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Health Insurance Companies in India

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.

Claim Settlement Ratio

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.

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. 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.

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28 Health Insurance Companies in India 2022

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.

Top 10 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

  • 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

Conclusion:

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.

Health Insurance Companies: Frequently Asked Questions

1. Which company is best in Health Insurance?

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.

2. What are the top 5 best health insurance companies in India based on the claim settlement ratio (CSR)?

The following are the top health insurance companies in India based on claim settlement ratio (CSR) for the financial year 2020-21:

  • Care Health Insurance
  • Aditya Birla Health Insurance
  • HDFC ERGO Insurance
  • ManipalCigna Health Insurance
  • MaxBupa Health Insurance

3. How do I choose the best Health Insurance Company?

Keep these factors in mind, as they set the best Health Insurance Companies apart:

  • Look for the right coverage.
  • Keep it affordable.
  • Prefer family over individual health plans.
  • Choose a plan with lifetime renewability.
  • Compare quotes online.
  • Network hospital coverage.
  • High claim settlement ratio.

4. 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.

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

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:

  • Care Health Insurance
  • Aditya Birla Health Insurance
  • HDFC ERGO Insurance
  • ManipalCigna Health Insurance
  • MaxBupa Health Insurance

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.

8. What are the top 5 best health insurance companies in India based on the Claim Settlement Ratio (CSR)?

The following are the top health insurance companies in India based on claim settlement ratio (CSR) for the financial year 2019-2020:

  • Star Health Insurance - 99.9%
  • Care Health Insurance - 100%
  • Niva Bupa Health Insurance - 99.91%
  • ManipalCigna Health Insurance - 99.96%
  • HDFC Ergo Health Insurance - 99.8%

9. What are the names of the public insurance companies that provide health insurance to the customers?

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.

10. How many private health insurance companies are there in India?

There are 26 private insurance companies in India that offer health insurance to customers.

11. Will I lose the renewal benefits if I port from one health insurance company to another?

No, transferring a policy from one insurer to another will not result in the loss of renewal benefits.

12. Is dental coverage provided by any health insurance company?

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.

13. How Can PolicyX.com Help You Choose Your Health Insurance Provider?

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.

What Our Customers Have to Say

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Vidya

Jaipur

June 15, 2022

Underrated company in my opinion people should buy their insurance plans and avail their quick services and affordable plans

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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

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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.

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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

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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.

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Ritika

Kanpur

June 9, 2022

I purchased an insurance plan from oriental insurance and I am happy to be a part of this organization.

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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.

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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.