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Health Insurance Companies in India March 2023

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, 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.

List of Best Health Insurance Companies in India 2023

Choosing the best health insurance companies in India includes numerous factors that determine how the company performs. A health insurance company’s performance is based upon some factors such as its claim support to the customers, i.e. the ability to monetize their insurance claims as soon as possible, solvency ratio and network hospitals. The below given table dictates these factors of all of the leading insurance companies in the Indian insurance market.

S.NoInsurance CompanyClaim Support % for 2021-22(claim settled within 3 months)Solvency Ratio % for 2021-22Network Hospitals
1.Acko General97.20%1.847100+
2Aditya Birla Capital99.41%1.7310051+
3Bajaj Allianz General Insurance Company96.59%3.418000+
4Care Health Insurance Company
(Formerly Known As Religare Health Insurance)
5Cholamandalam MS General Insurance Company93.23%1.8910000+
6Digit General Insurance96.09%1.7710500+
7Zuno General Insurance97.26%1.766000+
8Future Generali India Insurance Company96.01%1.616300+
9HDFC ERGO General Insurance Company98.49%1.6813000+
10ICICI Lombard97.07%2.546700+
11IFFCO Tokio General Insurance Company89.38%1.647500+
12Kotak Mahindra Health Insurance96.90%2.137000+
13Liberty Videocon General Insurance97.30%2.855000+
14Magma HDI General Insurance Company92.34%1.757200+
15Manipal Cigna Insurance Company99.90%1.678500+
16Max Bupa Insurance Company
(Formerly Known As Max Bupa Health Insurance)
17National Insurance Company86.28%0.313000+
18Navi General99.99%210000+
19New India Assurance Company92.93%1.343000+
20Oriental Insurance Company90.18%0.453500+
21Raheja QBE General Insurance Company93.30%2.445000+
22Reliance General Insurance Company98.65%1.678600+
23Royal Sundaram Alliance Insurance Company95.95%2.077000+
24SBI General Insurance Company95.04%1.9820000+
25Star Health and Allied Insurance Company99.06%1.714000+
26Tata AIG General Insurance Company93.55%2.147200+
27Universal Sompo Insurance Company95.77%24000+
28United India Health Insurance97.25%0.826500

*CSR and Solvency Ratio data sourced from IRDAI Annual Report 2020-2021

**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.

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.

Best Health Insurance Company Review
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Top 10 Health Insurance Companies in India 2023

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).


  • 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.


  • 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.


  • 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.


  • 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.


  • 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.


  • 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.


  • 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.


  • 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.


  • 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.


  • 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




Network Hospitals




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.

  1. High coverage with low premiums

    Always go for a company that offers maximum coverage and doesn't burden your pockets. Compare the coverage and premiums of several plans before choosing your ideal health insurance company.

  2. Look for a vast list of network hospitals

    Having a health insurance plan from a company that has a vast list of network hospitals can help you avail cashless facilities at the time of medical emergencies.

  3. Look for variety

    Choose a health insurance company that offers a variety of health insurance plans to choose from. This will allow you to choose and customize your plan as per your own specific needs.

  4. 24*7 customer care support

    A company that is always available to look after your insurance-related queries by offering 360-degree customer support (chatbot, emails, calls) will guide you properly in times of confusion and stress.

  5. Hassle-free online services

    In this era of digitalization, choose a company that saves your time and energy by providing online services such as claim intimation, renewal or even buying.

  6. Checking the Business Dimensions of the company

    One of the best parameters for choosing the best health insurance company is business volume. This is the number of policies sold and premium collected by an insurance company. Higher volume means greater trust among the customers.

  7. Look for the all round coverage

    Choosing the best health insurance company includes security against a wide range of medical problems, and having benefits including pre and post hospitalization, daycare expenses, transportation, illnesses that you may be at risk of due to your family's medical history, etc. Consider your requirements, compare plans and their benefits and costs of premium of different companies, and apply a little due diligence to choose the company that caters to your needs.

  8. Claim Settlement of the Company

    A company with a smooth claim process must be considered as the best option for choosing the best health insurance company. In the middle of an emergency nobody wants to go through a time consuming and complicated process. So a company with hassle-free claim settlement process can save a lot of effort.

  9. Compare the ratings

    Reviews from existing policyholders about a health insurance company helps you make an informed decision. For this, you can read customer reviews of different insurance companies on their official website or contact Policyx for more information and go for the company that has positive feedback. This will help you to make a better choice among the top Health Insurance Companies.

  10. Network hospital coverage

    Choose the best health insurance company with maximum hospital coverage. Once you have a selected list of health plans, check whether or not your preferred hospitals and doctors are included in their hospital network. Always prefer an insurance provider that has a wide network of hospitals across the world. You can choose from network hospitals where you can avail quick, convenient and cashless claims settlement.

  11. Check the Co- Payment Clause

    A lot of people find this term difficult to understand and tend to ignore it at the time of policy purchase. A co-payment clause is an agreement, where the insured agrees to pay a certain percentage of the claim amount in case of hospitalization and the rest claim amount is paid by the insurer. Therefore, before buying a policy from a health insurance company check if there is any co-payment clause applicable that might impact the claim amount. Go for the health insurance companies and their plans that do not have sub-limits. However, most health insurance policies include a co-payment clause for insureds who have any pre-existing illness or have crossed a certain age limit.

  12. Compare Premium

    It is one of the most important aspects while selecting the best health insurance company in India. As there is an extensive range of health insurance companies available in the market, make sure to compare the policies in terms of features, benefits, premium rates, claim settlement ratio, etc. By comparing various aspects online one can choose the company with their most comprehensive plan at a comparatively lower premium rate.

  13. Check The Digital Presence of the company

    It is vital that you buy a health insurance plan from a health insurance company that has a strong digital presence so that it is easier for you to purchase the plan from the comfort of your home. As most insurance-related work now takes place online, you no longer need to visit an insurer's office, chase down insurance agents, pay any brokerage fees, or do any paperwork to get health insurance. All of this may be done easily through the insurer’s official website or an insurance aggregator.

  14. Customer Support Service

    Another imperative thing to keep in mind is to check on the customer service offered by the health insurance companies. Customer must make sure to choose a health insurance company that offers 24*7 customer service so that you can get immediate help whenever you want.

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


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 Articles

Best Health Insurance Companies: FAQs

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? 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 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.

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

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

10. 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.

11. 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.

12. How Can Help You Choose Your Health Insurance Provider?

We, at, 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.

13. Is there an Indian health insurance provider that offers coverage for kidney transplants?

Yes, numerous health insurance providers include coverage for organ donors in their health insurance policies either as an add-on benefit or as an in-built coverage. Thus, before buying a health plan, go through the policy's brochure and make a decision. Yes, numerous health insurance providers include coverage for organ donors in their health insurance policies either as an add-on benefit or as an in-built coverage. Thus, before buying a health plan, go through the policy's brochure and make a decision.

14. As per IRDAI, which company settled the maximum number of claims in 2020-21?

As per the Annual Reports of IRDAI 2020-21, Care Health Insurance company has settled 100% of claims within the first 3 months.

15. How do I ensure that I have chosen the best health insurance company for myself?

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.

16. Is expensive health insurance equal to best health insurance?

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.

17. I already have a health insurance plan but I want to switch to the best health insurance plan in the market. Can I port?

Yes, many health insurance policies provide a portability option. Talk to your insurer at the time of policy renewal if your plan provides portability.

18. There are so many companies available to buy health insurance. How to choose the top health insurance company in India?

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.

What Our Customers Have to Say

Customer Review Image

Ranjan Kumar Verma


March 5, 2023

मैने 2016 में PolicyX.Com से Health Insurance Online Purchase किया था। अभी 2021 से मैं STAR HEALTH का Policy continue किया हूँ...

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February 21, 2023

I got payment with in 3 working days. I am glad how Vomitha ma am who s the executive, listen me carefully and release the payment directly to my account. Thanks Acko

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sandeep singh


January 12, 2023

Dnt buy any policy from Star health They are big fraud my father is admitted in hospital crucial stage they reject our claims without reason i will filled case against company in consumer court...

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Poonam Sinha


December 9, 2022

Mujhe khaas kar inki service best lagi. Policyx se mai hamesha services lungi. Maininki services se khush hu

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Anita srivastava


December 9, 2022

Policyx helped me a lot in documentation process, I was skeptical at first but they made my work easy.

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December 9, 2022

Omg when i was buying the policies I was o skeptical. I contacted policyx and they solved my confusions and even helped in my documentations.. They are the best .

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Ayush Sharma


November 30, 2022

I bought policy for my family from policy, The advisor is very knowledgable,he suggest me better comparisons of plan and helps me to purchase suitable one. The process was very smooth.

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Sanjay naraware


November 8, 2022

Sanjay nanaware here, first of all I appreciate Star Health for your punctuality, service, conversation and I really thanks to Mr.Sanchin pathavnkar who has suggest star health policy.