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Health Insurance Companies

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.

There are over 28 IRDAI-approved health insurance providers in India. But the most important part is to choose the best health insurance company to buy a mediclaim policy from. A good health insurer makes tough times somewhat easier by offering qualitative and timely facilities and support. Key factors that define a health insurer as a good and reliable option are:

Claim settlement ratio

A crucial aspect to evaluate a company as reliable. It defines the claim settling ability of an insurance company.

Network hospitals

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.

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.

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.

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Health Insurance Companies in India

Earlier there were 30 health insurance providers in India out of which Bharti AXA Health Insurance has been merged with ICICI Lombard Health Insurance and Apollo Munich with HDFC ERGO. 28 health insurance companies are present in the country currently, The below table is showing the list of health insurance companies in India.

Insurance CompanyAnnual Premium 2019-20
(in Crores)
Network HospitalsClaim Support Ratio 2019-20
(Claims settled within 3 months)
Solvency Ratio 2019-2020
Star Health Insurance6,718.9911000+99.91.69
HDFC ERGO Health Insurance3623.4913000+99.81.59
ICICI Lombard Health Insurance2695.156300+96.932.2
Care Health Insurance
(Formerly Known As Religare Health Insurance)
2151.2516500+1001.53
Bajaj Allianz Health Insurance2,138.536500+98.612.45
Reliance Health Insurance1359.937300+98.161.54
Niva Bupa Health Insurance
(Formerly Known As Max Bupa Health Insurance)
1177.567600+99.911.64
Tata AIG Health Insurance835.427200+92.821.84
Aditya Birla Health Insurance755.59000+99.361.99
SBI Health Insurance742.466000+97.842.21
ManipalCigna Health Insurance567.296500+99.961.82
Royal Sundaram Health Insurance394.65000+97.751.83
Future Generali Health Insurance381.965100+93.341.57
Cholamandalam MS Health Insurance316.999500+91.471.56
Liberty Health Insurance243.625000+97.842.21
Kotak Mahindra Health Insurance105.685000+98.622.42
Magma Health Insurance47.634300+95.41.67
Edelweiss Health Insurance45.063200+99.722.22
Navi Health Insurance33.3510000+98.72.48
Acko Health Insurance23.364500+93.493.39
Digit Health Insurance17.526400+99.652.22
IFFCO Tokio Health Insurance1315.816900+81.671.6
Raheja QBE MS Health Insurance0.625000+30.293.07
Universal Sompo Health Insurance160.474000+22.142.15
New India Health Insurance9,381.782800+91.992.1
United India Health Insurance5,329.772700+89.180.92
National Health Insurance5277.673000+45.370.37
Oriental Health Insurance4642.634300+92.711.38

*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.

Top 10 Health Insurance Companies

Planning to buy a 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

  • 90% Cashless Claim within 2 hours
  • Reimbursement Claim settled within 15 days
  • Direct in-house claim settlement
  • No TPA
  • Established in: 2006
  • Network hospitals: 11000+
  • Specialised health insurer

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

  • Cashless claim approval within 2 hours
  • Established in: 2012
  • Network hospitals: 16500+
  • In-house claim settlement
  • 10% Renewal discount
  • Specialised health insurer

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

  • 30 mins cashless claim processing
  • Up to 7.5% discount on online policy purchase
  • Specialised health insurer
  • Established in: 2008
  • Network hospitals: 7600+

A partnership between HDFC and ERGO International AG, one of the insurance subsidiaries of the Munich Re Group of Germany.

USPs

  • Cashless claims approval within 20 minutes
  • Reimbursement Claim settled within 30 days
  • In-house claim settlement
  • Established in: 2002
  • Network hospitals: 13000+

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

  • Cashless claim response within 1 hour
  • Established in: 2001
  • Network hospitals: 6500+
  • In-house health administration
  • In-house app for quick claim settlement up to INR 20,000

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

  • 21 days reimbursement claim
  • Established in: 2001
  • Network hospitals: 7200+

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

  • Up to 50% of your premium as HealthReturns
  • Specialised health insurer
  • Established in: 2015
  • Network hospitals: 9000+

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

  • Claim Settlement within 30 days
  • Established in: 2009
  • Network hospitals: 6000+

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

  • Established in: 2000
  • Network hospitals: 7300+
  • Paperless policy purchase

A co-partnership between ICICI Bank Limited and Fairfax Financial Holdings Limited. In 2021, ICICI Lombard took over the Bharti AXA General Insurance.

USPs

  • Reimbursement Claim settled within 30 days
  • Established in: 2001
  • Network hospitals: 6300+
  • In-house app (IL Take Care) for quick claim intimation

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
PlanSum InsuredSample Premium
Star Comprehensive5L - 1CrINR 10,420Get Quotes
Niva Bupa Reassure3L - 1CrINR 11,409Get Quotes
HDFC ERGO Optima Restore3L - 50LINR 15,065Get Quotes
Care Freedom3L - 10LINR 12,346Get Quotes

*Sample Premium is calculated for 1A | 30 Yrs | 5Lacs

Health Insurance Companies

How to Choose the Best Health Insurance Company?

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.

  • Claims paid are higher than the premiums earned
  • A huge list of network hospitals for cashless facilities
  • Offers health insurance for all
  • 24*7 customer care support
  • Hassle-free claim settlement, policy renewal, etc.
  • The number of policies sold till date
  • Customer reviews on the brand website & social media
  • Awards and accolades for performance
  • 360-degrees customer support (chatbot, emails, calls)
  • Digital presence to access information easily

Benefits of Best Medical Insurance Company

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

Our Methodology to Recommend Top Health Insurance Companies

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:

  • Network HospitalsIt is crucial to check the list of network hospitals while selecting a health insurance company in India as it gives you an idea of how easy it will be for you to access the cashless facility at the time of hospitalization.
  • Solvency RatioWhen choosing a medical insurance company for you and your family, the solvency ratio is one of the most important factors to consider because it shows the company's ability to pay its long-term financial obligations. It measures the value of a company's assets against the value of its liabilities. As per IRDAI, every medical insurance company must maintain a solvency ratio of 1.5.
  • Claim settlement RatioClaim settlement ratio shows the claim settling ability of an insurance company and is also used as a rating criterion of the health insurance companies in India.
  • Annual PremiumThe total number of policies sold by a medical insurance company and the premiums received is determined by the annual premium.
  • Comprehensive Health PoliciesAlways go for the health insurance company that offers comprehensive health insurance policies that suits you and your family’s requirement.
  • Positive customer FeedbackCheck the customer reviews of the insurance company first as it gives first-hand experience of existing customers about the services of the company.
Our Methodology

Frequently Asked Questions (FAQs)

1. Who regulates health insurance companies in India?

All general and health insurance companies in India are regulated by the Insurance Regulatory and Development Authority-IRDA.

2. Is it possible to port from one health insurance provider to another in India?

As per IRDA's guidelines, it is now possible to port your health insurance provider. To know the process for porting, contact the respective company in which you want to port your health insurance.

3. How can I contact a health insurance company?

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.

4. Which are the top 5 health insurance companies in India?

There are no specific criteria to decide which insurer should fall on the list of top health insurance companies. However, for your reference, our research team at PolicyX.com has created a list of the top 5 health insurance providers in India based on their market share, cashless network, and claim settled within 3 months. Companies that ranked at the top 5 positions are:

  • Star Health and Allied Insurance Company
  • HDFC ERGO General Insurance Company
  • ICICI Lombard
  • Care Health Insurance Company
  • Bajaj Allianz General Insurance Company

5. What is a network hospital?

Health insurance companies have a tie-up with many hospitals where the policyholder can take cashless treatment in case of hospitalization. These hospitals are known as network hospitals.

6. Which are the standalone health insurance companies in India?

There are only 5 standalone health insurance companies in India:

  • Niva Bupa Health Insurance
  • Care Health Insurance
  • Star Health and Allied Insurance
  • Manipal Cigna Health Insurance
  • Aditya Birla Health Insurance

7. Is there any health insurance company in India that covers me for insulin expenses?

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.

What Our Customers Have to Say

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Yash Sharma

Indore

January 18, 2022

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Indore

December 29, 2021

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Delhi

December 14, 2021

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Lavi Sharma

Ahmedabad

November 22, 2021

I am very happy that I bought health insurance from apollo munich. One of the best health insurance companies in India. Great plans with good features.

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Ramesh Kumar

Hyderabad

November 22, 2021

they have great impressive plans to offer. very amazing and helpful customer service. helped me a lot at the time of claim settlement

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Ravinder Dewan

Delhi

November 22, 2021

Good Customer service, and very very good plans at affordable price. very quick claim settlement process.

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Abhishek Dhawan

Bhopal

November 17, 2021

Good company with great health plans, amazing customer care team as they explained the plans very briefly and helped me to find the best suitable plan for myself.

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Sheersha Kundra

Bengaluru

October 28, 2021

The company has various affordable plans also they have an amazing customer care team that helps their customer in their time of need.