Health insurance is the most important investment in our lives. To help you with this important decision, 33 health insurance companies currently offer 100+ health plans.
IRDAI has registered 28 general insurance companies and 5 stand-alone health insurance companies catering to our health insurance needs. However, selecting the best among these is a task! Do not worry, we are here with a comprehensive guide to introduce you to all the health insurance companies in India so you can make an informed decision.
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List of Health Insurance Companies in India 2024
Before we get into the nitty gritty of these health insurance companies, let us take a glance at the list of health insurance companies in India and related facts:
Claim Settlement Ratio is the percentage of claims settled by an insurer compared to the total claims received in a financial year. A good CSR lies somewhere between 95 to 99 percent.
What is Incurred Claim Ratio?
The ratio of the entire claim amount paid by the insurer to the total premium collected in one financial year is called the incurred claim ratio (ICR).
What is Solvency Ratio?
Solvency ratio denotes the insurer's ability to settle its long term debts by comparing the company's available capital to its total liabilities.
What is Network Hospitals?
All the hospitals that have a tie-up with an insurance company where the policyholders of that company can get cashless treatments are known as the network hospitals.
Best Health Insurance Companies In India: Key Features
To give you an idea about the best health insurance companies in India we have mentioned some key highlights you may be interested in knowing!
Stand-Alone Health Insurance Companies In India
Star Health and Allied Insurance Co. Ltd.
Company Highlights
The company has successfully covered 17 Crores lives since its inception
90% of cashless claims are settled within 2 hours
Offers multiple discounts against maintaining healthy lifestyles, online purchases, non-smokers, and more
Product Highlights
One of the first health insurers to provide medical coverage for Autism
Offers 360-degree wellness program for overall health benefits
Select from individual, family, critical illness, travel, and corporate health insurance plans
Care Health Insurance
Company Highlights
Digital customer support via chatbots, WhatsApp updates, and more
Care Health App makes health insurance accessible anytime and from anywhere!
Instant 5% discount on online Care health plan purchase
Product Highlights
Buy health plans with a sum insured as high as INR 6 Crores
No pre-policy medical check-ups for most health plans
Unlimited automatic recharge available with Care health plans
Niva Bupa Health Insurance Co. Ltd
Company Highlights
The Niva Bupa Health Insurance app makes it easier for you to access your health plan details
India's best health insurer for the year 2023 as rated by The Mint
Specialized diabetes and hypertension health plans
Product Highlights
No sub-limits for OPD benefits like ICU room rent
In-patient hospitalization is covered even if you are admitted for 2 hours
Health plans covering advanced procedures such as surrogacy and adoption
Aditya Birla Health Insurance
Company Highlights
2.5+ crore lives insured since inception
An impressive 96% claim settlement ratio for FY 2022-23
Offers chronic management program for ailments like asthma, BP, cholesterol, and diabetes
Product Highlights
Earn 100% of your premiums paid as health returns on achieving 10k steps
Certain health plans have no limit on hospitalization expenses
Features like sum insured reload unlimited refill, and more
ManipalCigna Health Insurance
Company Highlights
Choose from 15+ expert-designed health insurance products
94% cashless approval settled within 2 hours
Avail up to 40% discounts available
Product Highlights
Staggered and lump sum payout options under critical illness plans
Education cover in case of accidental disablement or accidental death
Reduce the waiting period to 90 days for many senior citizen health insurance plans
Private Health Insurance Companies
Acko General Health Insurance
Company Highlights
Initiated in the year 2016
Caters to customers directly
Zero deductions on claims
Product Highlights
Offers health plans up to INR 1 Crore
Unlimited restoration of the sum insured available
Various add-ons are available like doctor-on-call, room rent waiver, etc
Bajaj Allianz General Insurance
Company Highlights
It is a joint venture between Allianz SE and Bajaj Finserv Limited
Settle claims up to INR 20,000 through the insurer's app 'Caringly Yours'
In-house health administration team
Product Highlights
24/7 unlimited teleconsultation cover
Avail wellness benefits
Features such as children's education benefits, hospital confinement allowance, and accidental hospitalization expenses are available
Cholamandalam MS General Insurance
Company Highlights
Murugappa Group of India and Mitsui Sumitomo Insurance Company from Japan joined hands to form the Cholamandalam MS General Insurance
11,000+ cashless network hospitals available
Choose from individual, family, travel, and home insurance
Product Highlights
Restoration of the sum insured among multiple health plans is available
Global hospitalization for extended healthcare
Reimburse your specialist consultation
Future Generali Health Insurance
Company Highlights
A joint venture between Generali and Future Groups
Future Generali is amongst India's top 10 private general insurance companies
Provides health plans across various categories, from individual plans, family plans, motor insurance, travel insurance, and more
Product Highlights
FG Pocket Clinic to provide you with specialized doctor's consultations right at your fingertips
Special health plans for women offer the latest treatments
Versatile health plans for HIV and disability
Go Digit General Insurance
Company Highlights
Commenced its operations in the year 2016
Awarded 'Digital Insurer of the Year' in 2021
Covered more than 50 lakh customers
Product Highlights
Select from a wide range of products including health, business, travel, and more
Most health plans have no age-based co-payments
No room-rent limits for most Digit health insurance plans
HDFC Ergo Health Insurance
Company Highlights
HDFC Ergo settles 1 claim every minute
Claim approvals within 38 minutes
24/7 customer service available in 10 languages
Product Highlights
Double your coverage from day 1 with plans like HDFC Ergo Optima Secure
Renewal health check-ups available for policyholders
Avail medical treatments in India and overseas
ICICI Lombard General Insurance
Company Highlights
Initiated operations in the year 2001
Avail quick claim intimation and settlement with ICICI health insurance
Get answers to all your queries with the ICICI Health Insurance mobile app
Product Highlights
Earn reward points by engaging in wellness activities with ICICI health plans
Avail up to 12.5% discounts on health booster policy on purchasing a health plan for 3 years
Restore the full sum insured in case of shortage of coverage
IFFCO Tokio General Insurance
Company Highlights
Apart from health insurance, the company offers motor insurance, business insurance, and more
IFFCO-Tokio has a wide presence in rural areas and Tier 2, 3, and 4 towns
First private health insurer to set up Bima Kendras for increased insurance penetration
Product Highlights
Provides a wide range of health plans with a sum insured of up to INR 1 crore
No co-payments
No medical tests required up to 60 years
Kotak Mahindra General Insurance
Company Highlights
Commenced its operations in the year 2015
24/7 customer care assistance provided by the insurer
Instant policy issued with zero paperwork
Product Highlights
Avail of free annual health check-ups under specific Kotak health plans
Provides extensive rewards for maintaining a healthy lifestyle
Optional covers available like home nursing, convalescence benefits, and more
Liberty General Insurance
Company Highlights
The insurer commenced its operations in the year 2013
Present in 95 cities with 110 offices across the nation
Easy access to cashless hospitalization with the availability of network hospitals across the nation
Product Highlights
For every claim-free year, your base sum insured increases by 10%
Provides health plans with a high sum insured of up to INR 1 Crore
Opt for deductibles up to INR 40 lakhs with certain Liberty health plans
Magma HDI General Insurance
Company Highlights
It is jointly held by Adar Poonawalla (90%) and Rising Sun Holdings Pvt Ltd
97% claim settlement for FY 2022-23
4.4 million active customers associated with the brand
Product Highlights
A wide product portfolio with over 70 products across different categories
Multiple features like psychiatric treatments, IVF treatments, and more are available
Early joining benefits for policyholders under 40 years
Navi General Insurance
Company Highlights
Navi General Insurance is a part of the Navi Group, founded by Sachin Bansal
Instant policy approval from anywhere in India
Buy directly from Navi general insurers and save on commissions
Product Highlights
Offers motor, travel, and home insurance products along with exclusive health plans
100% of hospital bill payments done by Navi Health plans
No room-rent limit
Raheja General Insurance
Company Highlights
A joint venture between Rajan Raheja Group and QBE Insurance
A wide network of 5000+ network hospitals
Promises complete transparency to policyholders regarding all insurance queries
Product Highlights
Offers multiple insurance products like health, motor, home, etc.
Provides wide coverage for cancer treatments, and other critical illnesses
Cover up to 6 family members under certain health plans
Reliance General Insurance
Company Highlights
The company was formed in 2000 as a fully-owned subsidiary of Reliance Capital
24/7 claim assistance
Tax benefits under section 80D
Product Highlights
Unlimited reinstatement of base sum insured
Features like coverage from COVID-19, no room-rent limit, etc are available
Offers health plans with a sum insured up to INR 5 crores
Royal Sundaram Health Insurance
Company Highlights
2.8 crore+ customers served till date by the insurer
Cashless claims available across the country
EMI options and expert medical care available to all policyholders
Product Highlights
Health plans provide hospital cash benefits for 30 days
Reload the sum insured at no extra cost
Worldwide hospitalization and emergency evacuation provision
SBI General Insurance
Company Highlights
Launched as a joint venture between the State Bank of India and the Insurance Australia Group in 2009
24/7 customer support is available
Covers medical expenses of NRIs during stay/visit in India
Product Highlights
Provides a wide range of insurance products like health, travel, group, etc.
SBI Health plans cover mental illness as well as HIV/AIDS
100% automatic reinstatement of the sum insured
Shriram General Insurance
Company Highlights
It is a joint venture between Shriram Capital Limited and Sanlam Limited (South Africa)
Awarded with Best General Insurance Company Of The Year 2019
60 Lakh+ happy customers served
Product Highlights
Renew health plans for up to 70 years of age
Special health plans for vector-borne diseases
Provides insurance products for cars, bikes, personal accidents, and more
Tata AIG General Insurance
Company Highlights
5 crore+ customers served since its inception
Covers 190+ locations under travel insurance
Smooth and hassle-free paperless procedure
Product Highlights
No sub-limits on hospital room rents
No co-pay
Health plans covering COVID-19
Universal Sompo General Insurance
Company Highlights
Commenced operations in the year 2007
Provides government schemes like Pradhan Mantri Fasal Bima Yojana
Offers unique annual multi-trip travel insurance
Product Highlights
15+ health insurance plans available to customers
Provides out-patient dental treatments, vaccinations, and more
Health plans available up to INR 3 crores
Zuno General Insurance
Company Highlights
Awarded the General Insurance Company of The Year for 2024
Formerly known as Edelweiss General Insurance, Zuno initiated in 2017
Restore and recharge 100% of your base sum insured
Product Highlights
Avail of complimentary annual health check-up after every claim-free year
Health insurance riders like the Health 241 add-on, and Newborn Care available
Free telemedicine facility
Public Health Insurers
National Insurance Company Limited
Company Highlights
Formed in the year 1906, the company is one of the first health insurers in India
The first company to introduce Office on Wheels in India
24/7 live chat support
Product Highlights
Offers a wide range of insurance products like personal accident plans, health plans, auto insurance, marine insurance, etc.
Multiple health plans offer coverage for adventure sports
No pre-policy medical check-ups up to 45 years old
The New India Assurance
Company Highlights
Operational in 25 countries across the globe
2 crores+ insurance policies issued
A pioneer in the insurance industry for over a century
Product Highlights
Provides insurance products for 15+ categories
Covers you for injuries and hospitalization related to hazardous sports
Avail of annual health check-ups with multiple New India Assurance health plans
The Oriental Insurance
Company Highlights
The company was incorporated in the year 1947 and was a wholly-owned subsidiary of LIC from 1956 to 1973
95.49% claim settlement ratio
24/7 customer support
Product Highlights
Oriental health plans offer sum insured enhancement after every 3 claim-free years
25% additional daily cash benefit granted to women under the Oriental Happy Cash Plan
Multiple health insurance plans available with high sum insured
United India Insurance
Company Highlights
The company was incorporated in the year 1938
It provides health insurance services in tier 2 and 3 towns and villages through micro offices
Catered to a large rural population, they are successfully bringing government health insurance plans to the masses
Product Highlights
Offers organ donor benefits
Option to waive off co-payments from United India Insurance plans
Handsome cumulative bonuses available
Standalone and General Health Insurance Companies: The Difference
Stand Alone Health Insurance Companies offer only health, accident, and travel insurance. Whereas, a general health insurance company sells motor insurance, home insurance, fire insurance, automobile insurance, and more.
Did you know?
Star Health Insurance is the first stand-alone health insurance in India established in the year 2006.
Features Of The Best Health Insurance Companies In India?
Selecting the right health insurance provider from a long list of health insurance companies in India is tedious. Consider the following manual to choose the right fit for you:
Health Insurance Products
Health insurance product portfolio is a key factor before investing in any health insurance company. Look at the variety of healthcare products an insurer offers to cater to your different needs. For example, health insurance plans for women are becoming more and more popular, check whether your selected insurer offers one!
Customer Reviews
Word-of-mouth is one of the strongest modes of marketing in the country. You must ask around about the health insurance provider you opt for and get first-hand feedback, you can also check out websites like PolicyX.com for honest customer testimonials.
Industry Recognitions
The best health insurance companies have created a legacy of trust and reliability. Look at each health insurer's achievements and accolades to understand their standing in the industry.
Claim Settlement Ratio
It is the ratio of health insurance claims settled by the company to the number of health insurance claims received in a financial year. A high CSR indicates trust and reliability of the health insurer among their past and current policyholders.
Economical Health Plans
Premium pricing is a primary factor when purchasing a health insurance plan. Look at the list of health insurance companies to ensure there are no hidden charges or clauses that may increase your health insurance premiums unrealistically.
Methodology To Choose The Best Health Insurance Company In India?
Consider this checklist as your guide to selecting the best health insurance company:
Look For A Wide Product Portfolio
Many health insurance companies offer basic individual and family floater health plans whereas others have need-specific health plans—for example, health plans for autism and vector-borne diseases.
Check The Incurred Claims Ratio
Consider the incurred claims ratio before selecting your best health insurance company; it will tell you how reliable a health insurer is. The incurred claims ratio is the ratio between the total claims paid and the amount of premiums received by the health insurance company in a financial year.
Understand Customer Service Efficiency
Check if the health insurer will provide you with good customer support in your hard times to undergo smooth hospitalization and treatment.
Turn Around Time for Claim Settlement
Ask the health insurance company about the turnaround time for the claims settled. It is important to know the ground reality of the health insurer when it comes to claim settlement as it is the most important part factor in buying health insurance.
Reviews and Ratings
The health insurance company reviews are important as they paint a real-time picture of how the company fairs during times of need for its customers. Check the reviews and ratings from reliable sources to understand how efficient the health insurance company is.
Why Compare Health Insurance Companies?
Selecting a health insurance company is your friend in need. A thorough comparison of health insurance companies in India will give you an insight into their discounts and offers, coverage features, wellness benefits, riders, additional covers, and more.
After comparing all the important features with PolicyX you can invest in the best health insurance company for yourself and your family.
Steps To Buy Health Policy From Top Health Insurance Companies With PolicyX
The buying process at PolicyX is the most efficient in the insurance market today. Follow the steps mentioned below to buy the best health insurance policy from trusted insurers:
Step 1
Visit the official website of PolicyX
Step 2
Click on "Buy Now"
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
Compare and select the best health insurance plan and pay the required premiums
Wrapping It Up
Your healthcare needs are unique and must be personalized as per your health. The health insurance industry is rapidly expanding and is estimated to be a whopping INR 1.5 trillion industry as per Mordor Intelligence.
However, amidst the sea of health insurance companies in India, it is essential to select the right one for you and your family. With this article, we aim to provide you with a transparent and brief manual on how to select the best health insurance company. For further clarification, connect with our insurance experts at 1800-4200-269.
Best Health Insurance Companies: FAQs
1. 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.
2. 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.
3. 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.
4. 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.
5. 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.
6. What are some of the top health insurance companies for families?
Some of the top health insurance companies providing a wide range of health insurance plans for families are
HDFC ERGO General Insurance
Care Health Insurance
Star Health Insurance
Niva Bupa Health Insurance
Aditya Birla Health Insurance
7. What are the features of the top health insurance companies in India?
The multiple factors that determine the top health insurance companies in India are
Claim Settlement Ratio
Ratings and Reviews
Network Hospitals
Health Insurance Products
Claim Settlement Services
Customer Support
Riders and Add-on Covers
Affordability
Flexibility to Customize Health Insurance Plans
8. What are the mistakes to avoid when evaluating the top health insurance companies?
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
Do not trust just one source of information
Conduct thorough research
Select the best Health Insurance company for yourself
Do not depend completely on the reviews and ratings of other people
Not conducting enough research on product portfolio
Not Considering claim assistance service and post-purchase services
9. Which are the government health insurance companies in India?
Currently, there are 4 government health insurance providers registered with IRDAI which are
National Insurance
New India Assurance
The Oriental Insurance
United India Insurance
10. How To choose the top 5 health insurance companies for family health plans?
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.
11. What is the incurred claim ratio in health insurance?
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.
12. How many health insurance companies are registered with IRDAI in India?
The list of health insurance companies in India includes
28 general insurance companies
5 stand-alone health insurance companies
13. Which are the 5 best stand-alone health insurance companies in India?
The list of stand-alone health insurance companies in India includes
Star Health Insurance
Care Health Insurance
Niva Bupa Health Insurance
ManipalCigna Health Insurance
Aditya Birla Health Insurance
14. Which health insurers are the public health insurers in India?
The list of public health insurers in India includes
National Insurance
United India Insurance
The New India Assurance
The Oriental Insurance
15. What is the incurred claims ratio (ICR) for standalone health insurance companies in India?
The incurred claims ratio for standalone health insurers in the FY 2022-23 is listed below
Star Health Insurance - 65%
Care Health Insurance - 53.82%
Niva Bupa Health Insurance - 54.05%
ManipalCigna Health Insurance - 64.66%
Aditya Birla Health Insurance - 64.68%
16. What is the highest incurred claims ratio (ICR) for private general insurance companies in India?
The highest incurred claims ratio for the financial year 2022-23 among the list of general health insurers is Raheja QBE Health Insurance at 138.67%
17. What is the lowest incurred claims ratio among the list of health insurance companies in India?
The lowest incurred claims ratio for the financial year 2022-23 among the list of health insurers is Shriram General Health Insurance at 51.53%
18. Do health insurance companies in India offer health plans for diabetes?
Yes, several health insurance companies like Bajaj Allianz, Star Health, HDFC Ergo, and more offer health plans for diabetes in India.
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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