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Top 10 Health Insurance Companies in India 2020

Every year, a list of top health insurance companies in India is declared which helps in taking the right insurance decision. There are few important features that help it to rate the insurance companies, such as their performances, Incurred Claim Ratio, and overall benefits offered to their customers. With the increasing risk of life-threatening diseases and the soaring costs of medical treatment having an adequate health insurance cover is definitely the need of the hour.

There are a plethora of options when it comes down to buying health insurance policy for you. Not only this, there are a number of insurance providers that offer the best deal of health insurance to its customers. However, it is actually not possible to figure out which is the best insurer that can actually fulfill all your needs and requirements while deciding an appropriate health plan for you.

 

We have listed some of the best health insurance providers in India. You can check their Incurred claim ratio, the number of network hospitals, and other features while selecting a health insurance provider. Below is the list of top 10 health insurance companies in India. You can compare them on the basis of coverage benefits and their features and then make a choice.

Let’s read about some of the best health insurance companies in India.

  1. Apollo Munich Health Insurance Company
  2. Star Health Insurance Company
  3. Max Bupa Health Insurance Company
  4. SBI Health Insurance Company
  5. Religare Health Insurance Company
  6. ManipalCigna Health Insurance Company
  7. Bajaj Allianz Health Insurance Company
  8. New India Assurance Health Insurance Company
  9. Oriental  Health Insurance Company
  10. National Health Insurance Company

Apollo Munich Health Insurance Company

Apollo Munich Health Insurance Company had an outstanding record of Incurred Claim Ratio of 92% for the fiscal year 2018-19, and it has brought additional benefits like portability and lifelong renewability options in its existing health insurance plans. Below are some of the coverage benefits offered by Apollo Munich Health Insurance Company:

  • The insurer offers the facility to avail cashless treatment in more than 10,000 hospitals across India
  • The coverage provided is available to both individuals and families
  • The best part is that Apollo Munich provides offers special health plans for diabeties patients as well
  • In addition to comprehensive health plans, the insurer also claims to offer the quickest claim settlement process.

Star Health Insurance Company

Star Health &Allied Insurance Company offers some of the most comprehensive medical plans for you and your family. The insurer recorded the Incurred Claim Ratio of 90% for the fiscal year 2018-19. Below are some of the coverage benefits offered by Star Health Insurance Company:

  • The company has an in-house claim settlement procedure to deal with cashless hospitalization facility.
  • Along with this, Star Health & Allied insurance company comes up with a range of exciting products that offer protection to Diabetes and HIV+ patients.
  • Star health insurance has more than 8000 hospitals where the insured can avail cashless medical treatment
  • The best part is that most of the Star health plans come with lifetime renewability option
  • The insurer also providers top-up health insurance plan that can be customized as per the insured’s needs

Max Bupa Health Insurance Company

Max Bupa is one of the best-known insurance companies in India, which had an Incurred Claim Ratio of 92% for the fiscal year 2018-19. This company offers its health insurance policies to individuals from all age groups. Below are some of the coverage benefits offered by Star Health Insurance Company:

  • Max Bupa health plans are custom made to meet individuals’ as well as families’ health coverage needs
  • Some plans also offer international coverage for 9 major critical illnesses across 190 countries
  • The insurer also provides cashless claim authorization within 30-minutes
  • Also, there is a provision to cover life-threatening illnesses under the Max Bupa Criticare health insurance plan.

SBI Health Insurance Company

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 26% stake is held by Insurance Australia Group. It operates out in around 14,000 official branches across the globe. With an Incurred Claim Ratio of 52.93% for the fiscal year 2018-19, SBI Health Insurance Company has issued 198876 policies. Here are some of the key features of SBI Health Insurance Company:

  • One can choose the amount of sum assured between Rs.50,000 and Rs. 5 lakh
  • The applicants with a clean medical record do not require medical screening upto the age of 45 years
  • Most of the health insurance plans cover pre and post hospitalization expenses including nursing expenses
  • Moreover, one can easily renew SBI health insurance plans online

Religare Health Insurance Company

Religare Health Insurance Company limited has shown tremendous growth in a short period of time, thereby setting a benchmark in the insurance market of India. It had an Incurred Claim Ratio of 93% for the financial year 2018-19. It is being regularly appreciated and promoted by the Fortis Hospitals. Here are some of the key features of Religare Health Insurance plans:

  • There is a plan to meet everyone’s requirement namely- individual & family floater plan, health insurance plan for diabetes and hypertension, senior citizen plan, and top-up plans
  • The insurer offers cashless claim approval within 2-hours in most of the cases
  • Most of the plans offer Annual-health check facility to the insured members
  • For pre-existing health ailments and annual cardiac check-ups, Religare Care Heart plan is the best choice available

ManipalCigna Health Insurance Company

Manipal Cigna Health Insurance Company is comparatively a new player in the Indian insurance market, as it was launched in 2014 only and immediately fell into the category of the best health insurance companies in India. Its Incurred Claim Ratio for the fiscal year 2018-19 is 91%. Below are some of the features of Manipal Cigna Health Insurance plans:

  • Once can select from a number of health plans including top-up health plans, critical illness plans, accidental care, lifestyle plan, etc.
  • Most of the health plans are customizable to meet customer’s needs and preferences
  • The insurer also offers one of the most comprehensive critical illness plan covering nearly 30 major illnesses
  • In almost every medical plan the insurer provides 100% sum restoration of the sum insured
  • Also, the insured can easily track health insurance claims online

Bajaj Allianz Health Insurance Company

Bajaj Allianz General Insurance Company has some health products that are very beneficial for customers from a particular age group. Bajaj Allianz Insurance Company was the first to provide captive TPA services with certain additional benefits. Its Incurred Claim Ratio is 98% for the fiscal year 2018-19. Below are some of the features of Bajaj Allianz Medical Insurance plans:

  • Once can select from 3 major health insurance products namely- Health Guard, Silver Health, and Star Package.
  • The insurer offers health coverage to individuals, families, as well as senior citizens
  • Also, Bajaj Allianz's health insurance has designed specific health plans that cover life-threatening illnesses like strokes, tumors, cancer, etc.
  • Additionally, the insurer makes cashless claim settlement facility available in more than 6500 hospitals
  • For international coverage, the insurer offers Global personal guard health plan
  • Moreover, the insurer is known to settle cashless claims within 60 minutes

New India Assurance Health Insurance Company

New India Assurance is a fully government-owned entity of India, which has been in operations since 1919. This company is well-known for its Mediclaim policy. The best feature offered under this health insurance policy is that it provides different ratings for major metros. It had an Incurred Claim Ratio of 97% for the fiscal year 2018-19. Below are some of the features of New India Assurance Company:

  • New India Assurance offers a comprehensive health insurance plan for family offering protection to self, spouse and two dependent children
  • The insurer offers one of the best cancer coverage plan i.e. New India Cancer Guard Policy
  • For global coverage, the company offers New India Global mediclaim policy

Oriental Health Insurance Company

  • 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 60 years, whereas it is mandatory under other health insurance providers to get a medical examination done if you are below 45 years of age. Below are some of the benefits of buying health plans from Oriental insurance company:
    The insurer’s Incurred Claim Ratio stood at 89% for the fiscal year 2018-19.
  • Oriental Health Insurance company offers both family floater and individual health insurance plans
  • The best part is that most of the health insurance policies can be customized as per the customer’s needs.
  • Moreover, the insurer has tie ups with more than 4300 network hospitals where the insured members can avail cashless treatment

National Health Insurance Company

National Insurance Company Ltd. is a full government entity, which has been serving its customers for more than a century and also provides health insurance coverage. It had an Incurred Claim Ratio of 103.19% for the fiscal year 2018-19. Below are some of the benefits of buying health plans from National Insurance Company:

  • National Insurance Company has more than 6000 hospitals offering cashless treatment
  • Most of the health plans cover the cost of treatment for 30 days before hospitalization and 60 days after hospitalization respectively
  • Some health plans also offer free health check-up benefit up to 1% of the Sum Insured on completion of 4 claim-free years
  • The company offers one of the most extensive family health plans i.e. Parivar Mediclaim policy that offers coverage for up to 6 family members under a single plan

The best health product offered by the National General Insurance Company is Varishtha Mediclaim that offers coverage to senior citizens.

Over to you!

Hope this article has shared with you useful information regarding the top 10 health insurance companies in India. You can select a health plan from a wide range of products offered by these general insurance companies in India. These insurance companies are well known for their family floater plans. Now! Compare different insurance plans online to find the best insurance policy.

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