General Insurance | One Health Plan One Health Senior | 92.34% | 2009 | 7,200+ |
Navi General Insurance | Family Health Insurance Senior Citizen Health Insurance | 99.99% | 2017 | 10,000+ |
Raheja QBE General Insurance | Individual Personal Accident Policy Health QuBe Plan | 93.3% | 2008 | 5,000+ |
Royal Sundaram General Insurance | Lifeline Health Insurance Family Plus Health Insurance | 95.95% | 2000 | 7,000+ |
SBI General Insurance | SBI Health Edge SBI Arogya Supreme | 95.04% | 2009 | 20,000+ |
Shriram General Insurance | Shri Criticare Insurance Shri Hospital Daily Cash Benefit | 85.23% | 2012 | 16,766 |
Tata AIG General Insurance | TATA AIG Medicare Medicare Plus Super Top-up | 93.55% | 2001 | 7,200+ |
Universal Sompo General Insurance | Complete Health Care Insurance A Plus Health Insurance | 95.77% | 2007 | 4,000+ |
National Insurance | National Mediclaim Policy National Parivar Medi Claim Policy | 86.28% | 1906 | 3,000+ |
The New India Assurance | Janata Mediclaim Policy Flexi Floater Medi Claim Policy | 92.93% | 1919 | 3,000+ |
The Oriental Insurance | Happy Family Floater Policy Mediclaim Insurance | 90.18% | 1947 | 3,500+ |
United India Insurance | Family Medicare Policy Super Top-up Medicare Policy | 97.25% | 1938 | 6,500+ |
Aditya Birla Health insurance | Activ Secure - Cancer Secure Activ Health Platinum Enhanced | 99.41% | 2015 | 10,051+ |
Care Health Insurance | Care Advantage Care Joy | 100% | 2012 | 20,800+ |
ManipalCigna Health Insurance | Pro Health Prime Life Time Plan | 99.9% | 2014 | 8,500+ |
Niva Bupa Health Insurance | Reassure 2.0 Health Recharge | 99.99% | 2008 | 10,000+ |
Reliance Health Insurance | Health Infinity Insurance Health Gain Insurance | 76.36% | 2000 | 9,100+ |
Star Health and Allied Insurance | Star Women Care Family Health Optima Policy | 99.06% | 2006 | 14,000+ |
Kotak Mahindra General Insurance | Kotak Secure Shield Kotak Accident Care | 96.90% | 2015 | 7700+ |
To shed light on the best health insurance companies in India and their key features and how they can
Care Health Insurance Company Limited is a stand-alone health insurance provider with an impressive product portfolio and a 100% claim settlement ratio. Customers associated with Care Health Insurance have access to some of the best health insurance plans for families, senior citizens, personal accidents, and critical illnesses.
Another stand-alone health insurance provider that established its business in the year with over 17 crore customer base. With a large network of 14000+ hospitals spread across the country Star Health Insurance is amongst the top insurance providers in the country with a health plan catering to each individual.
A company originating through the partnerships between two giants that are Max India Limited and UK-based company Bupa Finance PLC. The company offers a 30-minute cashless claim settlement service without any involvement of a Third Party Administrator.
Aditya Birla Health Insurance offers a holistic healthcare approach with features such as a health coach, chronic management program, instant support, care managers, and more. A joint venture between the Aditya Birla Group and MMI Holding, the company has a tie with over 11,000+ hospitals.
Manipal Cigna Health Insurance is the second largest health insurance chain that offers quick cashless claim settlement within 2 hours. The health insurer started its operations in the year 2014 with 8,500+ network hospitals associated with the company.
Reliance General Insurance Company Limited was founded in 2000 and is one of the leading general insurance companies (private sector) in India. The company has 139 offices and more than 28,900+ intermediaries across the country. It offers a variety of customized products and plans related to motor, health, travel, and commercial to meet every customer's needs.
Depending on your specific health requirements, HDFC Ergo Health Insurance will offer you the right insurance plan with a variety of features. The company initiated operations in the year 2002 and has provided individuals with features like 4X coverage, free preventive health check-ups, no room restrictions, and more.
Renamed Zuno from Edelweiss Tokio health insurance it is one of the most trusted health insurance brands in the market. With a wide range of plans and features the health insurance provider is a top choice among customers.
United India Insurance started its operations in 1938 and boasts 85 years of insurance industry experience. The company has a wide range of insurance products catering to individuals, families, senior citizens, and more. The company is known to take an active part in taking insurance products to the rural population.
Kotak General Insurance initiated its operations in the year 2015 and has provided customers with efficient insurance products year after year. With an impressive claim settlement ratio of 94% so far for the year 2023, the company has showcased trust and reliability for its customers.
Acko General Insurance might be a new player in town but it has gained a massive customer base in the last few years. It started its operations in 2016 and has provided individuals with health, car, bike, travel, health, and life insurance.
A joint venture between Allianz SE, the world’s leading insurer, and Bajaj Finserv Limited gave rise to Bajaj Allianz General Insurance in the year 2001. The insurer has a wide range of insurance products across categories like health, electric bikes, cars, commercial vehicles, motor insurance, travel insurance, home insurance, and commercial insurance.
Cholamandalam MS General Insurance commenced operations in the year 2001 and offers a plethora of insurance solutions. With a big customer base of 297 lakh individuals and families, the insurer has showcased its reliability and versatility time and again.
The insurer established its operations in the year 2006 and has settled over 2.6+ lakh claims in the past year. There are retail, commercial, personal, and rural insurance solutions for customers across the country. The company offers cashless treatment at 8000+ cashless hospitals.
Established in the year 2016, Go Digit has around 6400+ network hospitals across the country providing insured individuals with the best medical care available. The insurer provides insurance solutions across the board with health, travel, property, group, commercial vehicle, disabled, and HIV/AIDS insurance products.
A leading private general insurance company, ICICI Lombard commenced operations in the year 2001. With nearly 2 decades of experience, it has been awarded multiple times for its customer-centric approach as well as innovative insurance solutions.
One of the trusted names in the insurance industry, IFFCO Tokio's health insurance plans are versatile and offer multiple benefits to its customers. 7000+ cashless network hospitals and a 4.8 customer rating are a sign of its trust and reliability
The insurance company has 6000+ network hospitals and over 100+ network offices across the country. The Liberty health insurance caters to customers with different needs and requirements reflected in their various health insurance products like Corona Kavach, Personal accident insurance policies, etc
Magma HDI Insurance Company commenced operations in the year 2009. The company is known to have made its mark in the insurance sector with a vast portfolio of insurance solutions like health, motor, marine, liability, fire, and more. With an impressive 97% claim settlement ratio the company offers comprehensive medical care coverage with plans for senior citizens, families, and individuals alike.
Navi General Insurance initiated its operations in the year 2016. It is a versatile insurance provider that makes your insurance purchase experience smooth and hassle-free with its paperless approach via the Navi Health Insurance App promising instant policy issuance.
A joint venture between Raheja Group and QBE Insurance, the insurer commenced its operations in India in the year 2009. The company offers a plethora of features and benefits under its vast portfolio of health insurance plans to customers across the country
Royal Sundaram General Insurance is the first private sector general insurance company to have received its license in October 2000. Nearly 2 decades later the company has successfully provided insurance solutions to individuals, families, and businesses successfully.
A well-known and trusted name in the country, SBI General Insurance commenced its operations in the year 2009 and has expanded significantly across the country. The company has catered to over 34 crore customers and has been awarded the “Best Insurer Of The Year” award for two consecutive years in 2020 and 2021.
A joint venture between Shriram Capital Limited and Sanlam Limited the company offers a wide range of insurance solutions for health, motor, travel, home, and more.
The company commenced its operations in the year 2001 and has been in the insurance industry for more than 2 decades. The company offers general insurance products including motor, travel, and SMEs. The company has over 8,000+ network hospitals wherein you can avail of cashless treatments.
A joint venture between Indian Bank, Overseas Bank, Karnataka Bank, Dabur Investment Corporation, and a leading insurer from Japan Sompo Japan Insurance. The company offers a wide range of insurance products catering to Retail, Rural, Corporate and Personal Customers
India’s oldest general insurance company was incorporated in the year 1906, in Kolkata. There is a wide range of health insurance plans available for customers providing a plethora of features and benefits.
The company was founded by Sir Dorabji Tata in the year 1919 currently operating in 25 countries with its headquarters in Mumbai. The company offers a plethora of health insurance products catering to different customers with a wide scope of needs and requirements.
Incorporated in the year 1947 in Mumbai, this stand-alone health insurance company is among the oldest and most reliable with a wide range of health insurance products.
Buyers often need clarification on general health insurance and stand-alone insurance companies. A stand-alone company provides health insurance plans, accident insurance, and travel insurance. However, on the other hand, a general insurance company will offer you an insurance plan for car, home, business, cyber, and more. The first stand-alone company registered with IRDAI in India was Star Health Insurance in the year 2006. Other stand-alone health insurance companies that offer a wide range of products to their customers are Care, Reliance, Aditya Birla, Niva Bupa, ManipalCigna, and HDFC Ergo Health Insurance.
Finding the best health insurance company for medical care coverage for your family or yourself is a challenging road. You may compromise on your own care, but when it comes to family it is a non-negotiable for almost all of us. There are many variables that make a health insurance company stand out from the rest. However, it is almost impossible to say that one health insurance company will suit everyone’s insurance needs as different individuals have different needs and requirements from their health insurance plans and providers. However, we have compiled a list of factors that you must consider in order to find the best health insurance company for your family.
Deciding Parameters | How Does It Affect Your Health Care Needs? |
Company History | Health Insurance Companies with a long history and decades of experience have forged an unbreakable bond with customers and gained their trust. If you are looking for health insurance plans along with |
Health Insurance Products | Some people may want a health insurance plan with coverage for senior citizens, some people need personal accident health insurance and some may need critical illness coverage |
Efficiency | Sometimes we tend to think that a stand-alone health insurance company would perform better than a general insurance company but that is not always true. Operational efficiency is achieved when the insurance product, customer service, and claim settlement are all achieved parallelly providing a customer with a smooth end-to-end process from purchase to claim settlement. |
Network Hospitals | It is essential to search thoroughly for a top health insurance company wherein network hospitals are within your reach and easy to access. If you purchase a health insurance plan from a health insurance provider that does not have network hospitals in your area it will be a loss for you and your family. |
Reliability | It is essential to cross-check the claim settlement ratio of health insurance providers in order to list the top health insurance companies as the claim settlement ratio is your certificate of trust. |
In order to purchase from the list of best health insurance companies without any hassle, we at PolicyX provide you with health insurance experts who can find the best health insurance company suitable for individual and family needs in a few simple steps:
Step 1
Visit the official website of PolicyX.
Step 2
Click on the "Health Insurance" tab which will open up a digital form for you to fill.
Step 3
Fill in all the necessary details such as the number of family members you want health insurance cover for and your age and click on "View Plans" .
Step 4
Select your city and click on "Proceed" .
Step 5
Further, fill in your name and mobile number and click on "Get Free Quotes" .
Step 6
You will be directed toward a list of health insurance plans wherein you can compare the plans of your choice and pay for the one you want as per your needs and requirements.
As one of the leading Health Insurance aggregators we at PolicyX are always present to guide our customers with the correct methodology in order to select the top health insurance companies and make an informed purchase decision. The methodology to select the top health insurance company for your loved ones out of the list of health insurance companies is given below:
After considering all of the above pointers PolicyX insurance experts provide you with the list of best health insurance companies and best insurance plans for 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.
Keep these factors in mind, as they set the best Health Insurance Companies apart:
No, transferring a policy from one insurer to another will not result in the loss of renewal benefits.
As per the Annual Reports of IRDAI 2021-22, Care Health Insurance company has settled 100% of claims within the first 3 months.
You can check the claim support and network hospitals of the company that you have chosen. Reading customer reviews, customer support services, and past performance of the company can also be considered to understand if the company is fit for your insurance needs.
No, the cost of premiums depends on various factors such as your drinking and smoking habits, pre existing ailments, age and lifestyle. So, an expensive policy doesn’t necessarily mean the best health insurance policy.
Yes, many health insurance policies provide a portability option. Talk to your insurer at the time of policy renewal if your plan provides portability.
You can compare the performance of the health companies via various factors such as network hospitals, claim settling abilities, customer support or you can talk to the experts at PolicyX who can help you with choosing the best plan.
Currently, In India, there are 30 health insurance companies registered with IRDAI. Wherein, there are 19 private companies, 5 public companies, and 7 stand-alone health insurance companies.
As per the latest report published by IRDAI for the financial year 2021-22 (FY 2021-22), the top 5 health insurance companies in India based on CSR are
As per the latest annual report of IRDAI (FY 2021-22), Care Health Insurance has the highest claim settlement ratio of 100%.
Some of the top health insurance companies providing a wide range of health insurance plans for families are
The first health insurance company in India was the General Health Insurance Company, launched in the year 1986.
The multiple factors that determine the top health insurance companies in India are
You have found a health insurance company from the list of top health insurance providers in India. However, it does not suit your needs and requirements which is highly possible and you are left disheartened. There are a few points to consider when selecting from the top health insurance companies
As of 2023, stand-alone health insurance companies registered companies with IRDAI are
Currently, there are 4 government health insurance providers registered with IRDAI which are
In order to select the top 5 health insurance companies you must consider the needs and requirements of your family, the age of the family members to be covered, the sum insured required, the additional cover or rider benefits, and the claim settlement ratio along with claim assistance of a company.
The incurred claim ratio is the ratio of net claims settled by an insurance company to the net premiums received by the insurance company in a financial year. The Incurred claim settlement ratio provides a clear picture of the reliability of a health insurance company. A high ICR ensures the customers that their claims will be settled without any difficulties or complications.
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Simran is an insurance expert with more than 3 years of experience in the industry. She may have all the answers to your insurance queries. With a background in Banking, she proactively helps her readers to stay on par with all the latest Insurance industry developments.
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