Health insurance companies offer a wide range of medical insurance plans to individuals, families, senior citizens, women and parents. With 25+ health insurance providers in India, you have the flexibility to choose an insurer with the best coverage and benefits. However, you can select the best health insurance company by evaluating their performance based on their Incurred Claim Ratio (ICR), Claim Settlement Ratio (CSR), premiums, etc.
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Comparing different health insurance companies can help you find the best insurer for you. This is because not all health insurers in India are the same and do not offer the same level of coverage, services, and benefits at the same premium. By comparing various insurance companies, you can evaluate their coverage, services and premiums and find the insurer that adequately fulfils your health needs at the most affordable premium.
The best health insurance company in India offers impressive health plans and services at competitive prices. It provides a variety of medical coverage to cater to the health needs of different people, including families, senior citizens, women, and parents. It also offers the best deals on health insurance plans along with attractive benefits, such as unlimited restoration of the sum insured, annual health check-ups, consumables cover, etc.
However, the best health insurance company for one person may not be the best for another person in India. This is because different people have different health needs, and a single insurer cannot fulfil the needs of all the people. Hence, you should compare various health insurance companies based on their coverage benefits, premiums and features before making a choice.
Take a look at the best health insurance companies in India along with their Incurred Claim Ratio (ICR) as per the Insurance Regulatory & Development Authority of India (IRDAI) Annual Report of 2022-2023:
Health Insurance Companies | Incurred Claim Ratio (2022-2023) |
|
Aditya Birla Health Insurance Company Limited | 64.68% | View Plan |
Bajaj Allianz General Insurance Company Limited | 74.27% | View Plan |
Care Health Insurance Limited | 53.82% | View Plan |
Cholamandalam MS General Insurance Company Limited | 67.88% | View Plan |
Future Generali India Insurance Company Limited | 79.18% | View Plan |
Go Digit General Insurance Limited | 71.87% | View Plan |
HDFC ERGO General Insurance Company Limited | 79.04% | View Plan |
ICICI Lombard General Insurance Company Limited | 77.33% | View Plan |
IFFCO Tokio General Insurance Company Limited | 111.18% | View Plan |
Liberty General Insurance Limited | 74.17% | View Plan |
Magma HDI General Insurance Company Limited | 72.10% | View Plan |
ManipalCigna Health Insurance Company Limited | 64.66% | View Plan |
National Insurance Company Limited | 102.35% | View Plan |
New India Assurance Company Limited | 103.33% | View Plan |
Niva Bupa Health Insurance Company Limited | 54.05% | View Plan |
Raheja QBE General Insurance Company Limited | 138.67% | View Plan |
Reliance General Insurance Company Limited | 86.31% | View Plan |
Royal Sundaram General Insurance Company Limited | 83.36% | View Plan |
SBI General Insurance Company Limited | 73.92% | View Plan |
Star Health & Allied Insurance Company Limited | 65.00% | View Plan |
Tata AIG General Insurance Company Limited | 78.33% | View Plan |
The Oriental Insurance Company Limited | 130.09% | View Plan |
United India Insurance Company Limited | 89.57% | View Plan |
Universal Sompo General Insurance Company Limited | 82.84% | View Plan |
Zuno (Formerly Edelweiss) General Insurance Company Limited | 89.59% | View Plan |
Zurich Kotak General Insurance Company (India) Limited | 56.01% | View Plan |
*The above table was last updated on 11th October 2024
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.
Take a look at the factors that you must consider before choosing a health insurance company in India:
You must check the Claim Settlement Ratio (CSR) of a medical insurance company before choosing an insurer. CSR refers to the percentage of claims paid by a health insurance company compared to the total number of claims received in a financial year. The CSR can help you determine how reliable a health insurer is and how likely it is to settle your claims in future. A health insurer with a high CSR of 80% or above is considered reliable.
The variety of mediclaim policies offered by an insurer should be considered while selecting a health insurance company. Several health insurers today offer customized plans for different people, including senior citizen health insurance and parents health insurance. Moreover, some insurers also offer disease-specific plans, such as health insurance for diabetes, dengue health insurance, etc. Checking the plans' portfolio beforehand enables you to select a plan best fulfils your health needs.
Customer reviews are another important factor that you must check before finalizing a health insurer. This is because they can provide valuable insights about the services offered by the insurance company. You can find out about the actual reputation of the company and the problems other customers face during claims.
The solvency ratio of a health insurance company should also be checked before choosing an insurer. The solvency ratio can help you analyse the financial health of the insurer and determine if it can fulfil its financial liabilities in the future. As per IRDAI, the best health insurance companies should have a solvency ratio of at least 1.5.
You must also check the claim process of a health insurer before selecting an insurance company. It is always better to opt for an insurer with an easy claim process and settles your claim quickly. Several insurers today approve cashless claims in a couple of hours. The simpler is the claim process, the easier it will be for you to raise a claim successfully.
Here are the key benefits of buying a mediclaim policy from the best health insurance company in India:
Health insurance companies differ in their features and benefits. Besides, no single insurance company is the best for everyone as the health requirements of one person may vary from another. However, you can choose the best health insurance company for yourself by following the steps given below:
Some health insurers offer plans with only basic coverage, like individual health insurance, family floater health insurance, etc. Others provide specific health plans for women, senior citizens, critical illness, diabetes, COVID-19, etc. However, you must choose the insurance company that offers a policy that fits your health requirements like a glove.
CSR or Claim Settlement Ratio tells you the number of health claims an insurer settles against the total number of claims received during a fiscal year. To pick the best health insurance company, opt for an insurer with a claim settlement ratio of 80% or above.
The premium charged by an insurer to provide your desired medical coverage is also essential while choosing the best insurance company. Always go for an insurer that offers comprehensive coverage at an affordable premium.
The availability and quality of customer support service also matter while selecting the best health insurer. Make sure to choose an insurance company that provides round-the-clock customer support to address your concerns.
A health insurance company with an easy claim process should be preferred. This is because an insurer with a complicated claim process can take time to settle your claims, especially at the time of need. Therefore, try to opt for an insurance company that requires minimal TPA Intervention and paperwork.
Always choose a health insure with positive reviews and ratings from its existing customers. You can check out reviews of different health insurance companies in India on Policybazaar.com.
PS - The starting price is indicative and may vary basis additional details.
Here are some of the ways to identify the top 10 health insurance companies in India:
You can compare various health insurance companies in India by:
Check out the list of all IRDAI-approved health insurance companies in India:
Aditya Birla Health Insurance Company Limited is a collaboration between Aditya Birla Group and MMI Holdings of South Africa. Listed below are the features and benefits of buying medical insurance from Aditya Birla Health Insurance Company Limited:
Bajaj Allianz General Insurance Company Limited offers a variety of health insurance products, including plans catering to the needs of customers from a particular age group, such as senior citizens, women, etc. 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:
Care Health Insurance Limited provides plans to meet everyone's health requirements, including individual& family floater plans, health insurance plans for diabetes and hypertension, senior citizen plans, and top-up plans. Here are some of the key features of Care Health Insurance plans:
Cholamandalam MS General Insurance Company Limited offers health coverage with attractive features and benefits at an affordable cost. In 2011, it was awarded the Financial Insights Innovation Award at the Asian Insurance Congress for its innovativeness. Cholamandalam medical insurance plans are undoubtedly a safe bet for the following reasons:
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 these health plans:
Go Digit General Insurance Limited offers a diversified range of medical insurance plans for individuals and families in India. The company has a record of settling 87% of the claims in just one day. It has also been felicitated with Asia's General Insurance Company of the Year award in 2019. Check out what makes Digit Health Insurance plans a suitable choice:
HDFC ERGO General Insurance Company Limited provides a variety of medical insurance plans for individuals, senior citizens, families and women. Take a look at the key benefits of buying HDFC ERGO health insurance plans:
ICICI Lombard General Insurance Company Limited has a wide range of health insurance plans in its product portfolio. Check out some of the reasons why buying ICICI Lombard health insurance plans is a great idea:
IFFCO-Tokio General Insurance Company Limited began its operations on December 4, 2000 in collaboration among the Indian Farmers Fertilizer Co-operative (IFFCO) and a popular Japanese insurance group - Tokio Marine. Here are some of the reasons to buy IFFCO Tokio health insurance plans:
Liberty General Insurance Limited started its operations in 2013. It is a collaboration between DP Jindal Group, Liberty City State Holdings PTE Ltd. and Enam Securities. Some of the benefits of buying Liberty health insurance plans are given below:
ManipalCigna Health Insurance Company Limited was launched in 2014 as a collaboration between India's Manipal Group and USA's Cigna Corporation. Below are some of the features of ManipalCigna health insurance plans:
National Insurance Company Ltd. has been serving its customers for more than a century with comprehensive health insurance coverage. Below are some of the benefits of buying National Health Insurance plans:
New India Assurance Company Limited has been in operation since 1919. Below are some of the features of New India Assurance health insurance plans:
Niva Bupa Health Insurance Company Limited is a standalone health insurance company in India that offers health insurance policies to individuals and families from all age groups. Below are some of the benefits offered by Niva Bupa Health Insurance plans:
Raheja QBE General Insurance Company Limited was established to provide insurance services to its consumers in the most seamless manner. Some of the features and benefits of Raheja QBE health insurance plans are given below:
Royal Sundaram General Insurance Co. Ltd. offers comprehensive insurance plans with innovative features and solutions. Take a look at some key features of Royal Sundaram health insurance plans:
SBI General Insurance Co. Ltd is a joint venture between the State Bank of India (SBI) and four other investors. Here are some of the key features of SBI Health Insurance plans:
Star Health & Allied Insurance Company offers some of the most comprehensive medical plans for individuals and families. Below are some of the coverage benefits offered by Star Health insurance plans:
Tata AIG General Insurance Company Ltd. was started in collaboration between the American International Group and the TATA Group. The insurer commenced its operation in the year 2001. Tata AIG health insurance plans come with the following range of benefits-
The Oriental Insurance Company Limited is also a government-owned general insurance company that offers a wide range of health insurance products in India. Below are some of the benefits of buying Oriental health plans:
United India Insurance Co. Ltd. is one of the oldest general insurance companies in India. The insurer offers affordable and personalized health plans to its customers. Furthermore, United India Insurance Company Ltd. received ICRA accreditation for high solvency margin ratio and claim paying ability. Check out the benefits offered by United India health insurance policies:
Zuno (Formerly Edelweiss) General Insurance Company Limited is trusted by millions of customers for its wide range of insurance products. Here are some of the advantages of purchasing Zuno (Formerly Edelweiss) health insurance plans:
Zurich Kotak General Insurance Company (India) Limited allows customers to pick from a range of customised medical policies. Zurich Kotak (formerly known as Kotak) health insurance plans come with the following features and benefits:
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.
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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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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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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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