Every year, a list of top health insurance companies in India is declared. When buying health insurance from an insurer there are a few important features that help in evaluating their performance, including the Incurred Claim Ratio, Claim settlement ratio, network hospitals etc.
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Several health insurance companies in India offer a plethora of options when it comes to buying the best health insurance policy. They offer impressive health plans and services to cater to the needs of different people. They also offer the best deals on health insurance plans to their customers. However, it is not possible to figure out which is the best health insurance company in India as different people have different health needs and a single insurer cannot fulfil the needs of all the people.
With so many medical insurance companies in India, it can be confusing to compare them individually. We have listed some of the best health insurance providers in India below. You can check their incurred claim ratio and their number of network hospitals before selecting the best health insurance company. You should also compare the various health insurance companies based on coverage benefits and features before making a choice.
Given below are some of the best health insurance providers in India and their Incurred Claim Ratio (ICR) as per the IRDAI Annual Report of 2022-2023:
Health Insurance Companies | Network Hospitals | Incurred Claim Ratio (2022-2023) | |
Aditya Birla Health Insurance | 11000+ | 64.68% | View Plan |
Bajaj Allianz Health Insurance | 18400+ | 74.27% | View Plan |
Care Health Insurance | 22900+ | 53.82% | View Plan |
Cholamandalam MS Health Insurance | 11000+ | 67.88% | View Plan |
Go Digit Health Insurance | 16400+ | 71.87% | View Plan |
Future Generali Health Insurance | 8000+ | 79.18% | View Plan |
HDFC ERGO Health Insurance | 12000+ | 79.04% | View Plan |
IFFCO Tokio Health Insurance | 7000+ | 111.18% | View Plan |
Zurich Kotak Health Insurance | 9000+ | 56.01% | View Plan |
Liberty Health Insurance | 6000+ | 74.17% | View Plan |
Magma HDI Health Insurance | 8400+ | 72.10% | View Plan |
ManipalCigna Health Insurance | 8500+ | 64.66% | View Plan |
National Health Insurance | 6000+ | 102.35% | View Plan |
New India Assurance Health Insurance | 8000+ | 103.33% | View Plan |
Niva Bupa Health Insurance | 10000+ | 54.05% | View Plan |
Oriental Health Insurance | 3300+ | 130.09% | View Plan |
Raheja QBE Health Insurance | 5000+ | 138.67% | View Plan |
Reliance Health Insurance | 9100+ | 86.31% | View Plan |
Royal Sundaram Health Insurance | 10000+ | 83.36% | View Plan |
SBI Health Insurance | 16625+ | 73.92% | View Plan |
Star Health Insurance | 14000+ | 65.00% | View Plan |
Tata AIG Health Insurance | 10000+ | 78.33% | View Plan |
United India Health Insurance | 14000+ | 89.57% | View Plan |
Universal Sompo Health Insurance | 12000+ | 82.84% | View Plan |
Zuno (Formerly Edelweiss) Health Insurance | 10000+ | 89.59% | View Plan |
*Disclaimer: The list mentioned is according to the alphabetical order of the insurance companies. Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website www.irdai.gov.in.
Health insurance companies differ in their features and benefits. No insurance company can fit each person. It varies from one person to another as per their requirements and health goals. For example-
Mr X feels that a health insurance company should have a good network of hospitals, while Mr Y feels that the variety of health insurance plans should be given priority in selecting a health insurance company.
Check for the following parameters that make a health insurance company best for you:
PS - The starting price is indicative and may vary basis additional details.
To give you a quick idea about different medical insurance companies in India, we have provided some of the highlights of the best health insurance companies including their network hospital, facilities and some key benefits offered by the insurers.
Aditya Birla health insurance company is a subsidiary of Aditya Birla Capital Ltd. It was launched to simplify general insurance services for its customers. The company has a strong reputation with insurance providers across the globe such as in South-East Asia, the Middle East, and South Asia.
Listed below are the benefits and features of buying medical insurance from Aditya Birla health insurance company:
Bajaj Allianz General Insurance Company has some health products that are very beneficial for customers from a particular age group. It was also the first to provide captive TPA services with certain additional benefits. Below are some of the features of Bajaj Allianz Health Insurance plans:
Commenced in August 2008, the company works in collaboration between Bharti Enterprises and AXA. Bharti AXA General Insurance owns 59 corporate offices in India. In the first year of operations, the company received ISO 9001:2008 certification, followed by an ISO 27001:2005. It is one of the most trusted and emerging insurance companies. Bharti AXA health insurance is known for its dedicated services, smooth customer relationships and hassle-free claim process. Below are some of the benefits of buying health plans from Bharti AXA Health Insurance:
Care Health Insurance Limited has shown tremendous growth in a short period of time, thereby setting a benchmark in the insurance market of India. Here are some of the key features of Care Health Insurance plans:
Based on the T3 motto- ‘Trust, Technology and Transparency’ Cholamandalam GI Co. Ltd. was founded in the year 2001. The company has spread its business across the country and now it has 109 branches across the country.
In the year 2011, it was awarded the Financial Insights Innovation Award at the Asian Insurance Congress for its innovativeness. Cholamandalam health insurance offers health coverage with attractive features and benefits at an affordable cost. Cholamandalam medical insurance plans are undoubtedly a safe bet for the following reasons:
Go Digit General Insurance Limited is headed by Mr Kamesh Goyal, CEO. In the last year only, the insurer has issued more than 10 lakh policies. The company also has a record of settling 87% of the claims in just one day. The insurance provider has also been felicitated with Asia’s General Insurance Company of the Year Award 2019. Let’s check out what makes Digit Health Insurance a suitable choice:
Zuno (Formerly Edelweiss) General Insurance is one of the most popular insurance providers in India and is trusted by millions of customers for its legacy bestowed by the Zuno (Formerly Edelweiss) Group. The insurance provider has been recognized with numerous awards such as the SAP Process Innovation Awards. Here are some of the advantages that the policyholder can avail on the purchase of Zuno (Formerly Edelweiss) health insurance plans:
Future Generali India Insurance Company Limited is a joint enterprise between the Future Group of Industries and the Generali Group. Future Generali health insurance plans are tailor-made to meet the requirements of different kinds of medical insurance seekers. Below are some of the benefits of buying Future Generali health plans:
IFFCO-Tokio General Insurance began its operations on December 4th, 2000 in collaboration among the Indian Farmers Fertilizer Co-operative (IFFCO), Nichido Fire Group and a popular Japanese insurance group - Tokio Marine.
The company’s incurred claim settlement ratio in the fiscal year 2020-2021 was 99.49%. Incurred Claim Ratio is the ratio of the total claims settled by the insurance company to the total amount of premium collected in that particular year. Here are some of the reasons to buy IFFCO Tokio health insurance:
Zurich Kotak General Insurance Company was formed as a subsidiary of the Zurich Kotak (formerly known as Kotak) Bank to serve the general insurance sector including health insurance and other domains. The insurer operates with more than 13 branches in PAN India. Customers can pick from a range of customised medical policies offered by Zurich Kotak (formerly known as Kotak) Health Insurance with the following features and benefits:
*All savings are provided by the insurer as per the IRDAI-approved insurance plan. Standard T&C apply.
Liberty General Insurance Limited started its operations in the year 2013. It is a collaboration among Liberty Mutual Insurance Group, DP Jindal Group, Liberty City state holdings PTE Ltd. and Enam Securities. The insurer is present in more than 23 states PAN India with over 5000 network hospitals. Some of the benefits of buying Liberty health insurance plans are given below:
With an ICR of 56.09% for the fiscal year 2020-2021, Niva Bupa Health Insurance Company Limited is a standalone health insurance company in India. This company offers its health insurance policies to individuals from all age groups. Below are some of the benefits offered by Niva Bupa Health Insurance:
Manipal Cigna Health Insurance Company is comparatively a new player in the Indian insurance market, as it was launched in 2014. Its Incurred Claim Ratio for the fiscal year 2020-2021 is 61.13%. Below are some of the features of Manipal Cigna health insurance plans:
National Insurance Company Ltd. is a full government entity, which has been serving its customers for more than a century and provides health insurance coverage. Below are some of the benefits of buying National Health Insurance plans:
National General Insurance Company offers Varishtha Mediclaim which covers senior citizens.
New India Assurance is a fully government-owned entity of India, which has been in operation since 1919. This company is well-known for its Mediclaim policy. The feature offered under this health insurance policy is that it provides different ratings for major metros. Below are some of the features of New India Assurance health insurance:
Oriental general insurance is also a government-owned general insurance company that offers a wide range of health insurance products in India. The impressive part of Oriental health insurance is that it doesn’t require a pre-policy medical test up to the age of 55 years. Below are some of the benefits of buying Oriental health plans:
Reliance General Insurance Co. Ltd. is one of the most renowned insurers in India. The insurer has 139 offices across India offering seamless services to its customers. They are also present abroad. The provider has a huge customer base including individuals, corporates and SMEs. With online purchase and renewal services, they are Reliance health insurance plans are very accessible.
Provided by Raheja QBE General Insurance Company Limited, this general insurance company was established to provide insurance services to its partners and consumers in the most seamless manner. Some of the features and benefits of Raheja QBE health insurance are given below:
Royal Sundaram General Insurance Co. Ltd. company has been felicitated with many awards for its efficient claim management services. It offers comprehensive insurance plans with innovative features and solutions. Take a look at some key features of Royal Sundaram health insurance plans:
Star Health & Allied Insurance Company offers some of the most comprehensive medical plans for you and your family. The coverage can be as high as 2 crores. Below are some of the coverage benefits offered by Star Health insurance plans:
SBI Health Insurance Co. Ltd is a joint venture between the State Bank of India (SBI) and Insurance Australia Group. SBI holds a 74% stake while a 26% stake is held by Insurance Australia Group. SBI General Insurance has 139 branches across India. The company also reported a 50% increase in health insurance GWP in the fiscal year 2021-2022.
Here are some of the key features of SBI Health Insurance Plans:
Tata AIG General Insurance Company Ltd. works in collaboration between the American International Group and the TATA Group. The insurer commenced its operation in the year 2001. Since then it has earned a popular name in the Indian insurance industry. Tata AIG has tie-ups with over 7200 hospitals for cashless treatment across India. Tata AIG health insurance plans come with the following range of benefits-
United India Insurance Co. Ltd. is a merger of several Indian insurance companies and is one of the oldest general insurance companies in India. Dating back to 1938, it is headquartered in Chennai. The insurer offers affordable and personalized health plans to its customers. Furthermore, United India Insurance Company Ltd. has got ICRA accreditation for high solvency margin ratio and claim paying ability. Check out the benefits offered by United India health insurance policies:
Universal Sompo General Insurance Company was established in 2007 as a public-private undertaking. It is a collaboration among Dabur Investment Corporation, Sompo Japan, and Karnataka Bank, Allahabad. Some of the salient features of Universal Sompo health insurance are listed below-
*All savings are provided by the insurer as per the IRDAI-approved insurance plan. Standard T&C apply.
Hope this article has shared with you useful information regarding the health insurance companies in India. You can select a health plan from a wide range of products offered by these Indian general insurance companies. These insurance companies are well known for their individual, family floater and specific plans. Don’t forget to compare different insurance plans online to find the best insurance policy.
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Read more*We will respond in the first instance within 30 minutes of the customers contacting us. 30-minute claim support service is for the purpose of giving reasonable assistance to the policyholder in pursuance of the claim. Settlement of claim (including cashless claim) is the responsibility of the insurer as per policy terms and conditions. The 30- minute claim support is subject to our operations not being impacted by a system failure or force majeure event or for reasons beyond our control. For further details, 24x7 Claims Support Helpline can be reached out at 1800-258-5881.
*Product information is authentic and solely based on the information received from the Insurer. Policybazaar is acting only as a facilitator and claims settlement shall be at the sole discretion of the Insurer. Policybazaar does not provide any medical or surgical advice or diagnosis and is not responsible for your interactions / treatment by a medical practitioner/hospital. Please consult a registered medical practitioner for any medical or surgical advice. The Information that you obtain or receive from Policybazaar, and its employees, or otherwise on the Website is for informational purposes only. As per the Insurance guidelines, you are allowed to cancel the policy with-in 30 days from the date of Issuance of policy.This option is available incase of policies with a term of one year or more.
*All the health insurance plans cover hospitalization expenses including COVID-19 treatment cover up to the specified limits. You can also buy specific COVID-19 health insurance policies such as Corona Kavach Policy and Corona Rakshak policy.
**All savings and online discounts are provided by insurers as per IRDAI approved insurance plans. #Tax Benefits are subject to changes in tax laws. GST Exemptions depend on fulfilment of qualification criteria and submission of relevant documents.
*₹1748/month is the starting price for a 1 crore health insurance for an 18-year-old male, with no pre-existing diseases. Discount on renewal premium is subject to the number of wellness points earned in the health insurance policy. For more details about the plans, please read the sale brochure carefully to get upto 100% discount on renewal premium.
*₹400/month is the starting price for ₹ 5 lakh Health insurance for a 30 year old male & 29 years old female, living in Delhi with no pre-existing diseases
*₹541/month is the starting price for ₹ 10 lakh Health insurance for a 30 year old male & 29 years old female, living in Delhi with no pre-existing diseases
*₹762/month is the starting price for ₹ 1 Crore Health insurance for a 30 year old male & 29 years old female, living in Delhi with no pre-existing diseases
*₹243/month(₹ 8/day) is the starting price for a 5 lakh health insurance for a 20-year-old male, non-smoker, living in Bengaluru with no pre-existing diseases
*₹2020/month is the starting price for ₹ 1 Cr Health insurance for a 50 year old male & 50 years old female, living in Bangalore with no pre-existing diseases rounded off to nearest 10.
*₹390/month (₹13 per day) is starting price for 1 cr. Health insurance for 25 years old male, with pre-existing diseases, residing from tier 1 city rounded off to the nearest 10.
*No medical tests are required unless requested by the insurer’s underwriter. In-case of pre-existing diseases relevant medical proof would be required as per the terms and condition of the policy opted.
*The values taken for effective cost calculation are indicative values and may change as per the selected plan.
*Coverage upto double the amount of Sum Insured is available on certain covers for a minimum plan of Rs. 5 Lakh on the first claim only to an individual of upto 45 years of age with no pre-existing diseases. The benefit is available with or without extra cost depending on the plan chosen.
*Coverage of pre-existing diseases is provided by insurer as per their underwriting policy.
*The scope of coverage may vary from plan to plan.
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##On ground claim assistance is available in 114 cities
Tax Benefits are subject to changes in tax laws. GST Exemption depends on fulfilment of qualification criteria and submission of relevant documents as required by the insurers. For more details on risk factors, terms and conditions, please read the sales brochure and applicable rules and regulation carefully before concluding a sale.
STANDARD TERMS AND CONDITIONS APPLY. For more details on risk factors, terms and conditions, please read the sales brochure carefully before concluding a sale.
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Policybazaar Insurance Brokers Private Limited CIN: U74999HR2014PTC053454 Registered Office - Plot No.119, Sector - 44, Gurugram - 122001, Haryana Tel no. : 0124-4218302 Email ID: enquiry@policybazaar.com
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Visitors are hereby informed that their information submitted on the website may be shared with insurers.Product information is authentic and solely based on the information received from the insurers.
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