Today, we live in a world which is thrived on competition. Be it any industry, companies are on edge to deliver the best possible products/services to their customers and of course, to shatter the world of their competitors. During this hustle, our bodies tend to take the load of it. Why? Our lifestyle and the environment become our no.1 enemies. Unfortunately, we become prone to diseases that will happily choose you as its host. Now, the next obvious statement will be- If you are sick, you should pay a visit to the doctor. Sadly, not everyone is able to live with this decision.
For the past few years, healthcare costs are at their peak. Even 1-day visit to the hospital will charge you 100’s of dollars. Not many people can afford that. Their mentality- It's better to be sick than to become bankrupt. After witnessing such a mindset, companies decided to come up with a plan- health insurance. The idea behind this was simple. The customer will buy the policy and the company will cover his/her medical expenses. Soon, this plan was a hit and the insurance providers grew in time.
Today, the market is bombarded with several companies that offer health insurance. Each having a wide range of benefits. Now, the question arises- which one is better for you? Before answering this question, we need to understand more about health insurance such as facts & figures about public/private insurance companies in India and much more. So, let’s take a look at the top 24 health insurance providers of 2020 (as per the latest IRDA reports).
Apollo Munich Health Insurance Company was founded in the year 2007. It is a collaboration between Apollo Hospitals Group, Asia’s leading incorporated health care industry and Munich Health in Germany. The company is well-known to offer several health insurance plans for individuals, families & senior citizens.
Know More About - Apollo Munich Health Insurance
|Incurred Claim Ratio||63%|
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 Claim Ratio||63%|
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 Claim Ratio||73%|
Bajaj Allianz General Insurance Company Limited was founded in the year 2001. It is a joint venture between Bajaj Finserv Limited held by the Bajaj Group and Allianz SE in Germany. Bajaj Finserv carries a 74% stake and the remaining 26% is owned by Allianz SE.
Know More About - Bajaj Allianz General Insurance Company Limited
|Incurred Claim Ratio||85%|
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 Claim Ratio||62%|
National Insurance Company Limited is a public health insurance company that was established in 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 Claim Ratio||107.64%|
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 Nichido Fire Group (biggest listed insurer of Japan) & Tokio Marine. You will get a wide range of general insurance products which can assist you during tough times.
Know More About - Iffco Tokio Health Insurance
|Incurred Claim Ratio||102%|
The New India Assurance Company Limited is a public insurance company that operates in 28 nations. The company was founded in 1919 and it owns around 2452 offices in India. This company offers great products at budget prices.
Know More About - New India Health Insurance
|Incurred Claim Ratio||103.74%|
The Oriental Insurance company was founded in 1947 and since then, it is offering multiple healthcare products and laying down a smooth system for the better convenience of customers. The company has its headquarters in New Delhi & also operates in Nepal, Kuwait, and Dubai.
Know More About - Oriental Health Insurance
|Incurred Claim Ratio||108.80%|
It was founded in 2000 & is one of the leading general insurance companies (private sector) in India. The company deals with various needs of customers through a wide range of products related to motor, health, travel, and commercial.
Know More About - Reliance Health Insurance
|Incurred Claim Ratio||94%|
United India Insurance Company Limited was established in 1938 and got nationalized in 1972. The company offers a needful insurance cover to around 1 crore policyholders. It has a wide range of health insurance products starting from bullock carts to satellites.
Know More About - United India Health Insurance
|Incurred Claim Ratio||110.51%|
Royal Sundaram Alliance Insurance Company Limited was founded in 2001. It is a joint venture between Sundaram Finance (the most respected non-banking financial institutions of India) and RSA (the second-largest general insurer in the UK). Royal Sundaram Alliance Insurance was the first insurance company in India to offer cashless benefits to its customers. This company is quite popular in the automobile segment.
Know More About - Royal Sundaram Health Insurance Plans
|Incurred Claim Ratio||61%|
TATA AIG was founded in 2001 & is a renowned name in the general insurance industry of India. It is a joint venture between Tata Group and renowned American International Group, Inc. At present, Tata AIG General Insurance Company is offering a wide range of general insurance products that include health, motor, travel, etc.
Know More About - Tata Aig Health Insurance
|Incurred Claim Ratio||78%|
Cholamandalam MS General Insurance Company Ltd. was founded in 2001. It is a joint venture between Mitsui Sumitomo Insurance Group of Japan & Murugappa Group. 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 serving PAN India.
Know More About - Cholamandalam Health Insurance
|Incurred Claim Ratio||35%|
HDFC ERGO General Insurance Company Limited was incorporated in 2002. It is a joint venture between HDFC Limited & ERGO International AG sharing a partnership of 51:49. The company offers 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 Claim Ratio||62%|
Universal Sompo General Insurance Company Limited was established in 2007. It is a joint venture between three banks and an FMCG company which is popular by the name of Sompo Japan Nipponkoa Insurance Inc. The company offers a quite an extensive range of healthcare products & also deals in motor and commercial insurance.
Know More About - Universal Sompo General Insurance
|Incurred Claim Ratio||92%|
Bharti AXA General Insurance Company was incorporated in 2008. The company is a joint venture between Bharti Enterprises of India, a pivotal Indian business group and the AXA group of Europe, a world leader in financial protection. 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 27001:2005 & ISO 9001:2008 within the first year of its operations in 2009.
Know More About - Bharti Axa General Insurance
|Incurred Claim Ratio||89%|
SBI General insurance company is a joint venture between Insurance Australia Group (IAG) & State Bank of India. 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 Claim Ratio||52%|
Raheja QBE General Insurance Company Limited was founded in 1938 and is a joint venture that is promoted by Prism Cement Limited, and QBE Holdings (AAP) Private Limited (a wholly-owned subsidiary of QBE Insurance Group Limited, Australia). This insurance company offers an effective line of healthcare products that are designed in a way that can easily go well with different needs of consumers.
|Incurred Claim Ratio||33%|
Max Bupa Health Insurance Company is a well-known health insurance company that provides a wide range of products to cater to the different needs of consumers. It is a joint venture between Max India Limited and UK based Bupa Finance PLC. The perfect mixture of global expertise and local knowledge in healthcare & insurance makes MAX Bupa the best option when it comes to protecting your family’s health.
Know More About - Max Bupa Health Insurance Company
|Incurred Claim Ratio||54%|
Religare Health Insurance Company Limited was launched in 2012. It is one of the popular 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.
Know More About - Religare Health Insurance Plans
|Incurred Claim Ratio||55%|
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 Claim Ratio||82%|
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 enjoys a 26% stake. SCL and its operating entities have a customer base of over 12 million, more than 60,000 employees across 3,000 offices & a net profit of Rs.22 billion with Assets Under Management (AUM) over Rs.90,000 crores.
|Incurred Claim Ratio||53%|
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 offers a wide range of effective health care and several other categories that includes fire insurance, motor insurance, liability insurance, marine insurance, engineering insurance, and a lot more.
|Incurred Claim Ratio||90%|
With so many providers in the market, you may run into turmoil while deciding the best among them. Comparing their benefits may help you but the real trophy lies in their performance. In order to understand that, you will require the help of the below-listed factors.
Claim Settlement Ratio
It is the most important thing that you should look for while judging an insurance provider. You invest in a health insurance plan to get the required financial assistance in case of a medical emergency. But what if your claim is 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 the time 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. For example, less claim formalities = more time saved & less 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 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 admitted to 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 the 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 that are sold by an insurance company and the premiums 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
Buying a product/service with minimal research will make you wanting for more. That's why it is important to explore all options before making the bid. Health providers offer different plans to target/satisfy the different needs of their customers. Choose the one that makes you happy.
Agents and brokers are intermediaries who inform us about 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.
These factors will assist you in selecting the best health insurance company which can go well with your needs. So, make an informed decision. Protect your health, secure your future.
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 08-01-2020