The health insurance market is growing day by day due to different types of new diseases, the lifestyle of the people, environmental factors, pollution, etc. since it has been started in the year 1986. As a result, a number of health insurance companies are coming up in the market with a wide range of features and benefits in their health insurance policies. One may confuse while looking at the policies and more when going through different websites and companies. Therefore, it is crucial to select the health insurance company wisely along with the policy so that the claims will be settled on time without any hassle in the hour of need.
There are several things that we need to understand about health insurance companies such as facts and figures about public and private insurance companies in India and much more. A right health insurance company can benefit in several ways such as good claims, hospitalization and medicine expenses, etc. as many companies do not cover certain things in the policy.
In India, currently, there are 34 general insurance companies registered with IRDA. Let’s check out the top 24 health insurers providing easy access to quality healthcare as per the latest IRDA reports.
Apollo Munich Health Insurance Company was founded in the year 2007, it is in collaboration with Apollo Hospitals Group, Asia’s leading incorporated health care industry and Munich Health in Germany. The company is well-known for its excellent services in the industry cater to different needs of the people and simply works on the motto “Let’s Uncomplicated” to provide security against health emergencies by offering several health insurance plans for individuals, families, senior citizens, etc.
Know More About - Apollo Munich Health Insurance
|Incurred Settlement Ratio||62.47%|
Star Health and Allied Insurance Company of India was established in the year 2006. The company has maintained a good reputation in the market due to its hassle-free claim settlement process. The company has been awarded "Claims Service Company of the year 2014” and has PAN India presence in more than 340 cities and towns.
Know More About - Star Health and Allied Insurance
|Incurred Settlement Ratio||61.76%|
Future Generali India Insurance Company Ltd was established in the year 2007 and is in collaboration with Future Group, among the leading businesses and Assicurazioni Generali of Italy. The company offers effective and advanced plans to its customers with loads of benefits and features according to their requirements during hospitalization.
Know More About - Future Generali India Insurance Company Ltd
|Incurred Settlement Ratio||87.42%|
Bajaj Allianz General Insurance Co Ltd was founded in the year 2001, it is a joint venture between Bajaj Finserv Limited (recently demerged from Bajaj Auto Limited) held by the Bajaj Group and Allianz SE, financial services company in Germany. Bajaj Finserv which carries a 74% stake and the remaining 26% is owned by Allianz, SE.
Know More About - Bajaj Allianz General Insurance Co Ltd
|Incurred Settlement Ratio||77.61%|
ManipalCigna Health Insurance Company was incorporated in the year 2014, previously known as Cigna TTK Health Insurance Company. IT is a joint venture between Cigna, the global business group for insurance and TTK Group, an Indian giant. The company focuses on producing effective plans for individuals as well as families.
Know More About - ManipalCigna Health Insurance
|Incurred Settlement Ratio||46.29%|
National Insurance Co Ltd is a public health insurance company was established in the year 1906. The company is nationalized in 1972 and has become one of the leading insurance providers in India. It consists of several policies for all sectors of society to fulfill their requirements. The company is also responsible to provide its services in Nepal apart from India.
Know More About - National Health Insurance
|Incurred Settlement Ratio||115.55%|
Iffco Tokio General Insurance Company was founded in the year 2000. It is an effective health insurance company and a joint venture between Indian Farmers Fertilizer Co-operative (IFFCO) and its associates with Tokio Marine and Nichido Fire Group, the biggest listed insurer of Japan. You will get a wide range of general insurance products which can assist you during hard times.
Know More About - Iffco Tokio Health Insurance
|Incurred Settlement Ratio||90.69%|
The New India Assurance Co Ltd is a public insurance company that operates in around 28 nations. The company was founded in 1919 and now the company owns around 2452 offices in India. This company is offering great products at a comparatively low price. It is allowing common people to get needful healthcare plans at an affordable price.
Know More About - New India Health Insurance
|Incurred Settlement Ratio||103.19%|
The Oriental Insurance company was founded in 1947 and since then offering multiple healthcare products and laying down a smooth system for the better convenience of customers. The company has its headquarters in New Delhi. Oriental Insurance Co. Ltd. is serving multiple healthcare products that can easily cater to the needs of both urban and rural India. It is a central government undertaking providing general insurance and has operations in Nepal, Kuwait, and Dubai.
Know More About - Oriental Health Insurance
|Incurred Settlement Ratio||113.86%|
One of the leading general insurance companies in India when it comes to the private sector and was founded in the year 2000. The company is dealing with the various needs of customers through a wide range of products related to motor, health, travel, and commercial.
Know More About - Reliance Health Insurance
|Incurred Settlement Ratio||106.54%|
United India Insurance Co Ltd was established in 1938 and got nationalized in 1972, the company starts growing effectively and offering the needful insurance cover to around 1 crore policyholders. The insurance company has a wide range of health insurance products starting from bullock carts to satellites.
Know More About - United India Health Insurance
|Incurred Settlement Ratio||110.95%|
Royal Sundaram Alliance Insurance Co Ltd general insurance company was founded in the year 2001 and the joint venture of Sundaram Finance, which is one of the most respected non-banking financial institutions of India, and RSA-the second-largest general insurer in the UK. Royal Sundaram Alliance Insurance is the first insurance company in India that brings the cashless benefit for health claims in India. It is a preferred insurance company of most popular brands when it comes to automobile manufacturing companies.
Know More About - Royal Sundaram Health Insurance Plans
|Incurred Settlement Ratio||61.41%|
TATA AIG- a renowned name in the general insurance industry of India, founded in the year 2001. It is a joint venture between Tata Group and renowned American International Group, Inc. The company was founded in 2001. At present, Tata AIG General Insurance Company is offering a wide range of general insurance products that include health insurance, motor insurance, travel insurance, lifestyle insurance as well as different financial lines.
Know More About - Tata Aig Health Insurance
|Incurred Settlement Ratio||60.68%|
Cholamandalam MS General Insurance Company Ltd. was founded in the year 2001. It is a joint venture between Murugappa Group and Mitsui Sumitomo Insurance Group of Japan. It is a private insurance company that offers a wide range of insurance products that includes accident, engineering, health, liability, marine, motor, property, travel and rural insurance for both individuals and corporate. The company has around 109 branches and 9000 agents PAN India.
Know More About - Cholamandalam Health Insurance
|Incurred Settlement Ratio||39.96%|
HDFC ERGO General Insurance Company Limited was incorporated in 2002. It is a joint venture between HDFC Limited, India‘s which is the leading Housing Finance Institution and ERGO International AG, the primary insurance entity of Munich Re Group sharing a partnership of 51:49. This insurance company is offering a variety of health insurance products which can easily match the requirements of customers related to health, travel, motor, home, and personal accident. When it comes to customized products, there are many that you can get such as liability insurance, marine, and property in the corporate segment.
Know More About - HDFC Ergo Health Insurance
|Incurred Settlement Ratio||52.58%|
Universal Sompo General Insurance Co Ltd was established in 2007. It a joint venture between three banks and an FMCG company which is popular by the name of ‘Sompo Japan Nipponkoa Insurance Inc.’ It is popular as it is the largest insurance company in Japan when it comes to property and casualty insurance. It is offering a quite extensive range of healthcare products and also deals in motor and commercial insurance.
Know More About - Universal Sompo General Insurance
|Incurred Settlement Ratio||104.17%|
Bharti Axa General Insurance Company was incorporated in 2008. The company is a popular insurance company that is founded by the joint venture between Bharti Enterprises of India, a pivotal Indian business group and the AXA group of Europe, a world leader in financial protection. The company was founded in 2008 and now it has around 79 branch offices throughout the country. Apart from this, it is the first general insurance company that carries dual certifications of ISO 9001:2008 and ISO 27001:2005 within the first year of its operations in 2009.
Know More About - Bharti Axa General Insurance
|Incurred Settlement Ratio||98.50%|
SBI General insurance company is a joint venture among State Bank of India and Insurance Australia Group (IAG). SBI owns 74% of the total capital whereas the IAG carries 26%. SBI follows a multi-distribution model that encompasses through broking & retail direct channels, agency, and bancassurance. SBI is the largest banking franchise in India that carries 23000 branches across the country and over 5500 Regional Rural Banks (RRBs). At present, SBI General Insurance Company is providing coverage against travel, health, motor, personal accident and home insurance for individuals and group personal accident, group health, marine package, construction & engineering for businesses.
Know More About - SBI General Insurance Plans
|Incurred Settlement Ratio||52.93%|
Raheja QBE General Insurance Company Limited was founded in 1938 and is a joint venture company that is promoted by Prism Cement Limited, and QBE Holdings (AAP) Pty Limited- a wholly-owned subsidiary of QBE Insurance Group Limited, Australia. This insurance company is offering an effective line of healthcare products which is designed in a way that can easily go well with different needs of consumers. The company’s divergent corporate insurance solutions protect a business from unwanted emergencies very well.
|Incurred Settlement Ratio||18.19%|
Max Bupa Health Insurance Company a well-known health insurance company which is offering a wide range of products to cater to different needs of consumers. It is a joint venture between Max India Limited and UK based Bupa Finance PLC, UK. The perfect mixture of both global expertise and local knowledge in healthcare and insurance makes MAX Bupa the best option when it comes to protecting the health of your family.
Know More About - Max Bupa Health Insurance Company
|Incurred Settlement Ratio||50.19%|
Religare Health Insurance Co Ltd was launched in 2012. It is one of the special health insurance companies engaged in providing different health insurance products. The Religare enterprises, Corporation Bank and Union Bank of India are strong shareholders of the company. The company is highly promoted by the founders of Fortis Hospitals, Religare Health Insurance Co. Ltd. is excelling in a business environment that is driven by serviceability.
Know More About - Religare Health Insurance Plans
|Incurred Settlement Ratio||51.97%|
Liberty Videocon General Insurance was established in the year 2013. The company was founded after the joint venture between Videocon Group and the US-based Liberty Mutual Insurance Group. It is a popular general insurance company that highly deals in a two-wheeler, private car and health insurance, while corporate policies liabilities insurance, engineering, property and fleet insurance.
|Incurred Settlement Ratio||74.58%|
The company was founded in 1974 after a joint venture between Shriram Group and South Africa based Sanlam Limited. Shriram Groups holds a 74% stake in the company while the Sanlam handle 26% shares. SCL and its operating entities have an overall customer base of over 12 Million, more than 60,000 employees across 3,000 offices, net profit of Rs. 22 billion with Assets Under Management (AUM) over Rs.90,000Crores.
|Incurred Settlement Ratio||50.83%|
Magma HDI General Insurance Co Ltd. is a well known general insurance company which is a joint venture between Magma Fincorp Ltd, Kolkata, and HDI-Gerling Industrie Versicherung AG Germany. Magma HDI General Insurance is offering a wider range of effective health care and several other categories as well that includes Fire Insurance, Motor Insurance, Liability Insurance, Marine Insurance, Engineering insurance, and a lot more.
|Incurred Settlement Ratio||34.93%|
In India, as we discussed above there are multiple health insurance companies that deal in different forms of general insurance products. Sometimes it becomes quite difficult to choose the best insurance company according to your needs. To provide ease, here is the list of things that you should check while opting for the best health insurance company for your healthcare needs:-
Claim Settlement Ratio
It is the most important thing that you should look for. You have invested in a health insurance plan so that you can get the required financial assistance in case of a medical emergency where you need a quality treatment. But what if you claim to get rejected. An insurance company’s claim settlement ratio, or CSR, reflects the proportion of claims settled by it against the total claims raised. A higher ratio means that there are higher chances of getting your claim approved in times of need.
It refers to the proportion of liabilities. 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.
Claim Settlement Procedures
While getting a claim settled, it is very important to go for a smooth claim settlement process. Choose a company that offers simple procedures and options. The less are the claim formalities, the more you will be able to save your time and effort.
Turnaround Time for Claim Settlement
It will be quite difficult to handle if the insurance company takes a long time to clear the bills or settling claims. In such cases, the financial burden of hospital bills and associated expenses can easily fall you on your bed. That’s why it is always advisable to go for a plan that provides a faster claim settlement process that also includes house claim settlement.
It is such a blessing to have cashless hospital benefits where you can avail of cashless hospitalization. To get such benefits you have to be hospitalized in-network hospitals. Almost every insurance company has a list of tied-up hospitals called Preferred Provider Network or PPN. With the same the cashless claim settlement is possible. It is very important to check the list of network hospitals to locate ones you prefer in your area Ideally, a good insurance company should carry a long list of network hospitals.
Business volume refers to the total number of policies which is sold by an insurance company and the premium collected. An insurance company with a higher business volume is the one who is trusted by individuals and has a larger market share. This can also be a parameter of judging health insurance companies as the higher volumes mean greater trustworthiness.
Variety of Plans
There is no need to say that human wants more. That's why we never got the needful satisfaction of purchase until we explore all the options. IN health insurance as well, companies have a considerable range of plans catering to specific needs.
Agents and brokers refer to be intermediaries who introduce us with the available plans. You must have noticed that an agent will represent only one company whereas a broker has the privilege to deal with multiple health insurance companies. Whenever you get confused during finalizing health insurance companies, you must take the help of the broker to get free and unbiased health insurance quotes. It is vital to check that the broker that you have chosen for your help should carry a license of such services by IRDA. In case of health insurance, where having our claims met is an important criterion, you surely didn't want to invest your money in the wrong place.
With the above parameters, it will be quite easy for you to pick the best health insurance company which can go well with all your healthcare needs.
There are 4 government health insurance companies in India, viz. National Insurance, New India Assurance, United India Insurance, and Oriental Insurance. Based on the Incurred claim ratio (2017-18), the National Insurance Company (115.55%) is at the top, other factors are important to keep in mind before purchasing as mentioned above. Go through every detail before making a decision.
A few added features “Organ Donor Expenses” by some of the companies offer hospitalization costs of the donor and not the pre and post-hospitalization expenses. Check for the details and cover before investing in a policy.
As per the IRDA report for the year 2017-18, the best claim settlement ratio is 115.55%.
The company that is best at settling the claims of the policyholders on time and is maintaining the same records for years is the most trusted and best health insurance company in India. Check for the CSR of the companies before buying a policy.
History of cancer is not accepted because of the chances of re-occurrences & frequent claims are very high. Also, the treatment cost is high & needs extensive care. These are the reasons why cancer customers are not accepted. Health Insurance covers unknown risk & not known conditions.
No, there no non-profit health insurance companies in India.
Most of the health insurance companies in India do not provide insurance for dental treatment but you may check for the same from the respective company if you wish to have dental coverage.
One should buy a personal health insurance policy also even if he has an existing policy from the employer as the coverage provided is not enough to meet the treatment expenses.
To avoid fake claims by patients just for money by getting fake bills from hospitals that never exist or which doesn't have facilities to undergo such procedures.
One cannot register a particular hospital but can check the network hospitals list in their location to make sure that their hospital is there or not.
It is a misconception that health insurance companies cover only hospitalization costs, companies also the treatment expenses based on some primary factors.
You will be required to contact the respective company in which you want to port your health insurance.
There are many companies in India offering diabetes cover to the policyholders, while buying check for the insulin expenses also as Apollo Munich and ICICI Prudential may cover the same.
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Last updated on 29-11-2019